According to The Business Research Company’s Automotive Charge Air Cooler , The automotive charge air cooler market size has grown rapidly in recent years. It will grow from <b>$2.9 billion in 2023 to $3.2 billion in 2024 at a compound annual growth rate (CAGR) of 10.5%. </b> The growth in the historic period can be attributed to stringent emission standards, engine performance optimization, increased demand for fuel efficiency and reduced emissions, changes in consumer preferences and driving habits.
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The automotive charge air cooler market size is expected to see strong growth in the next few years. It will grow to <b>$4.56 billion in 2028 at a compound annual growth rate (CAGR) of 9.3%. </b> The growth in the forecast period can be attributed to increased adoption of hybrid powertrains, integration of advanced cooling technologies, growth in electric and hydrogen fuel cell vehicles, emphasis on thermal management for evs. Major trends in the forecast period include development of lightweight and compact coolers, integration of advanced materials in cooler construction, adoption of liquid-cooled charge air coolers, customization of coolers for different vehicle applications, enhancement of heat exchanger efficiency for better performance.The increase in demand for commercial vehicles is expected to drive the growth of the automotive charge air cooler market. Commercial vehicles are motor vehicles designed and used primarily for transporting goods, passengers, or performing specialized tasks for economic purposes. Automotive charge air coolers in commercial vehicles enhance combustion efficiency and optimize engine performance by cooling compressed air before it enters the engine, ensuring increased power output and fuel efficiency. For instance, in July 2022, according to Pandaily, a Beijing-based tech media, the sales volume of commercial vehicles was 168,000, up 49.4% year-on-year. Also, in May 2021, demand for new commercial vehicles in Germany increased by 46.4% over the previous year. Therefore, the increase in demand for commercial vehicles is expected to drive the growth of the automotive charge air cooler market.
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The automotive charge air cooler market covered in this report is segmented –
1) By Type: Air-Cooled, Liquid-Cooled
2) By Design: Tube & Fin, Bar & Plate
3) By Fuel Type: Gasoline, Diesel
4) By Vehicle: PC, LCV, Truck, Bus Companies in the automotive charge air cooler market are focusing on the implementation of high-performance engines to improve fuel consumption. With the help of high-performance engines, the oil in the engine is drastically cooled, preventing it from overheating. For example, in April 2021, Tata Autocomp developed a new generation of iSMART that was lighter in weight and had a higher cooling efficiency. In addition, the company created slim condensers, low pressure drop charge air coolers, efficient fan-motor assemblies, and new generation compact header-less EGR coolers.The automotive charge air cooler market report table of contents includes:
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