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Automotive Charge Air Cooler Market Segmented By material type such as Aluminum based automotive charge air cooler, Plastic based automotive charge air cooler, Glass-reinforced nylon based automotive charge air cooler with vehicle type such as Passenger vehicle, Light commercial vehicle, Heavy commercial vehicle
An automotive charge air cooler is used to cool the compressed air before it enters into the engine intake manifold or the combustion chambers. The air compressed by the turbocharger have high temperature which in turn lowers the density of the air resulting in lesser oxygen presence during the combustion.
Downsizing of engines is the ongoing trend gaining momentum in the automotive industry in which manufacturers are engaged in reducing the fuel consumption and increasing the efficiency of the vehicle.
The automotive charge air cooler primarily focuses on increasing engine combustion efficiency. This in turns makes automotive charge air cooler an attractive product in the market. Owing to development in the government regulations and rising performance requirements, the demand for reduced fuel consumption is growing with significant pace. Thus the market for automotive charge air cooler is anticipated to witness significant growth during the forecast period.
Automotive industry is moving towards more stringent emission and fuel consumption regulations, resulting in increased demand for improved equipment to control air intake temperature. This is one of the key factors driving the demand for automotive charge air cooler during the forecast period.
Sales of automotive charge air cooler is directly related to automotive production and vehicle parc. Despite unstable economic conditions in the market in the recent past, on an average, the global automotive industry has witnessed satisfactory growth. Automotive production is anticipated to increase at a modest growth of 3–3.5% during the forecast period.
Automotive production is expected to be higher in emerging economies as compared to that in developed economies. This is mainly attributed to increasing urbanization and stable economic conditions in these regions. During the forecast period, fleet on road is also expected to rise at a modest growth rate, thus providing noteworthy opportunities for growth of automotive charge air cooler aftermarket.
Although the global automotive charge air cooler market has bright opportunities in the future, still the manufacturers of automotive charge air cooler have to face some challenges regarding the demand of the product. Growing environmental awareness and fluctuating fuel prices have influenced consumers, especially in developed countries in Europe and North America to opt for electric car models such as battery electric vehicles (BEV) and plug-in hybrid electric vehicles (PHEV). As automotive charge air cooler is not used in electric cars, this acts as a minor restraint for the global automotive charge air cooler market.
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Increasing demand for downsized engines is estimated to force the global automotive charge air cooler market to grow at a rapid pace during the forecast period. The automotive industry in North America and Europe is shifting towards developing more fuel efficient as well as emission free vehicles. This in turns is leading towards increasing demand for automotive charge air cooler, hence significantly contributing to the global automotive charge air cooler market.
Rapidly growing industrial sector coupled with the rising urbanization in various countries of the Asia Pacific region is resulting in growing standard of living, which in turn, is a key factor responsible for increasing automobile production and vehicle parc in the region. The ever increasing demand for vehicles has prompted automobile manufacturers to improve production output to accommodate growth, thereby positively influencing the sales of automotive charge air cooler in the region.
Examples of some of the market participants identified across the value chain of the global Automotive Charge Air Cooler market include:
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