The Future of Automotive Charge Air Coolers: Market Analysis and Forecast
The Global Automotive Charge Air Cooler Market is projected to offer an impressive growth opportunity and is likely to reach US$ 3,374.3 million in 2024. It is forecasted to be 8.7% CAGR during 2019-2024.
The automotive charge air cooler (CAC) market is a rapidly growing sector within the automotive industry. CACs are a critical component of turbocharged and supercharged engines, and are used to cool the compressed air before it enters the engine, improving performance and efficiency.
With increasing demand for fuel-efficient vehicles, there is a growing demand for CACs as they play a crucial role in improving engine efficiency. Additionally, with the growing adoption of electric vehicles, the demand for CACs is expected to increase as they are used in hybrid vehicles to improve engine performance.
The global automotive CAC market is expected to witness significant growth in the coming years due to the increasing demand for passenger and commercial vehicles, especially in emerging economies such as China and India. Additionally, the growing trend towards lightweight and compact CACs is expected to further drive market growth
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Regional Analysis
In terms of regions, Asia-Pacific is likely to be the largest automotive CAC market over the next five years. The region is likely to experience the highest growth during the same period. China and India are the growth engine of Asia-Pacific’s market for charge air coolers. Both countries together accounted for more than 60% of the Asia-Pacific’s market and are likely to grow at an impressive double-digit growth rate during the forecast period.
Europe is likely to be the second-largest automotive charge air cooler market during the forecast period, owing to the high penetration of diesel engine vehicles coupled with a greater penetration of turbochargers to address the strict emission norms of European Commission. North America, another considerable region, is also likely to generate a healthy demand for charge air cooler in the coming years, primarily propelled by the USA and Mexico.
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