Chicago, Sept. 20, 2022 (GLOBE NEWSWIRE) -- Automotive Charge Air Cooler Market is estimated to be USD 2.8 Billion in 2021 and is projected to grow to USD 3.9 Billion by 2026, at a CAGR of 7.1% during the forecast period, according to a new report by MarketsandMarkets.
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Asia Pacific is estimated to have the largest market for charge air coolers, backed by strong demand and production of passenger vehicles and emission regulations in various countries. The growth of fuel-efficient vehicles has positively influenced the Asia Pacific Automotive Charge Air Cooler Market. Also, the region has the presence of leading charge air cooler manufacturers like Hanon Systems, T.RAD Co. Ltd., Marelli, and Denso Corporation, thus creating growth opportunities for the market in the region. These companies have been developing and expanding their business in the region. For instance, in March 2021, Hanon Systems announced that it had begun construction on its fifth plant in Korea. This new plant will be built on a site that offers approximately 33,000 square meters (approximately 335,000 square feet) of land.
Automotive charge air coolers are used to reduce fuel consumption and CO2 emissions in combination with turbocharging. These components maintain and improve power output and torque in vehicles. As the degree of turbocharging increases, the necessity of cooling the heated air grows. In vehicles, charge air coolers primarily function on increasing engine combustion efficiency. Thus, charge air coolers play a critical role in cooling the engine. Government regulations of carbon emissions and rising performance demand for ICE vehicles is growing significantly. This has encouraged the use of turbocharged/ supercharged engines along with downsizing. With the trend of engine downsizing in the automotive industry, automakers and manufacturers are focused on reducing fuel consumption and increasing the efficiency of vehicles.
Passenger Carrier is estimated to hold the largest market share by vehicle type during the forecast period
By vehicle type, the passenger cars segment is projected to lead the Automotive Charge Air Cooler Market during the forecast period. Passenger cars account for around 75-80% of the total vehicle production worldwide. The dominance of this segment can be attributed to the increasing demand for passenger cars, premium vehicles, and SUVs and high-performance expectations from personal vehicles. Most passenger cars are gasoline-powered with limited turbocharger penetration. However, with a growing emphasis on improving engine efficiency and downsizing, turbochargers are expected to demonstrate fast growth in cars. Similarly, diesel cars are expected to witness a consistent decline in production and sales in the years to come. This is due to various companies and countries suspending the production of diesel vehicles. Thus, in the passenger cars segment, gasoline vehicles are expected to emerge as the highest potential segment over the forecast period.
Air-cooled charge segment is estimated to be the largest segment by range from 2018 to 2026
An air-cooled charge air cooler is highly popular when compared to a liquid-cooled charge air cooler. Some of the prominent advantages of air-cooled coolers include design simplicity, low cost, lightweight, easy function, and higher reliability. This makes these charge coolers suitable for use across all the vehicle segments. In addition, the cooling provided by these air coolers is fairly good, making them the preferred choice for charge air cooling. Thus, operational and cost advantages along with fairly high efficiency would ensure steady growth for air-cooled charge air coolers during the forecast period.
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Asia Pacific is estimated to show the largest market for automotive charge air cooler
Asia Pacific is estimated to have the largest market for charge air coolers, backed by strong demand and production of passenger vehicles and emission regulations in various countries. The growth of fuel-efficient vehicles has positively influenced the Asia Pacific Automotive Charge Air Cooler Market. Also, the region has the presence of leading charge air cooler manufacturers like Hanon Systems, T.RAD Co. Ltd., Marelli, and Denso Corporation, thus creating growth opportunities for the market in the region. These companies have been developing and expanding their business in the region. For instance, in March 2021, Hanon Systems announced that it had begun construction on its fifth plant in Korea. This new plant will be built on a site that offers approximately 33,000 square meters (approximately 335,000 square feet) of land.
Key Market Players
The report analyzes all major players in the Automotive Charge Air Cooler Market including MAHLE GmbH (Germany), T. RAD Co. Ltd. (Japan), Dana Incorporated (US), Valeo (France), and Modine Manufacturing Company (US).
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