The automotive charge air cooler market size is projected to reach US$ 1,84,271.41 million by 2031 from US$ 1,18,278.92 million in 2023. The market is expected to register a CAGR of 5.7% during 2023–2031. The increasing sale and production of passenger cars driving the trend in the market.
Automotive Charge Air Cooler Market Analysis
The automotive industry is driven directly or indirectly by vigorous government measures to support the sector, such as those undertaken by major North American countries such as the United States through forums such as the Vehicle Association of America and the Electric Car Association, among others. North America is a technologically advanced region. Charge air coolers have witnessed high growth in this region. These machineries, when integrated with vehicles, provide efficiencies to the end-users. More deployments call for more competition in the region along with the growth of the entire market leading to market development and innovations.
Automotive Charge Air Cooler Market Overview
Increasing demand and turbochargers in the automotive industry are expected to drive the market. Using a turbocharger reduces the cylinder's displacement and the amount of fuel required for the same output. This factor is expected to create huge growth opportunities for turbochargers during the forecast period. Demand for turbochargers is expected to be very high in the Asia Pacific region. Therefore, these products are increasingly being adopted in passenger cars, driving the demand for automotive intercoolers and further facilitating the implementation of high-power supercharged engines. It offers many possibilities to the market.
Companies in the automotive intercooler market focus on implementing high-performance engines to improve fuel economy. With the help of a high-performance engine, the oil in the engine is significantly cooled to prevent overheating. For example, in April 2021, Tata Autocomp developed a new generation of iSMART that is lightweight and has high cooling efficiency. In addition, the company has developed a new generation of slimline condensers, low-pressure loss charge air coolers, efficient fan motor assemblies, and compact collector-less EGR coolers.
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Automotive Charge Air Cooler Market: Strategic Insights
Market Size Value in US$ 2,947.29 Million in 2022 Market Size Value by US$ 4,229.60 Million by 2028 Growth rate CAGR of 6.2% from 2022 to 2028 Forecast Period 2022-2028 Base Year 2022
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Automotive Charge Air Cooler Market: Strategic Insights
| Market Size Value in | US$ 2,947.29 Million in 2022 |
| Market Size Value by | US$ 4,229.60 Million by 2028 |
| Growth rate | CAGR of 6.2% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
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Automotive Charge Air Cooler Market Drivers and Opportunities
Rising Government Support to Promote the Growth of Automotive Industry
Governments in the Asia Pacific region is accelerating the implementation of their strategic plan for the development of their automobile manufacturing industry. For instance, through Made in China by 2025, the government of China is supporting local companies to compete with foreign automakers in the domestic as well as global markets. Furthermore, Indian government planned initiative program the Automotive Mission Plan 2016-26. This program helped to increase the automotive manufacturing industry. Thus, such government initiatives and support in the automotive sector driving the growth of the automotive charge air coolers market.
Increased Adoption of the Fuel-Efficient Engines is Expected to Create Ample Opportunity for the Market Growth
The constant demand for reducing fuel consumption and improving vehicle efficiency is driving the market growth. In particular, automotive charge air coolers help to improve vehicle efficiency. It reduces the size of high-efficiency motors, which has led to a continuous increase in the specific component loads. With the replacement of large displacement engines with small, turbocharged engines, the requirement for thermal management has also evolved. Thus, an increasingly important position in the development process of high-performance engines has fuelled the demand for charge air coolers as well.
The constant demand for reducing fuel consumption and improving vehicle efficiency is driving the market growth. In particular, automotive charge air coolers help to improve vehicle efficiency. It reduces the size of high-efficiency motors to enhance vehicle efficiency, driving market growth. Increased automotive production and sales across the globe are driving the market growth. Also, rising demand for fuel-efficient vehicles with enhanced capabilities of the vehicles driving the automotive charge air cooler market growth during the forecast period.
Automotive Charge Air Cooler Market Report Segmentation Analysis
Key segments that contributed to the derivation of the automotive charge air cooler market analysis are type, fuel type, core type, vehicle type, and geography.
- Based on type, the market is divided into air-cooled charge air coolers and liquid-cooled charge air coolers. Among these, air-cooled charge air cooler has a larger share in 2023, owing to increasing demand in passenger cars with turbocharged features among consumers.
- Depending upon the fuel type, the market is divided into gasoline and diesel. Among these, gasoline has a larger share in 2023, owing to increased demand for cars running on petrol and other gasoline fuels.
- Based on the core type, the market is divided into tube, fin, bar, and plate. Among these, the fin has the largest share owing to higher heat-carrying and heat-dissipation capacities.
- Depending upon the vehicle type, the market is divided into passenger cars, LCVs, trucks, and buses. Among these, passenger cars are expected to have the largest share in 2023. This is owing to increased car sales with turbocharger facilities.
Automotive Charge Air Cooler Market Share Analysis by Geography
The geographic scope of the automotive charge air cooler market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
Asia Pacific is considered to be the fastest growing economic region, with China and India as the world's first and third fastest growing economies. Japan is the most technologically advanced country in the region, giving an opportunity for the growth of the charge air coolers market. Emerging countries in Southeast Asia, such as Philippines, Malaysia, Vietnam, and Indonesia, are showing significant growth owing to surge in the passenger car sales. Also, several key manufacturers are expanding production capacities in order to meet growing demand for the passenger cars with turbo-chargers. Thus, the demand for charge air coolers is anticipated to increase.
Automotive Charge Air Cooler Market Report Scope
Automotive Charge Air Cooler Market News and Recent Developments
The automotive charge air cooler market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the automotive charge air cooler market are listed below:
- Conflux Technology Heat transfer product manufacturer has launched its first pre-designed 3D printed water charge air cooler product. Conflux Technology developed a heat exchanger Water Charge Air Cooler, which was designed to cool the air that enters the turbos used to boost some cars’ engines. Utilizing 3D printing, it’s said that the firm is able to not just optimize the device’s weight and performance but to scale its dimensions in a way that allows it to slot into the existing designs of high-end automotive manufacturers. (Source: PR News, June 2022)
Automotive Charge Air Cooler Market Report Coverage and Deliverables
The “Automotive Charge Air Cooler Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Automotive charge air cooler market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Automotive charge air cooler market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST and SWOT analysis
- Automotive charge air cooler market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the automotive charge air cooler market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type, Fuel Type, Core Type, and Vehicle Type
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
Asia Pacific is expected to dominate the automotive charge air cooler market in 2023.
Rising government support to promote the growth of the automotive industry drives the market growth.
The increasing sale and production of passenger cars are driving the trend in the market
Dana Incorporated, Delphi Technologies (BorgWarner Inc.), DENSO Corporation, Hanon Systems, Magneti Marelli S.p.A., MAHLE GmbH, Modine Manufacturing Company, T. RAD Co. Ltd., Valeo, Vestas Aircoil.
The automotive charge air cooler market size is projected to reach US$ 4,890.89 million by 2031 from US$ 3,117.91 million in 2023.
The market is expected to register a CAGR of 5.8% during 2023–2031.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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