Global Automotive Turbochargers Market: Snapshot
The extremely high demand for lighter vehicles can be felt across the world. Lighter vehicles not only add to the speed at which a vehicle can be driven, but are also highly economical in nature, due to the lower use of metals and a better ration between fuel consumption to distance travelled. Additionally, the global automotive turbochargers market is being driven by the growing use of turbochargers in gasoline engines and the increasingly stringent CAFÉ standards and emission norms. The global automotive turbochargers market is, however, currently hindered by the growing competitive from electric vehicles as well as design difficulties such as turbo lag.
The global automotive turbochargers market is expected to expand at a CAGR of 10.1% within a forecast period from 2016 to 2024, in terms of revenue. This revenue is expected to reach US$20.35 bn by the end of 2024, after ending at US$8.56 bn in 2015.
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Turbocharger Demand in Europe to Mature
From a geographical standpoint, the global automotive turbochargers market is currently being led by Europe. This region holds developed countries that follow highly stringent emission norms and quite a large market for diesel vehicles. In 2015, Europe took up 38.2% of the global automotive turbochargers market in terms of value. Owing to several challenges faced in the implementation of turbochargers in this region, its demand for them is expected to fall over the coming years. The European demand for turbochargers has already matured and the automotive market is showing a very strong pull towards electric and hybrid vehicles.
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Meanwhile, Asia Pacific, which was second in terms of demand within the global automotive turbochargers market for 2015, is expected to show a phenomenal rise in its demand over the coming years. The emission norms, while not as stringent as Europe, are tightening for a lot of countries within the Asia Pacific region, and automotive manufacturers are looking towards turbochargers to help solve the issue of increasing fuel efficiency and lowering emissions.
VGT Leads Global Automotive Turbochargers Market in Demand
The three core technologies used to manufacture automotive turbochargers are wastegates, variable geometric technology, and twin turbo. Each technology has been introduced into the global automotive turbochargers market at different times and come with their own set of advantages and disadvantages. Of the three key technologies, the global automotive turbochargers market has so far been dominated by variable technology turbochargers. VGT, also known as variable turbine turbochargers, are equipped with minute vanes that are highly flexible. They help direct the air flow of the exhaust along a turbine at different angles. One of the key advantages of VGT is that is providers a highly wide and flat torque curve and therefore becomes a highly preferred form of turbocharger within an RPM range that applies to a lot of diesel vehicles. Variable geometry turbocharger technology is expected to expand at a CAGR of 9.4% between 2016 and 2024, in terms of value.
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The top players associated with the global automotive turbochargers market today, include BorgWarner Inc. (U.S.), Mitsubishi Heavy Industries Ltd (Japan), Honeywell International Inc. (U.S.), Continental AG (Germany), IHI Corporation (Japan), Eaton Corporation PLC (Ireland), Cummins, Inc. (U.S.), Rotomaster, Inc. (Spain), Bosch Mahle Turbo Systems (Germany), and Turbo Energy PVT LTD (India).
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