The market for automotive heater core is expected to expand at a 7.5% CAGR during the forecast period of 2023 to 2030. Due to its crucial role in controlling the engine's temperature, the cooling system in an automobile will become extremely important. The core automotive heater market is likely to be driven by rising demand for fuel-efficient vehicles and strict emission standards enforced by regulatory bodies during the anticipated time frame. Similar to this, it is expected that the automotive heater core market would develop globally throughout the forecast period due to a rise in purchasing power and rapid urbanisation. 

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The heater core market is likely to be driven by an increase in the adoption of electric vehicles due to government initiatives and strict environmental regulations during the projected period. For instance, the International Energy Agency (IEA) reports that sales of electric cars surpassed a record 3 million in 2020, an increase of 40% from 2019. Additionally, it is estimated that by 2050, there will be 300 million electric cars on the road and they would represent for over 60% of new auto sales, up from just 5% percent in 2020. Therefore, over the projection period, electric vehicles offer a profitable opportunity for the expansion of the heater core market. 

Due to increased production of passenger vehicles globally, growing urbanisation, rising per capita incomes, and high consumer demand, the passenger vehicle category is expected to grow at a significant rate during the forecast period. The aftermarket segment is predicted to hold a substantial proportion of the automotive heater core market during the forecast period since players in this market made considerable investments in heater core design and materials at competitive prices. As a result of the region's significant production of both passenger and commercial cars, Asia Pacific is predicted to account for a sizable portion of the worldwide automotive heater core market. During the projection period, the Asia Pacific region is anticipated to hold the largest market share. 

Major players in the automotive heater core industry, like BorgWarner and Eberspaecher, are focusing on innovation and expansion to take advantage of the rising popularity of electric vehicles. A renowned electric vehicle manufacturer will get sophisticated high-voltage positive temperature coefficient (PTC) heating technology from BorgWarner, a global leader in clean and efficient technology solutions for electric, hybrid, and combustion cars. 

Key Market Trends 

• The market for automotive heater core is expected to expand at a 7.5% CAGR during the forecast period of 2023 to 2030.
• The heater core market is likely to be driven by an increase in the adoption of electric vehicles due to government initiatives and strict environmental regulations during the projected period.
• Passenger vehicle category is expected to grow at a significant rate during the forecast period.
• The aftermarket segment is predicted to hold a substantial proportion of the automotive heater core market during the forecast period.
• During the projection period, the Asia Pacific region is anticipated to hold the largest market share. 
• Major players in the automotive heater core industry, such as BorgWarner and Eberspaecher, are focusing on innovation and expansion to take advantage of the rising popularity of electric vehicles.

Automotive Heater Core Market Segmentation: