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.
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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.
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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