Market Trends of North America Automotive Intercooler Industry
This section covers the major market trends shaping the North America Automotive Intercooler Market according to our research experts:
Rise in adoption of turbocharger
Enactment of stringent emission norms across the region is prompting vehicle manufacturers to develop advanced exhaust systems in vehicles which is likely to increase the adoption of advanced turbochargers. For instance,
- In April 2022, Garret Motion introduced an external wastegate product line to complement its extensive turbocharger and intercooler portfolio. External Wastegates regulate turbocharger shaft speed by venting exhaust gas around the turbine stage of the turbocharger.
E-Turbo can electrically recuperate spent or otherwise wasted exhaust energy by using a small motor, to generate electricity and recharge the hybrid battery. According to the company, the first application of E-Turbo is likely to emerge in premium, high-performance vehicles from 2021 onward, and future applications may begin to appear in other segments leading up to 2025. This ability to be an onboard provider of electricity opens options for automakers in designing hybrid powertrains.
Major vehicle manufacturers are introducing turbocharged engines in their vehicles to enhance vehicle engine fuel efficiency. For instance,
- In June 2022, Mazda Motor Corporation introduced the new CX-8 SUV. The SUV features the addition of a turbocharged petrol 2.5 T High Plus AWD variant.
United States dominate the Market
United States has major presence of vehicle manufacturer which is likely to witness major growth for automotive intercooler market. After declining 27.9% in 2020, US car sales are expected to grow only 7.5% in 2021, as supply issues resit robust demand. Low production growth in 2021 is mainly due to semiconductor shortage, and the impact of Hurricane Ida on petrochemical companies has caused supply constraints of plastics. While semiconductor shortage is expected to last into 2022, output of vehicles is forecast to grow 12% during the forecast period. The automotive industry is also at the forefront of innovation. New R&D initiatives are transforming the industry to better respond to the opportunities of the 21st century. According to Auto Alliance, of the USD 105 billion spent on R&D globally, almost a fifth (USD 18 billion) is spent in the United States, which is likely to witness major growth for the market.
The electric vehicle demand creates newer opportunities for OEMs, aftermarket parts and component manufacturers, tire manufacturers, and players across the industry supply chain. As a result, IC engine vehicle parts and components services centers expand into electric vehicles as electric vehicles become more accessible.
- In April 2022, Tesla, Inc. proposed a 100,000-square-foot facility in St. Pete, Florida. The new Tesla center will handle sales, service, and deliveries in the area. The new Tesla facility will be located on a 4.21-acre site with an existing 100,000-square-foot building formerly known as a Kanes Furniture liquidation center.
