According to our new research study on "Automotive Charge Air Cooler Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Type, Fuel Type, Core Type, Vehicle Type, and Geography," the Automotive Charge Air Cooler market share is projected to reach US$ 4,229.60 million by 2028 from US$ 2,947.29 million in 2022. It is estimated to grow at a CAGR of 6.2% from 2021 to 2028.
3D printed water charge air cooler to Drive Automotive Charge Air Cooler Market Growth
Conflux, a technology company, has launched a highly efficient and customizable 3D-printed Charge Air Cooler (WCAC) that uses water as a cooling medium for racing and premium automotive markets. This product outperforms leading charge air coolers and has a 15% reduction in core volume, 24% reduction in air side pressure drop, 82% reduction in cooling hydraulic pressure, 39% reduction in wet mass, and 31% reduction in dry weight. The product can be tailored according to customer requirements for performance, size, and installation. Conflux has also partnered with GKN Aerospace to 3D print heat exchangers for European clients. The launch of the WCAC marks a shift in Conflux's business model from a service-driven to a product-driven one, which the company plans to continue. These advantages of 3D-printed water charge air coolers are expected to drive the demand for automotive charge air cooler market share.
The North American market for automotive charge air coolers is divided into major economies, including the US, Canada, and Mexico. Due to the region's robust automotive industry, North America is one of the significant areas for vendors in the automotive charge air cooler market. In 2020, North America manufactured around 13.4 million vehicles, with over 8.8 million produced in the US and about 4.6 million in Mexico and Canada combined. Despite production slowdowns due to various factors such as increasing production costs and supply chain disruptions during the pandemic, the free trade agreement between the three countries has played a crucial role in the automotive industry's supply chain. The rising production of vehicles in the region is expected to drive the growth of the automotive charge air cooler market in the foreseeable future.
The automotive charge air cooler market players in the region are actively involved in research and development to produce eco-friendly and lightweight air coolers, and this is likely to drive market growth. In November 2020, Dana Incorporated announced that it would acquire a portion of Modine Manufacturing Company's thermal management business related to the automotive sector. This acquisition is expected to strengthen Dana's Power Technologies business. The transaction involves a purchase price of US$ 1, assuming certain financial liabilities. These developments and increased production are expected to further boost the growth of the automotive charge air cooler market during the forecast period.
The European automotive charge air cooler market is divided into several countries, including Germany, France, Italy, the UK, Russia, and the rest of Europe. The region has been a pioneer in the automotive industry, where automobiles are not only viewed as a means of transportation but also as a source of leisure and entertainment. Despite encountering challenges in the latter half of the last century, car production is one of the most long-standing industrial activities in the European Union, unlike other heavy industries that have been outcompeted by Asia and the United States. According to the latest data from the European Automobile Manufacturers' Association (ACEA), new passenger car registrations have increased for the 31st consecutive month, indicating that the automobile manufacturing and consumption industry is among the most resilient and consistent industries in the European Union. Considering the above-mentioned factors, the demand for automotive charge air cooler market is expected to increase significantly over the forecast period.
Key Findings of Study:
The global automotive charge air cooler market has been divided into 5 key regions: North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). The Asia Pacific region includes major countries such as Australia, China, India, Japan, South Korea, and other Asia Pacific countries. With large populations, particularly in India and China, and increasing disposable incomes, there is a growing demand for efficient and environmentally friendly mobility solutions in the region. In 2020, the COVID-19 pandemic caused significant disruptions to the automotive parts and components industry due to trade restrictions, supply chain disruptions, and reduced consumption caused by government lockdowns. However, during the projected period, government incentives, increasing regional demand, and easy access to raw materials are expected to drive growth in the automotive charge air cooler market. For example, India's Automobile Mission Plan FAME-II provides government support to the country's growing automotive and component manufacturing industries. The automobile parts and accessories manufacturing sector has undergone significant transformation in recent years, resulting in the emergence of a highly competitive industry.
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