New York, Nov. 28, 2023 (GLOBE NEWSWIRE) -- The global automotive intercooler market size is estimated to attain at 8% CAGR from 2023 to 2035. The market is expected to garner a revenue of USD 30 billion by the end of 2035, up from a revenue of USD 17 billion in the year 2022. The major element to dominate the expansion of the market is the surge in demand for automotive. Globally sales of automobiles surged from almost 65 million vehicles in 2021 to approximately 66 million vehicles in 2022. As a result, the market revenue is also expanding.
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The purpose of the intercoolers, additionally referred to as charge air coolers, is to improve engine output and efficiency while lowering fuel consumption. The intercooler's objective is to lower the incoming gas's temperature, which densifies the necessary air and maximizes combustion. The intercooler eliminates the negative impacts of the turbo and raises power by about 19% by bringing the inlet gas temperature down from about 120° C to 60° C. Hence, with the surge in environmental concern, the adoption of automotive intercooler is set to increase.
Automotive Intercooler Market: Key Takeaways
- Market in Asia Pacific region to propel the highest growth
- Air to air segment to garner the highest growth
- Market in North America region to grow at the highest rate
Growing Urban Population to Boost the Growth of the Global Automotive Intercooler Market
Around the world, about 4 billion people are living in rural areas and approximately 5 billion in cities as of 2021. The total number of people who inhabit cities worldwide has increased significantly, from almost 750 million in 1950 to over 5 billion in 2021 and is predicted to reach close to 7 billion by 2050, adding over 3 billion people to metropolitan regions. Since more people are moving to cities and seeking personal mobility, there is a greater demand for automobiles. As a result, there is a greater demand for brand-new, cutting-edge cars as there are more cars on the road. Moreover, one of the challenges confronting the automotive industry is the need to reduce the environmental impact of vehicles as a result of urbanization. Air pollution, the primary health concern, is often a problem in urban environments. As a consequence, the demand for automotive intercoolers is growing in the market.
Automotive Intercooler Industry: Regional Overview
The global automotive intercooler market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Growing Population to Influence the Market Expansion in Asia Pacific
The Asia Pacific market for automotive intercooler is set to gather the highest market share of about 38% over the forecast period. The major element that is driving the market growth in this region is the growing population. 60 percent of the global population, approximately 4.3 billion people, live in the Asia and Pacific region, which is additionally residence to China and India, the two most populous nations on earth. This has further increased the demand for automotive which is why the vehicle traffic is also surging. As a result, the importance of automotive intercooler is growing in this region since it proves to be most beneficial in traffic.
Growth in Demand for Electric Vehicles to Influence the Market Expansion in North America
The automotive intercooler market in North America is estimated to have significant growth in the coming years. This growth can be dominated by rising demand for electric vehicles in this region. Nearly half (about 47%) of US consumers who intend to buy a new car in the next 24 months want to buy an electric vehicle (EV); this represents an increase of over 18% from close to 28% in the 2022. Moreover, nowadays, a lot of electric cars have thermal management systems installed, which use intercoolers to control the temperature of the motors and batteries to extend their life and efficiency. Therefore, the market demand is estimated to grow in this region.
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Automotive Intercooler Segmentation by Type
- Air to Water
- Air to Air
The air-to-air segment is expected to generate the largest market share of about 60% over the forecast period. The growth of this segment is set to be encouraged by rising production of automotive. Throughout the globe, about 84 million automobiles were manufactured in 2022—an over 4% increase over 2021.
Automotive Intercooler Segmentation by Application
- Passenger Vehicles
- Commercial Vehicle
The passenger vehicles segment is projected to have significant growth in the market over the coming years. This growth could be encouraged by rising demand for passenger vehicles owing to rising disposable income. For instance, overall family spending and disposable income were predicted to increase by about 3% globally in 2022.
Automotive Intercooler Segmentation by Engine Type
- Supercharged Gasoline
- Turbocharge Diesel
- Conventional Diesel
A few of the well-known market leaders in the global automotive intercooler market that are profiled by Research Nester are Mahle GmbH, Forge Motorsport Inc., Bell Intercoolers., Mishimoto Automotive, Treadstone Performance Engineering Inc., Honeywell International Inc., PWR Holdings Limited (PWR), KALE OTO RADYATOR, Modine Manufacturing Company, Garrett Motion Inc., Koyorad, HPI, and others.
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Recent Development in the Market
- Mahle Gmbh created a novel internal coating for fuel cell coolers that combines excellent cooling efficiency with optimal operational safety to extend fuel cell service life. Heavy metals or other chemicals that are bad for the environment are not needed for the coating.
- For a variety of commercial vehicles, including dump trucks, cotton pickers, and sugarcane harvesters, Garett Motion Inc. offered state-of-the-art turbocharging technology that increased overall vehicle fuel efficiency by over 15% and contributed to an increase in productivity.
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