The Automotive charge air cooler market is estimated to be USD 2.8 Billion in 2021 and is projected to grow to USD 3.9 Billion by 2026, at a CAGR of 7.1% during the forecast period. Automotive charge air coolers are used to reduce fuel consumption and CO2 emissions in combination with turbocharging. These components maintain and improve power output and torque in vehicles. As the degree of turbocharging increases, the necessity of cooling the heated air grows. In vehicles, charge air coolers primarily function on increasing engine combustion efficiency. Thus, charge air coolers play a critical role in cooling the engine. Government regulations of carbon emissions and rising performance demand for ICE vehicles is growing significantly. This has encouraged the use of turbocharged/supercharged engines along with downsizing. With the trend of engine downsizing in the automotive industry, automakers and manufacturers are focused on reducing fuel consumption and increasing the efficiency of vehicles.
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The North American region is estimated to be the fastest-growing market for automotive charge air coolers. The North American automotive charge air cooler market is governed by some of the key players such as Dana Incorporated and Modine Manufacturing Company. The region is dominated by gasoline-fueled premium cars, SUVs, and pickup trucks. These vehicle segments require higher consumption of thermal components to offer effective heat dissipation and engine cooling. As a result, the big players are partnering with thermal component manufacturers to develop enhanced components. For instance, in May 2017, Dana developed a technologically advanced heat exchanger for the induction-air system on FCA’s 2018 Dodge Challenger SRT Demon model. This is the first model of FCA that comes with a factory-fitted refrigerated liquid-to-air charge air cooling system. Such developments and partnerships between OEMs and component providers are expected to drive the sales of charge air coolers in the North American region.
The 1,000–1,500 W segment by motor power is the largest due to its extensive usage in electric three-wheelers, as it provides a better range compared to below 1,000 W in low-speed electric three-wheelers. Players such as Atul Auto and Piaggio have experienced huge growth in electric three-wheelers with motor power of 1,000–1,500 W. It is estimated that electric three-wheelers with above 1,500 W power are expected to grow at a higher rate than other segments due to their higher energy efficiency and increasing demand for high-performance electric three-wheeler freight carriers. Motor power is one of the important deciding factors in this shift as synergy of motor power with the system helps run the electric three-wheelers.
Air-cooled charge air coolers offer several advantages over liquid-cooled charge air coolers in terms of ease of installation, cost, and fairly good efficiency. Thus, air-cooled charge air coolers form the larger segment in the overall automotive charge air cooler market. The air-cooled charge air cooler segment is projected to grow from USD 1,849 million in 2021 to USD 2,464 million by 2026 at a CAGR of 5.9%. The liquid-cooled charge air coolers segment is expected to register a higher CAGR during the forecast period. Liquid-cooled charge air coolers offer higher efficiency, which is among the most important concerns for the conventional automotive industry. With a growing focus on improving engine performance and cooling efficiency, the liquid-cooled segment is expected to demonstrate a higher CAGR of 9.5% during the forecast period.
The integrated segment is estimated to register a faster CAGR due to the increasing choice of OEMs for liquid-cooled charge air coolers. These coolers are a flexible option for being integrated into vehicles. The smaller packaging space with reduced duct length, reduction in pressure loss, improvement in power and torque delivery, and enhanced efficiency are some of the key factors that foster the growth of liquid-cooled integrated charge air coolers. In addition, a liquid-cooled charge air cooler can be used in various configurations such as remote mounting as well as integrated into the intake manifold or supercharger housing. This contributes to the growth of the integrated segment of the charge air cooler market.
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The lithium-ion segment by battery type is projected to be the faster-growing segment in the electric three-wheeler market during the forecast period. Established market players are attempting to develop electric three-wheelers equipped with advanced lithium-ion batteries. The limited lifecycle and usable capacity are likely to shift the focus from lead-acid to lithium-ion batteries and drive the electric three-wheeler market during the forecast period. Another advantage of a lithium-ion battery is lightweight, which helps maintain the energy-to-weight ratio of the vehicle. Its electrodes are made of lithium and carbon. It can store more energy per kilogram of weight compared to a lead-acid battery. High energy density helps drivers to deal with range anxiety, and hence, this factor is estimated to drive the lithium-ion battery segment during the forecast period.
Key Market Players:
The key players considered in the analysis of the Automotive charge air cooler market are MAHLE GmbH (Germany), T. RAD Co. Ltd. (Japan), Dana Incorporated (US), Valeo (France), and Modine Manufacturing Company (US). These companies offer extensive products for the automotive charge air cooler industry and have strong distribution networks, and they invest heavily in R&D to develop new products.
COVID-19 Impact on automotive charge air cooler Market:
The overall automotive industry faced significant production and sales decline of vehicles from 2019 to 2020. With lockdowns being administered by most countries to prevent the spread of the virus, OEMs and other component suppliers across North America, Europe, and Asia Pacific suspended operations at a number of their production locations. This heavily impacted the overall declining performance of automotive.
India is the largest market in the region, followed by Bangladesh and the Philippines. India is the largest market in the region due to its government policies to support the adoption of electric three-wheelers. In August 2020, the government introduced the new Delhi Electric Vehicle Policy, 2020, intending to increase the adoption of EVs in the national capital region. The new policy proposed tax waivers, charging and swapping infrastructure establishment, battery cycling ecosystem, and creating a non-lapsable State EV Fund. In 2019, Delhi proposed open permits for electric three-wheelers. Moreover, India already has a well-established market for three-wheelers. This is because of the country’s high taxes on petrol, which increases the demand for alternative fuel vehicles. The government’s new vehicle scrappage policies will also support the growth of electric three-wheelers, besides lowering the cost by providing subsidiaries in the country. In 2020, the purchasers of e-carriers were eligible for a scrapping incentive for scrapping and then registering the old ICE goods carriers registered in Delhi. Up to ~USD 104 (INR 7,500) of the incentive shall be reimbursed by the GNCTD for the purchase of e-carriers. Regulatory support would play a key role in electric three-wheeler adoption. A combination of both fiscal and non-fiscal incentives is critical in the medium term. In terms of charging infrastructure, a mix of plug-in charging and battery swapping models must be carefully deployed for the growth of electric three-wheelers. For instance, in 2021, electric vehicle startup Zypp plans to set up 5,000 battery swapping stations for three-wheelers across India over the next three years. The last-mile delivery company, now operational in six cities, has set up 50 battery swapping stations across Delhi NCR and Jaipur.
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