Automotive intercooler is a type of a heat exchanger which is used with turbocharged and supercharged engines. It reduces the air temperature and increases the engine’s output and performance. As such, automotive intercoolers help in emission control while meeting the fuel economy standards.
According to the report, the Global Automotive Intercooler Market is projected to increase at a CAGR of 8.77% over the forecast period 2019-2025.
Strict fuel emission standards
Increasing disposable incomes is leading to a rise in the people’s propensity to spend on vehicles. With strict regulations and standards being imposed by governments and global organizations, the demand for automotive intercoolers in increasing significantly. Countries and/or regions are setting some ambitious targets to reduce the CO2 emissions during a certain period. For example, in April 2019, the European Parliament and the European Council agreed on the reduction of the average CO2 emissions from new passenger cars by -15 per cent in 2025 and by -37.5 per cent in 2030 in order to achieve the international objectives of the Paris Agreement. Moreover, a rising number of people are upgrading their cars with superchargers or turbocharges which is also fuelling the global market growth of automotive intercoolers. Increasing investments by market players will further continue to bolster the overall market growth of automotive intercooler globally throughout the forecast period.
Asia Pacific (APAC) accounts for a substantial share in the global automotive intercooler market
Geographically, the global automotive intercooler market is segmented as North America, South America, Europe, Middle East and Africa, and Asia Pacific. North America automotive intercooler market hold a considerable market share owing to the stringent vehicle emission standards in countries like the U.S. and Canada. Supportive government policies and initiatives by governments in the North American countries in order to boost the domestic automobile manufacturing will further continue to propel the market growth of automotive intercooler in this region during the next five years. For example, the replacement of NAFTA (North American Free Trade Agreement) by USMCA (United States-Mexico-Canada Agreement) is going to increase the domestic manufacturing of automobiles in the U.S. Asia Pacific also holds the significant market share and is projected to grow at a decent CAGR during the forecast period. The growth of this regional market is attributed to growing automotive industry in the region with elevated demand for passenger vehicles worldwide. Expansion of automotive industry in South-East Asian countries will also support the growing demand for automotive intercoolers in the region, thus positively impacting the overall APAC automotive intercooler market during the projected period.
The major players covered as part of the report are Bell Intercoolers, REX Heat Exchanger India Pvt. Ltd., PWR Holdings Limited, NRF, Mishimoto Automotive, Kale Oto Radyatör, FORGE MOTORSPORT, Nissens, and GARRETT MOTION INC.
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This report has segmented the Global Automotive Intercooler market on the basis following terms: