Knowledge Sourcing Intelligence announces the publication of a new report on “Global Automotive Intercooler Market - Forecasts from2020 to 2025" to their offering.
Intercooler is a mechanical device which cools the vehicle fluids. In an automobile, intercooler is used as air-to-air and air-to-water for supercharged and turbocharged internal combustion engines. Automotive intercoolers are installed in vehicles to improve the efficiency of the induction system by cooling down the heat created by turbocharger or supercharger.
According to the report, the Global Automotive Intercooler Market is projected to increase at a CAGR of 8.77% in the coming years.
Stringent vehicle emission regulations and standards
Rising purchasing power and living standards coupled with increasing urbanization is significantly driving the demand for vehicles, especially passenger cars, which, in turn, is bolstering the market growth of automotive intercooler. Another major driver of the global automotive intercooler market is the stringent vehicle emission regulations being implemented across various regions or countries. Intercoolers in automobiles allow the reduction in the air temperature which increases the engine’s output as well as performance. Furthermore, intercoolers help meet the strict fuel economy standards by supplying the engine with adequate oxygen so as to maintain air-to-fuel ratio, thus ensuring proper and efficient combustion.
However, declining production of automobiles from the past few years is currently restraining the market growth of the global automotive intercooler. One of the major reasons for this decline in the production volume is the rapid adoption of electric vehicles in countries like China, Japan, the United States, and the European region. Since EVs eliminated the need for intercooler, the growing shift towards EVs as a move towards environmental sustainability is hampering the global automotive intercooler market growth. Moreover, the recent COVID-19 global pandemic outbreak has further inhibited the growth of the global automotive industry along with other industries on account of temporary halt in production caused by shut down of production facilities and global supply chain disruption.
The global automotive intercooler market has been segmented by intercooler type as air-to-air and air-to-liquid. By vehicle type, the global automotive intercooler market has been segmented into passenger vehicle, light commercial vehicle, and heavy commercial vehicle. The global automotive intercooler market has further been classified by engine type as supercharged and turbocharged.
By geography, the global automotive intercooler market has been segmented as North America, South America, Europe, Middle East and Africa, and Asia Pacific. Asia Pacific (APAC) regional market for automotive intercooler accounted for the significant share in 2019 and will remain at its position till the end of the forecast period. The growth of this regional market is primarily attributed to the fact that the region is an automobile manufacturing hub with countries like China, India, and Japan producing a significant volume of the global output. The low production cost and the availability of cheap yet skilled labor in this region has attracted global auto manufacturers to set up their production facilities here. The European automotive intercooler market also holds a substantial market share owing to the well-established automotive industry in countries like Germany, the United Kingdom, and France. Stringent vehicle emission standards and regulations also supports the market growth of automotive intercooler across this region. Supportive government policies and initiatives to boost the domestic automotive production in countries like the United States and Mexico will continue to fuel the market growth of automotive intercooler in the North American region during the forecast 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.
View a sample of the report or purchase the complete study at https://www.knowledge-sourcing.com/report/global-automotive-intercooler-market
This report has segmented the global automotive intercoolermarketon the basis following terms: