Automotive Charge Air Cooler Market: Introduction
- Downsizing of engines is an ongoing trend that is gaining momentum in the automotive industry, which in turn is prompting auto manufacturers to reduce fuel consumption and enhance efficiency of their vehicles
- 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 turbo charger has high temperature, which in turn lowers the density of air, resulting in lesser presence of oxygen during combustion. The main purpose of the charge air cooler is to reduce the air inlet temperature, thereby increasing air density and consequently, boosting engine efficiency and reducing emission of NOx.
Key Drivers of Automotive Charge Air Cooler Market
- Rise in demand for fuel-efficient vehicles coupled with an increase in emphasis on emission in order to minimize carbon emission is projected to boost the demand for charge air cooler during the forecast period. The automotive charge air cooler primarily focuses on increasing engine combustion efficiency. This, in turn, makes automotive charge air cooler an attractive product in the market.
- Demand for reduced fuel consumption in increasing at a significant pace owing to development in the government regulations and rising performance requirements. Thus, the market for automotive charge air cooler is anticipated to expand significantly during the forecast period.
- Furthermore, increase in production of passenger vehicles in developing countries, such as China, Indonesia, India, Mexico and Brazil among others, owing to increased spending power of consumers in these countries, along with better availability of car loans is anticipated to drive the charge air cooler market for automotive during the forecast period
- Rise in demand for vehicles and consistent investments by automakers on research & development of cost-effective, environment-friendly, and low toxic products with a high life within the industry are likely to drive the global charge air cooler market for automotive
- The trend of urbanization is rising at an exponential rate, which is leading to increase in the average income of urban population and enabling them to enhance their lifestyles. Furthermore, an increase in the demand for passenger is prompting manufacturers to increase production of commercial vehicles, thereby offering significant opportunities for the charge air cooler market for automotive across the globe.
Automotive Charge Air Cooler Market: Restraint
- Rise in environment awareness and volatility in fuel prices have prompted consumers in developed countries across Europe and North America to opt for battery electric vehicles and plug-in-hybrid electric vehicles
- An automotive charge air cooler is not used in electric cars; consequently, hampering the automotive charge air cooler market globally
Automotive Charge Air Cooler Market: COVID-19 Impact
- The COVID-19 pandemic has caused a majority of businesses across the globe to crumble owing to the forced shutdown of production and manufacturing activities. This has led the global economy to contract to its lowest growth rate. The global lockdown and enforced shutdown of the production facilities as mandated by governments worldwide in 2020 had resulted in the decline in demand, supply chain bottlenecks, and to protect the safety of their employees in France, Germany, Italy, the U.S., and Spain during the COVID-19 pandemic.
- Majority of businesses in every industry are codependent and are a part of major supply chain in the market. Disruption in supply chain attributing to stoppage of transportation and shipping services and reduced demand for vehicles across the globe is likely to cause the global automotive industry to contract in during the Corona Pandemic.
- Additionally, the worldwide fear and panic caused by the second wave of corona virus spread in early 2021 has again caused countries such as India, to issue an order of forced lockdown. Therefore, consumers are expected to withhold their vehicle buying decisions in early 2021. This, in turn is anticipated to hamper the automotive charge air cooler market in 2021.
- However, various countries worldwide have announced several aggressive monetary policies, which are being enforced since Q3 of year 2020 in order recover from economic losses caused by the corona pandemic. Therefore, in light of aggressive monetary policies boosting economic stability, the automotive charge air cooler market is also expected to recover in 2021.
North America to account for prominent share of global automotive charge air cooler market
- In terms of region, the global automotive charge air cooler market can be segmented into North America, Europe, Latin America, Asia Pacific, and Middle East & Africa
- Rate of adoption of technology in North America and Europe is higher than that in other regions, as vehicle manufacturers of the automotive industry in these regions emphasize more on the research and development of components. Penetration of premium and luxury vehicles is high in several countries across the region, including Germany and the U. K.
- Stringent emission norms for the automotive industry in North America and Europe, green transportation projects from governments of countries in these regions, and high demand for fuel efficient vehicles are likely to boost the market for charge air cooler for automotive in these regions
Key Players Operating in Automotive Charge Air Cooler Market
The global automotive charge air cooler market is concentrated owing to the presence of top manufacturers. A few key players operating in the global automotive charge air cooler market are:
- Banco Products Ltd.
- Calsonic Kansei Corporation
- Dana Limited
- Delphi Auto Parts
- Denso Corporation
- DuPont
- MAHLE, Inc.
- Modine Manufacturing Company
- Valeo SA
- Vestas Aircoil
- Other Key players
Global Automotive Charge Air Cooler Market: Research Scope
Global Automotive Charge Air Cooler Market, by Vehicle Type
- Passenger Vehicle
- Hatchback
- Sedan
- Utility Vehicles
- Light Commercial Vehicles
- Heavy Commercial Vehicles
Global Automotive Charge Air Cooler Market, by Product Type
- Air Cooled Charge Air Cooler
- Liquid Cooled Charge Air Cooler
Global Automotive Charge Air Cooler Market, by Sales Channel
Global Automotive Charge Air Cooler Market, by Material
- Aluminum Based Automotive Charge Air Cooler
- Plastic Based Automotive Charge Air Cooler
- Glass-reinforced Nylon Based Automotive Charge Air Cooler
Global Automotive Charge Air Cooler Market, by Position
- Standalone Charge Air Cooler
- Integrated Charge Air Cooler
Global Automotive Charge Air Cooler Market, by Region
- North America
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Nordic Countries
- Russia & CIS
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- ASEAN
- ANZ
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- Middle East & Africa
- GCC
- Turkey
- South Africa
- Rest of Middle East & Africa
