PUBLISHER: TechSci Research | PRODUCT CODE: 1223970
PUBLISHER: TechSci Research | PRODUCT CODE: 1223970
Global automotive intercooler market is projected to register CAGR growth in the forecast years, 2024-2028 on the account of growth factors like surging demands for efficient car engines. Increasing demand for automobiles for various end-use like personal vehicles, commercial vehicles, etc. is further driving the growth of the global automotive intercooler market in the upcoming five years. Demands for managing the rising temperature of automobile engines while driving by cooling the compressed air is a major application of the automotive intercooler, and thus the demands are further supporting the growth of the global automotive intercooler market in the next five years.
Automotive intercoolers are specifically designed automotive systems that have applications to cool the compressed air that generates during the movement of the engines while driving. The engine moving along with the fuel consumption creates very high temperatures that may lead to lower efficiency of the engines or in extreme conditions may cause the whole automobile to catch fire. The intercoolers are designed to reduce fuel consumption while increasing the power and efficiency of the engine.
Expanding Automotive Industry Drives Market Growth
Growing demands for personal cars, commercial cars, other commercial vehicles, electric vehicles, etc. are adding up to the growth of the global automotive industry. Rising sales, increasing production of automobiles, and increasing disposable income among the population are anticipated to drive the growth of the global automotive intercooler market in the upcoming five years. Although in the past three years, the industry has experienced minor drops in the production of automobiles due to COVID-19.
The pandemic situation decreased the total production of automobiles by 16% in 2020 as compared to the year 2019. Total automobile production in the year 2020 was 77,621,582 units whereas the count was as high as 91,786,861 units in 2019. Overcoming the decrease in production, the automotive industry is anticipated to bounce back to growth in the upcoming five years as the lockdown restrictions are lifted and the manufacturing of the automotive has started again.
Research & Development Promises Market Growth
With the increasing demand for environment-friendly automobiles, and their parts due to rising concerns for the depleting environment, automobile manufacturers are actively investing their resources and finances into research and development of innovative products, and countermeasures to decrease the pollution output from the automobiles and thereby aiding the growth of the global automotive intercooler market in the future five years.
Government support, increased investment in the sector along with favorable schemes are anticipated to further support the growth of the global automotive intercooler market in the next five years. In the United States along with the complete North American region, government scheme like the CAFE standard was introduced in 2016, which requires a car to be 30% more fuel-efficient. This, forces the automobile manufacturers, to improve the turbocharger and intercooler technologies, and thus aid the growth of the global automotive intercooler market in the upcoming five years.
The global automotive intercooler market segmentation is based on vehicle type, type, engine type, design type, demand category, regional distribution, and competitive landscape. Based on vehicle type, the market is further segmented into two-wheeler, passenger cars, light commercial vehicles, medium & heavy commercial vehicles, and OTR. By type, the market is differentiated between air-to-air intercoolers and water-to-air intercoolers. The engine type market segment is distinguished between the supercharged engine and turbocharged engines. Based on design type, the market is further bifurcated into front-mounted, top-mounted, and side mounted. Based on the demand category, the market is also divided between OEM and replacement. The market analysis also studies the regional segmentation, divided among Asia-Pacific region, North American region, European & CIS region, South American region, and Middle East & African region.
Valeo Group, MAHLE GmbH, Treadstone Performance Engineering Inc., Bell Intercoolers, Garrett Motion Inc., PWR Holdings Limited, Garrett Motion Inc. (Honeywell), Kale Oto Radyator, Pro Alloy Motorsport Ltd., Modine Manufacturing Company, are enlisted in a partial list of major market players of the global automotive intercooler market.
In this report, global automotive intercooler market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:
Light Commercial Vehicle
Medium & Heavy Commercial Vehicle
Air to Air Intercooler
Water to Air Intercooler
Europe & CIS
Middle East & Africa
Company Profiles: Detailed analysis of the major companies present in global automotive intercooler market.
With the given market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report: