“The MCHE market is projected to register a CAGR of 13.0% between 2019 and 2024.”
The MCHE market is estimated to be USD 11.3 billion in 2019 and is projected to reach USD 20.7 billion by 2024, at a CAGR of 13.0%. This growth is attributed to stringent regulations concerning emissions and energy efficiency regulations, along with growth of the HVACR and automotive industries and beneficial properties of MCHEs over its substitute products. However, low cost MCHE supplied by local MCHE manufacturers, especially from APAC, is hampering the market growth. On the other hand, the increasing use of EV in the automotive industry is expected to leverage new growth opportunities for MCHE manufacturers.
“The automotive application segment accounted for the largest market share.”
The automotive application dominates the MCHE market and is projected to register a high CAGR during the forecast period. Growing production and demand for automotive, along with the growing demand for electric vehicles, will boost the demand for MCHE in this application. Moreover, MCHE is in high demand for cooling of liquid to increase the efficiency and reduce the size of the radiator in the engine cooling system in the automotive industry. Thus, the demand for MCHE in battery refrigeration and air conditioning in automotive is projected to grow during the forecast period.
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“APAC is the largest and fastest-growing MCHE market.”
APAC is estimated to account for the largest share of the MCHE market, owing to the growing purchasing power of the middle-income group, high demand for air conditioning system in automobiles, and increasing population. China, India, Japan, Indonesia, and South Korea are the countries in the APAC market for MCHE. China accounted for the largest share of the APAC market, owing to the presence of huge automotive and HVAC industries. Moreover, in the overall AC demand, APAC countries registered an annual growth of more than 17.0% year-on-year. This scenario in the region is favorable for the growth of the MCHE market during the forecast period.
Extensive primary interviews were conducted in the process of determining and verifying sizes of several segments and sub-segments of the MCHE market gathered through secondary research.
The breakdown of primary interviews has been given below.
- By Company Type: Tier 1 – 55%, Tier 2 – 27%, and Tier 3 – 18%
- By Designation: C Level Executives – 36%, Director Level – 18%, Others – 46%
- By Region: North America – 18%, Europe – 27%, APAC – 37%, South America – 9%, and Middle East & Africa -- 9%
The key companies profiled in this report include Sanhua (China), MAHLE (Germany), Denso Corporation (Japan), Modine (US), Hanon Systems (South Korea), Kangsheng Group (China), Kaltra (Deutschland), Climetal (Spain), Danfoss (Denmark), and API Heat Transfer (US).
- The MCHE market has been segmented based on type, application, and region.
- This report covers the MCHE market and forecasts its market size until 2024. It also provides detailed information on company profiles and competitive strategies adopted by the key players to strengthen their position in the MCHE market.
- The report also provides insights into the driving and restraining factors in the MCHE market, along with opportunities and challenges across these industries.
- The report also includes profiles for top manufacturers in the MCHE market.
Reasons To Buy the Report
The report is expected to help market leaders/new entrants in the following ways:
- This report segments the MCHE market and provides the closest approximations of revenue numbers for the overall market and its segments across different verticals and regions.
- This report is expected to help stakeholders understand the pulse of the MCHE market and provide information on key market drivers, restraints, challenges, and opportunities influencing the growth of the market.
- This report is expected to help stakeholders obtain an in-depth understanding of the competitive landscape of the MCHE market and gain insights to improve the position of their businesses.
- The competitive landscape section includes detailed information on strategies such as joint venture, new product launch, acquisition, and expansion.