Report : North America Automotive Charge Air Cooler Market Forecast to 2028 - COVID-19 Impact and Regional Analysis ByType (Air-Cooled Charge Air Cooler and Liquid-Cooled Charge Air Cooler), Fuel Type (Gasoline and Diesel), Core Type (Tube, Fin, bar and Plate), and Vehicle Type (Passenger Cars, LCV, Trucks and Buses)
At 5.4% CAGR, the North America Automotive Charge Air Cooler Market is speculated to be worth US$ 731.72 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the North America automotive charge air cooler market was valued at US$ 534.26 million in 2022 and is expected to reach US$ 731.72 million by 2028, registering an annual growth rate of 5.4% from 2022 to 2028. Implementation of fuel-efficient engines and 3D printed water charge air cooler are the critical factors attributed to the market expansion.
The constant search to reduce fuel consumption and reduced exhaust emissions has constantly resulted in engine development. In particular, the tendency to reduce the size of high efficiency motors 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 fueled the demand for charge air coolers as well. Fuel efficiency depends on many parameters of a vehicle, including engine specifications, aerodynamic drag, weight, AC usage, fuel and rolling resistance. There have been advances in all areas of vehicle design over the past few decades. Fuel efficiency of vehicles can also be improved by careful maintenance and driving habits. Hybrid vehicles use two or more energy sources for propulsion. In many designs, a small combustion engine is combined with electric motors. Kinetic energy lost due to heat during braking is recovered as electrical power to improve fuel efficiency. Engines automatically stops when the vehicle come to a stop and start again when the accelerator is pressed preventing wasted energy from idling. These factors provide lucrative opportunity for the growth of automotive charge air cooler market.
On the contrary, rising demand for electric vehicles hurdles the growth of North America automotive charge air cooler market.
- Based on type, the North America automotive charge air cooler market is segmented into air cooled charge air cooler and liquid cooled charge air cooler. The air cooled charge air cooler segment held 64.7% market share in 2022, amassing US$ 345.57 million. It is projected to garner US$ 454.16 million by 2028 to expand at 4.7% CAGR during 2022–2028.
- Based on fuel type, the North America automotive charge air cooler market is segmented into gasoline and diesel. The diesel segment held 79.4% market share in 2022, amassing US$ 424.13 million. It is projected to garner US$ 570.41 million by 2028 to expand at 5.1% CAGR during 2022–2028.
- Based on core type, the North America automotive charge air cooler market is segmented into tube, fin, bar and plate. The fin segment held 44.7% market share in 2022, amassing US$ 238.53 million. It is projected to garner US$ 316.51 million by 2028 to expand at 4.8% CAGR during 2022–2028.
- Based on vehicle type, the North America automotive charge air cooler market is segmented into passenger cars, LCV, trucks and buses. The passenger cars segment held 47.3% market share in 2022, amassing US$ 252.61 million. It is projected to garner US$ 350.49 million by 2028 to expand at 5.6% CAGR during 2022–2028.
- Based on country, the North America automotive charge air cooler market is segmented into the US, Canada, and Mexico. Our regional analysis states that the US captured 67.1% market share in 2022. It was assessed at US$ 358.66 million in 2022 and is likely to hit US$ 485.59 million by 2028, exhibiting a CAGR of 5.2% during the forecast period.
Key players dominating the North America automotive charge air cooler market are AKG Group, Dana Limited, Delphi Technologies Plc (BORGWARNER INC.), DuPont, Hanon Systems, Mahle GmbH, Modine Manufacturing Company, T. RAD Co. Ltd., Valeo, and Vestas aircoil A/S among others.
- In 2022, AKG group officially inaugurated its new plant in Lagos de Moreno, Mexico. The new plant will provide the AKG Group access to new markets and new customers in Mexico and Latin America.
- In 2022, Vestas aircoil A/S created a cooler with numerous mounted temperature sensors (thermocouples). According to the business, this is a tiny but crucial step in the effort to create digital twins of the coolers. The sensors, which are installed close to the coolers' walls, will be utilized to assess both the local temperature distribution and our structural model.
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