Off-Highway Charge Air Cooler Market Forecast and CAGR
According to research the off-highway charge air cooler market is anticipated to exhibit impressive growth between 6% and 8% during the tenure of 2021 to 2031. Increased demand for components and parts to manage the intake air temperature in conventional vehicles has stemmed from the automobile industry’s considerable strides toward more strict pollution laws and fuel consumption.
During the forecast period, this aspect is predicted to greatly boost demand for off-highway charge air coolers.
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What is Driving Demand for Off-Highway Charge Air Cooler?
Charge air coolers serve as a link between the turbocharger and the engine. They sit in front of the truck radiator and cool the hot, pressurized air coming from the turbo before it reaches the engine. This improves the efficiency and power of the engine.
Engine development has always been a result of continual study for lower fuel consumption and lower exhaust pollutants. The trend of engine downsizing combined with high-performance has resulted in an ever-increasing specific component load.
The need for thermal control has evolved as high-volume engines have been replaced by compact, turbocharged engines. As a result of their growing importance in the development of high-performance engines, demand for off-highway charge air coolers has risen as well.
During the forecast period, a rise in demand for fuel-efficient automobiles, combined with a greater focus on emissions in order to reduce carbon emissions, is expected to enhance demand for off-highway charge air coolers. The primary goal of an charge air cooler is to improve engine combustion efficiency. As a result, the off-highway charge air cooler is a desirable product on the market.
The global off-highway charge air cooler market for off-highway vehicles is expected to be driven by rising vehicle demand and ongoing investments by automakers in research and development of cost-effective, environmentally friendly, and low hazardous products with a long life cycle.
Turbochargers are becoming more common in off-highway vehicles which will drive the market for off-highway charge air coolers. Turbochargers assist in the reduction of vehicle emissions.
Using a turbocharger reduces the cylinder’s displacement volume, lowering the amount of fuel required for the same output and lowering the vehicle’s exhaust emissions. It also improves fuel economy. The drive to use turbocharger technology has intensified as a result of these factors hence improving the market.
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US and Canada Demand Outlook of Off-Highway Charge Air Cooler
The North American market for off-highway charge air coolers is expected to develop at the fastest rate. Some of the major companies in the North American off-highway charge air cooler industry include Modine and Dana
Construction and agriculture off-highway vehicles dominate the region. To provide effective heat dissipation and engine cooling, these vehicle categories require a larger consumption of thermal components. As a result, the major companies are collaborating with thermal component makers to create better components.
Europe Off-Highway Charge Air Cooler Sales Outlook
Europe have a faster rate of technology adoption than other regions because vehicle makers in these regions place a greater emphasis on component research and development. Off-highway vehicle penetration is significant in various countries in the area, including Germany and the United Kingdom.
In Europe, strict emission standards for the automotive sector, green transportation projects from governments in these regions, and strong demand for fuel efficient automobiles are expected to increase the market for charge air coolers in these regions.
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Who are the Key Manufacturers and Suppliers of Off-Highway Charge Air Cooler?
Some of the leading manufacturers and suppliers include
- Dana Inc.
- Mahle GmbH
- Modine Manufacturing Company
- Banco Products Ltd.
- Marelli Holdings Co. Ltd.
- BorgWarner Inc.
- Denso Corporation
- AKG Group
- Veritas AG
- T.Rad Co. Ltd.
- Radicon Co. Ltd.
- Sanden International (USA) Inc.
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