Wilmington, Delaware, United States, July 10, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - In 2022, the global industry was estimated to be worth US$ 478.0 million. It is expected to grow at a CAGR of 22.8% from 2023 to 2031, reaching US$ 3.1 billion by the end of 2031.
The growing recognition of sustainability concerns and the urgent requirement to minimize emissions of greenhouse gases have resulted in the implementation of tighter automobile emission laws.
Electric vehicle technological developments have considerably enhanced EV effectiveness and spectrum. As battery technology advances, electric vehicles will be able to go greater distances on one charge.
To preserve ideal functioning conditions for the car's engine, this extended range needs more effective electric vehicle thermal control, incorporating charge air coolers.
The creation of a reliable charging system is critical for the broad adoption of electric vehicles. The driving anxiety associated with EVs decreases as charging facilities become more popular and convenient. This infrastructural augmentation boosts demand for electric car charging air coolers by supporting consumer demand for electric automobiles.
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Market Snapshot:
| Report Coverage | Details | |
| Market Revenue | US$ 478.0 Mn | |
| Estimated Value | US$ 3.1 Bn | |
| Growth Rate - CAGR | 22.8% | |
| Forecast Period | 2023-2031 | |
| No. of Pages | 190 Pages | |
| Market Segmentation | Cooling Technology, Cooling Medium, Propulsion, Position, Design, Vehicle Type, Sales Channel | |
| Regions Covered | North America, Europe, Asia Pacific, Middle East & Africa, South America | |
| Companies Covered | AKG Thermal Systems, Bell Intercoolers, BorgWarner Inc., Calsonic Kansei Corporation, Denso Corporation, Guangzhou Woshen Auto Radiator Co., Ltd., Hanon Systems, Honeywell International Inc., KVR International, MAHLE GmbH, Modine Manufacturing Company, Nissens Automotive, NRF B.V., PWR Advanced Cooling Technology, T. Rad Co., Ltd., Tecumseh Products Company LLC, Thermasystems Inc., Valeo SA, Visteon Corporation, Other Key Players | |
Key Takeaways from the Market Report
- In 2022, North America held a 40% share in the electric vehicle chare air cooler landscape
- The Asia Pacific market is expected to grow at a CAGR of 22% over the forecast period.
- The PHEVs segment is gaining traction and is expected to grow at a CAGR of roughly 23% throughout the projected period.
- In 2022, Asia Pacific accounted for more than 50% of the worldwide market.
- In 2022, Europe held a 22% share of the global market.
Electric Vehicle Charge Air Cooler Market: Prominent Drivers and Trends
- Thermal management technology advancements have resulted in more compact and effective CAC designs. These CACs are capable of efficiently dispersing heat while taking up less space, enabling a simpler integration into the powertrain system of an electric car.
- Lightweight CACs minimize the vehicle's total weight and size, boosting its fuel economy and range. As a result, technical advances in electric car charging air coolers are expected to boost market growth in the next years.
- The Plug-in Hybrid Electric Vehicles (PHEVs) propulsion sector is expected to lead the industry throughout the forecast time frame, based on the current electric vehicle charging air cooler market dynamics.
- PHEVs integrate the advantages of internal combustion engines and electric motors, enabling operators to use electric power during brief excursions and the combustion engine on extended journeys. Because of this dual capacity, PHEVs are an appealing alternative for consumers looking for better fuel efficiency and lower emissions while retaining the simplicity and range of regular vehicles.
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Electric Vehicle Charge Air Cooler Market: Regional Analysis
- According to the most recent electric vehicle charging air cooler market prediction, Asia Pacific is expected to account for the majority of the market's revenue from 2023 to 2031. Electric car sector expansion is enhancing market dynamics in the region.
- The surge in the adoption of electric cars in the Asia Pacific can be attributed to a variety of factors, including government subsidies, increased sustainability issues, and breakthroughs in EV technology.
- Several Asian Pacific countries, including China, Japan, and South Korea, have been at the cutting edge of EV adoption and are enacting beneficial regulations and incentives to encourage the transition to electric transportation. China, in specific, is one of the world's greatest markets for electric vehicles, owing to strong federal backing and a well-developed charging system. The Chinese government has set high ambitions for EV deployment, which is expected to increase the country's electric vehicle charge air cooler industry revenue.
- A rise in financial flexibility, shifts in lifestyle, urbanization, and other factors boost demand for passenger vehicles, which benefits this industry in North America. Furthermore, ongoing expenditures by automakers in the study and development of sustainable, economical, and efficient engines are likely to provide the market with significant potential prospects over the forecast period.
Competitive Landscape
Transparency Market Research has profiled the following players in its global electric vehicle charge air cooler market report:
AKG Thermal Systems, Bell Intercoolers, BorgWarner Inc., Calsonic Kansei Corporation, Denso Corporation, Guangzhou Woshen Auto Radiator Co., Ltd., Hanon Systems, Honeywell International Inc., KVR International, MAHLE GmbH, Modine Manufacturing Company, Nissens Automotive, NRF B.V., PWR Advanced Cooling Technology, T. Rad Co., Ltd., Tecumseh Products Company LLC, Thermasystems Inc., Valeo SA, and Visteon Corporation.
- BorgWarner stated in February 2023 that it would deliver novel battery cooling plates to a large vehicle manufacturer with operations in Germany and the United States. When contrasted with alternative options, the cooling plates offer cooling capability in increasingly compact packaging with lower price and weight. In addition, the plate design accounts for assembly tolerances.
- ABB had plans in August 2020 to invest $30 million in its production facility in Valdarno, Italy, to address the worldwide market for EV chargers. This new plant will manufacture a comprehensive line of direct current electric vehicle battery charging devices.
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Electric Vehicle Charge Air Cooler Market: Key Segments
Cooling Technology
- Air Cooled
- Liquid Cooled
Cooling Medium
- Air-to-Air
- Air-to-Water
Propulsion
- Battery Electric Vehicles (BEVs)
- Hybrid Electric Vehicles (HEVs)
- Plug-in Hybrid Electric Vehicles (PHEVs)
Position
- Front-mounted Charge Air Cooler
- Rear-mounted Charge Air Cooler
Design
- Tube-and-Fin
- Plate-and-Bar
Vehicle Type
- Passenger Cars
- Hatchbacks
- Sedans
- Utility Vehicles
- Light Commercial Vehicles
- Heavy Duty Trucks
- Buses and Coaches
Sales Channel
- OEMs
- Aftermarket
Regions Covered
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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