The automotive Charge Air Cooler market growth driven by the growing developments in turbochargers have gained from rapidly increasing use of the technology in diesel vehicles, the 3D printed charge air cooler is scalable, configurable, and ultra-efficient that outperforms other leading charge air coolers for the racing and premium automotive markets.
The Insight Partners published latest research study on “Automotive Charge Air Cooler Market Forecast to 2028 – COVID-19 Impact and Global Analysis By Type (Air-Cooled Charge Air Cooler and Liquid-Cooled Charge Air Cooler), Fuel Type (Gasoline and Diesel), Core Type (Tube, Fin, Bar, and Plate), and Vehicle Type (Passenger Cars, LCV, Trucks, and Buses)”, the global automotive charge air cooler market share is expected to grow from US$ 2,947.29 million in 2022 to US$ 4,229.60 million by 2028; the automotive charge air cooler market size is estimated to grow at a CAGR of 6.2% from 2022 to 2028.
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Automotive Charge Air Cooler Market Report Scope, Segmentations, Regional & Country Scope:
|Market Size Value in||US$ 2,947.29 Million in 2022|
|Market Size Value by||US$ 4,229.60 Million by 2028|
|Growth rate||CAGR of 6.2% from 2022 to 2028|
|No. of Pages||180|
|No. of Charts & Figures||92|
|Historical data available||Yes|
|Segments covered||Type, Fuel Type, Core Type, and Vehicle Type|
|Regional scope||North America; Europe; Asia Pacific; Latin America; MEA|
|Country scope||US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
Automotive Charge Air Cooler Market: Competitive Landscape and Key Developments
Dana Incorporated; Delphi Technologies (BorgWarner Inc.); AKG Group; Hanon Systems; Dupont.; MAHLE GmbH; Modina Manufacturing Company; T. RAD Co. Ltd.; Valeo; and Vestas Aircoil are among the key players in the Automotive Charge Air Cooler market. The leading companies are focusing on expanding and diversifying their automotive Charge Air Cooler market presence and acquiring a new customer base, thereby tapping prevailing business opportunities.
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In March 2021, Hanon Systems announced that it had started the construction of its fifth plant in Korea. This new plant is projected to be formed on a site that offers an approximately 33,000 square meters facility area.
The sale of vehicles has increased steadily in recent years in the Middle East & Africa region, growing at an estimated 36%, with Saudi Arabia as the leading market in the region. Notably, in 2020, Saudi Arabia accounted for almost 52% of total vehicle sales in the Gulf Cooperation Council (GCC) and 35% in the Middle East & North Africa region. Strategic initiatives and development plans to modernize the automotive industry and drive national transformation have enticed several charge air cooler manufacturers to establish a business in the region. For instance, TMD Friction, one of the world’s leading brake technology companies, has created a representative office in Dubai. The new office, located in the Dubai Airport Freezone, marks a significant turning point: from here, the whole aftermarket business for the Middle East and Africa will be managed. With a specialized portfolio, the goal is to build new markets in the region.
Furthermore, the need for an advanced cooling system due to extensive heat conditions is growing in the Middle East, resulting in the growth of the automotive charge air cooler. These turbo engine cooling systems are used in automobiles to increase the safety of high-speed vehicles. As the number of such vehicles on the road grows, so does the region’s need for charge air coolers. Furthermore, developing performance-oriented charge air coolers incorporating innovative materials is driving up demand and the market. Tube charge air coolers are utilized because they are more durable, quieter, emit less dust during wear and tear, and are more reliable for the region driving conditions and temperatures than other varieties.
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Impact of COVID-19 Pandemic on Automotive Charge Air Cooler Market Growth:
According to the International Energy Agency report 2020, the prolonged COVID-19 issue caused the biggest decrease in MENA energy investment in history. The lockdown caused supply chain interruptions, personnel shortages, and project finance challenges, impacting energy projects. Countries in the Middle East and Africa rely heavily on China, which generates more than half of the world’s renewable energy technologies. Furthermore, the demand for digitalization is growing at an impressive pace in this region. It is expected to offer ample opportunities to the automotive charge air cooler market growth in the coming years. Further, the software vehicle type is not affected as other industries since several businesses allow their employees to work from home. Additionally, to reduce manpower requirements for maintenance of equipment, manufacturing plants increasingly adopted automotive charge air cooler solutions and services. This enabled them to protect their workforce from opportunistic contamination while ensuring production was not hampered.
Rise in penetration of turbochargers in passenger cars:
The turbocharger helps to reduce the vehicle’s emissions. Using turbochargers reduces the displacement volume of the cylinder, which reduces the volume of the fuel required for the same power, thereby reducing the exhaust emissions of the vehicle. It also increases fuel efficiency. It is because of these reasons that have promoted the adoption of turbocharger technology, mainly in passenger cars. Passenger cars with conventional fuel include diesel and gasoline engines. Emission regulations, especially those affecting diesel engines, accelerated the integration rate with turbochargers. Long-term revenue growth opportunities in the automotive charge air cooler market have stemmed from the cutting-edge designs of turbochargers that can help customers meet upcoming emission standards. Recent developments confirm that turbochargers have gained from the rapidly increasing use of the technology in diesel vehicles, thus improving the outlook of the automotive charge air cooler market share.
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Stricter fuel economy regulations with significantly higher mpg targets and strict restrictions on greenhouse gases that include carbon dioxide from engine exhaust emissions have spurred the shift of a performance segment towards a mainstream fuel-saving presence. All around the world, car builders have strongly pursued gasoline engine downsizing (and, to a lesser extent, diesel downsizing). In the US, that would typically mean replacing a naturally aspirated 3.5-liter V-6 with a 2.0-liter I-4 gas engine. In Europe, a 2.0 liter I-4 could be replaced with perhaps a 1.4 liter I-4 or 1.0 liter I-3, owing to the growth of the automotive charge air cooler market Size.
Automotive Charge Air Cooler Market: Type Overview
Based on type, the automotive Charge Air Cooler market can be categorized into airbags, seatbelts, occupant sensing systems, child safety systems, and others. The airbags segment is expected to dominate the automotive Charge Air Cooler market size during the forecast period. People are becoming aware of how important seatbelts are for protecting the spine in crashes. Studies show that not wearing a seat belt increases the likelihood of becoming a projectile, making its installation crucial.
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