The global Automotive Charge Air Cooler market share is expected to grow from US$ 2,947.29 million in 2022 to US$ US$ 4,229.60 million by 2028. It is estimated to grow at a CAGR of 6.2% from 2022 to 2028.
The automotive charge air coolers market comprises various entities such as organizations, retailers, and partnerships that sell products specifically designed to cool heated air from turbochargers or superchargers used in automobiles. Turbochargers compress air at high temperatures, decreasing air density and oxygen during combustion. These charge air coolers play a crucial role in maintaining and enhancing the power and torque of vehicles.
Automotive charge air coolers are available in two main types, namely air-cooled charge air coolers and liquid-cooled charge air coolers. The former cools the engine air after it has been compressed by the turbocharger and before it enters the combustion chamber. Its main function is to reduce the temperature of the combustion air to the most suitable level for optimal performance, fuel consumption, and exhaust gas emissions. These charge air coolers come in various designs, such as tubes and fins, webs and plates, and are compatible with different types of fuels, including gasoline and diesel. They are used in various types of vehicles, such as passenger cars, light commercial vehicles, trucks, and buses.
The automotive industry's growing demand for turbochargers is anticipated to propel the market for automotive charge air coolers. Turbochargers are utilized to reduce the displacement of the cylinder and the amount of fuel needed for the same performance output. This is likely to create significant growth prospects for the market during the forecast period. The Asia Pacific region is expected to witness a surge in demand for turbochargers, leading to an increase in the adoption of these products in passenger cars, thereby boosting the demand for automotive intercoolers and facilitating the deployment of high-powered supercharged engines. This presents numerous opportunities for the Automotive Charge Air Cooler market.
Companies operating in the automotive charge air cooler market are emphasizing the implementation of high-performance engines to enhance fuel efficiency. The adoption of a high-performance engine enables effective cooling of the engine oil, thereby preventing overheating. Tata Autocomp is an example of a company that developed a new lightweight and highly efficient iSMART product in April 2021. The firm also created a range of innovative products such as slimline condensers, low-pressure loss charge air coolers, efficient fan motor assemblies, and compact collector-less automotive charge air cooler market solutions.
The largest automotive charge air cooler market is expected to be in the Asia-Pacific region, driven by high demand for passenger cars and regulations on emissions in various countries. The growth of fuel-efficient vehicles also positively impacts the Automotive Charge Air Cooler market in the region. Prominent manufacturers in the Automotive Charge Air Cooler market, including Hanon Systems, T.RAD Co. Ltd., Marelli, and Denso Corporation, are expanding their businesses in the region, creating opportunities for growth. For example, in March 2021, Hanon Systems announced the construction of its fifth factory in South Korea, which will cover approximately 33,000 square meters of land.
The North American market for automotive charge air coolers is experiencing rapid growth, with major players like Dana Incorporated and Modine Manufacturing Company dominating the market. This region is primarily occupied by premium petrol vehicles, SUVs, and pickup trucks that require more heat dissipation components to provide efficient engine cooling. To meet this demand, leading companies are collaborating with thermal component manufacturers to develop advanced components. For instance, in May 2017, Dana developed a technically advanced heat exchanger for the inductive air system of FCA's 2018 Dodge Challenger SRT Demon, which was the first FCA model with a factory-installed liquid cooling air intercooler system. Such collaborations and advancements in components are expected to drive the growth of the Automotive Charge Air Cooler market in North America.
Europe is a crucial market for the global automotive charge air cooler industry, particularly in countries such as France, Germany, and the UK. The market is expected to grow due to the ability of charge air coolers to reduce NOx emissions, which is essential to meet strict environmental regulations in the region. The automotive industry in Europe is focusing on developing fuel-efficient and zero-emission vehicles, leading to a surge in demand for automotive intercoolers. This trend is expected to drive the growth of the automotive charge air cooler market in the region.
Strong growth is expected in the Middle East and SAM countries. The ever-growing demand for automobiles has led automakers to upgrade production to keep up with growth, positively impacting Automotive Charge Air Cooler market growth in the region.
The top five key players operating in the global automotive charge air cooler market are Hanon Systems, Mahle GMBH, Modine Manufacturing Company, Metair, and Valeo in 2021Listing the top five players in the global automotive charge air cooler market based on a common criterion such as revenue is not possible due to the presence of many players serving both domestic and international demand. Therefore, we have compiled this list of "Key Five Players" in the market by giving weightage to various parameters, including overall revenue, brand image, industry experience, current product portfolio, innovative technology integration and material enhancements, customer base, geographical reach, new product launches, partnerships, mergers and acquisitions, and other market-related activities. The market's potential is being driven by the growing adoption of automotive charge air coolers.
The North American region has a high adoption rate of advanced technology, which is supported by favorable government policies promoting innovation and infrastructure development. However, the COVID-19 pandemic had a severe impact on the renewable energy sector in the region, with many oil and gas and power-generating facilities reducing their activity and shutting down projects due to "stay at home" orders issued by state governors. This provided enterprises with an opportunity to assess their machinery, leading to an increased demand for analytics solutions. Additionally, the pandemic made it difficult for renewable energy producers to secure project finance or equity capital, prompting companies to shift their focus to analytics. As a result, the North American automotive charge air cooler market has been positively influenced by the COVID-19 pandemic, especially in relation to vehicle types.
Key companies in the Automotive Charge Air Cooler market are Dana Incorporated; Delphi Technologies (BorgWarner Inc.); AKG Group; Hanon Systems; Dupont.; MAHLE GmbH; Mahle Gmbh; Modina Manufacturing Company; T. RAD Co. Ltd.; Valeo; and Vestas Aircoil. The report also comprises secondary research on other companies holding a significant Automotive Charge Air Cooler market share.
The automotive charge air cooler market size has been determined by utilizing both primary and secondary sources. The research process began with extensive secondary research, which involved collecting qualitative and quantitative information about the market from internal and external sources. This step helped to gain an overview and forecast for the Automotive Charge Air Cooler market, including all the segments in the region. Additionally, numerous primary interviews were conducted with industry experts and commentators to validate the data and gather analytical insights into the automotive charge air cooler market. The primary interviewees included VPs, business development managers, market intelligence managers, national sales managers, external consultants such as valuation experts, research analysts, and key opinion leaders who specialize in the automotive charge air cooler market.