The Latest Research Report on “Automotive Turbocharger Market”, Rising product demand from OEMs to offer light weight and fuel-efficient vehicles coupled with stringent regulations regarding CO2 emissions will primarily drive the industry over the forecast timeframe. Industry participants are focusing towards controlling these emissions and offering enhanced driving experience. This has resulted in high production of turbochargers, further escalating the revenue generation. However, rising implementation of electric vehicles will pose a challenge before industry participants. Automotive Turbocharger Market to surpass USD 24 billion by 2024; according to a new research report by Global Market Insights, Inc.
VGT turbochargers will grow rapidly, exhibiting more than 8% CAGR from 2017 to 2024. These turbochargers are responsible for precise controlling of NOx and particulate emissions. Moreover, shifting preference can be credited to the provision of multiple benefits such as increasing the engine efficiency, reduction in lag time, and cost effectiveness than the counterparts. Twin turbo will be valued at around USD 7 billion till 2024 owing to its advantages such as superior acceleration and power.
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Automotive turbocharger market from PCVs are likely to capture highest revenue share, surpassing 60% by the end of 2024. Rising production of these vehicles across the globe, especially in developing countries of Asia Pacific will fuel the industry growth. Rising consumer demand for minimal loss in fuel efficiency and high-power output will further strengthen the product penetration. Rising international and local trading activities across the globe will propel the growth of automotive turbocharger market from HCVs.
Substantial increase in vehicle production has led to increased turbocharger demand owing to these mandatory norms. This has further resulted in higher frequency of replacement of traditional engines with turbocharged engines, impacting the industry positively. Rising trading and industrialization activities, especially in developing countries has opened numerous opportunities for the industry players. Regular technological advancements assist in the incorporation of turbochargers into the engines and enable the small-sized engines to offer higher power relative to their size. These innovations are likely to induce immense potential to the automotive turbocharger market size from 2017 to 2024.
Engine downsizing is a key trend that has significantly impacted the automotive turbocharger market. It enables easy replacement of conventional engines with the engines with turbocharger, without impacting the vehicle’s fuel efficiency and power. Moreover, an engine with turbocharger increases the efficiency by 20%. Electric turbocharger is another innovation, featured with an electric motor and an exhaust gas driven turbine and delivers fast response and high boost pressure. These advancements are likely to offer stable growth prospects for the industry participants.
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Diesel will capture maximum volume share of over 60% by the end of 2024 owing to high production of vehicles with diesel across the globe. These vehicles have low efficiency and are responsible for more CO2 emissions. This has resulted in high demand of turbochargers, accelerating the industry demand. Automotive turbocharger market from gasoline will grow rapidly, witnessing more than 8% CAGR over the next eight years owing to shifting preference towards this fuel. It can be credited to the benefit of enhanced performance at high temperatures.
Browse key industry insights spread across 300 pages with 647 market data tables & 10 figures & charts from the report, “Automotive Turbocharger Market Size By Vehicle (PCV, LCV, HCV), By Technology (VGT/VNT, Wastegate, Twin Turbo), By Fuel (Gasoline, Diesel), By Distribution Channel (OEM, Aftermarket) Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Spain, Russia, Poland, Netherlands, China, Japan, India, South Korea, Australia, Thailand, Brazil, Mexico, Argentina, Saudi Arabia, UAE, South Africa), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024” in detail along with the table of contents:
OEMs accounts for 90% automotive turbocharger market share in 2016. Increasing penetration of the system among the auto manufacturers offering superior efficiency along with offering reduced vehicle weight will boost the business demand. Increasing global vehicle production along with stringent engine emission norms will contribute significantly towards the volume share. Aftermarket segment will experience robust growth during the forecast period. This growth can be credited to increasing product popularity and rising need for replacement to suffice the emission norms. Presence of industry participants focusing on capturing aftermarket share will further fuel the business growth.
Europe driven by Germany, UK, France and Italy holds the major volume share and is estimated to continue its dominance over the study timeframe. This can be attributed to strict emission norms together with presence of major manufacturers. Asia Pacific automotive turbocharger market will pose over 8% CAGR between 2017 and 2024 owing to increasing demand from nations such as Japan, China, South Korea, and India.
Prominent automotive turbocharger market participants are Weifang Fuyuan, Federal-Mogul, Linamar, IHI Corporation, Honeywell, Mitsubishi Heavy Industries, Montupet, Cummins Turbo Technologies, and BorgWarner. Other notable players are Magnum Performance Turbos, Bosch Mahle Turbo Systems, TEL, Turbo Engineering, Banks Power and Precision Turbo and Engine. Industry players mainly focus on developing the new products to gain a competitive edge. For instance, in April 2017, Honeywell launched a variable nozzle turbine (VNT) turbocharger for expansion of its product portfolio.
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