PUBLISHER: SPER Market Research Pvt. Ltd. | PRODUCT CODE: 1208364
PUBLISHER: SPER Market Research Pvt. Ltd. | PRODUCT CODE: 1208364
According to SPER Market Research, the Global Automotive Charge Air Cooler Market is estimated to reach USD 6.09 billion by 2032 with a CAGR of 7.32%.
In order to reduce the temperature of the combustion air to a level most conducive to power production and fuel economy, charge air coolers are used. Reduced temperature and higher density air contribute to the engine's ability to produce the most power during combustion. Additionally, it lowers the amount of fuel needed. Both passenger and commercial vehicles use it. The desire for vehicles with improved engine power, lower emissions, and reduced fuel consumption, as well as a rise in the popularity of both passenger and commercial vehicles, are the driving forces behind the industry's expansion. Rising demand for fuel-efficient vehicles, increased emphasis on emissions to reduce carbon emissions, rising vehicle demand, consistent investments by automakers in research and development of affordable, environmentally friendly, and low toxic products with a long life, and rising research and development activities in the market are the main drivers escalating the market growth, among other factors. Additionally, in the forecast period, the expansion of technological developments, modernization of production methods, and an increase in demand from emerging economies will further generate new chances for the automotive charge air cooler market manufacturers.
The COVID-19 epidemic had a big effect on business. Auto manufacturing plants in Europe and the United States had been impacted by export at the start of the pandemic in China. One of the biggest crises in the automotive industry was highlighted by the closure of numerous large production sites and suppliers around the globe. Vehicle production has decreased as a result of COVID-19, and this decrease is inversely correlated with the drop in the market for automotive charge air coolers as a whole. On the other side, it is anticipated that the pandemic would assist the gasoline segment outpace diesel because diesel engines are expensive and their price is further increased by the introduction of new emission rules, particularly in light-duty cars. Additionally, COVID-19's effects would reduce purchasers' purchasing power, which might lead to the purchase of gasoline-powered automobiles rather than diesel-powered ones. Consequently, a trend in favor of gasoline engines is discernible. Consequently, there will be more opportunities for the market for automotive charge air coolers to expand.