Global Automotive Turbochargers Market: Snapshot
The global automotive turbochargers market is poised for healthy growth in the upcoming years. At present, governmental agencies in several parts of the world have laid emission standards that have necessitated vehicle manufacturers to downsize engine and equip vehicles with new technologies. This is boosting the uptake of turbochargers for vehicles.
Advantages of fuel efficiency is paving way for turbocharges to be used in gasoline powered vehicles. With the increasing demand for powerful and fuel-efficient gasoline-powered vehicles, the demand for turbocharges is likely to be on the rise in the future.
On the contrary, rising popularity of electric vehicles due to low emissions is providing headwinds to the growth of automotive turbochargers market. Considering a number of favorable factors, the global automotive turbochargers market is predicted to expand at a CAGR of 9.9% vis-à-vis between 2017 and 2024.
Passenger Vehicles Segment to Remain at Fore through 2024
The automotive turbochargers market is segmented in terms of vehicle type, technology, fuel type, end user, and region. Depending upon vehicle type, light commercial vehicles (LCVs), heavy commercial vehicles (HCVs), passenger vehicles, sports cars, and off highway vehicles are the segments into which the automotive turbochargers market is divided. Passenger vehicles segment is predicted to maintain its dominance through 2024. Rising demand for turbocharged gasoline powered passenger vehicles in emerging economies is fuelling the automotive turbochargers market.
However, LCVs segment is predicted to clock the leading growth rate through 2024. This is because a light commercial vehicle equipped with a turbocharger display an additional amount of torque to tow heavy loads.
Depending upon technology, twin turbo, variable geometry turbo (VGT), and wastegate technology are the segments of automotive turbochargers market. Of them, variable geometry turbo is highly attractive due to advantages of VGT in eliminating turbo lag sans two-sized turbochargers. Vis-à-vis volume, VGT segment is predicted to reach 15.0 million units by 2024.
However, the twin turbo segment is expected to register a significant growth rate over the forecast period. This is mainly because twin turbo enables much wider and flatter torque at low as well as high rotation per minute (rpm), thereby eliminating the turbo lag considerably.
In terms of fuel type, gasoline and diesel are the segments that divide the automotive turbochargers market. Of the two, diesel segment currently dominates the automotive turbochargers market; the segment is predicted to remain at the fore in the years ahead too. Gasoline, on the other hand, is the highly attractive fuel segment of the automotive turbochargers market. The growth of this segment is attributed to rising demand for gasoline turbocharged vehicles from emerging economies such as India, China, and Brazil.
Increasing Demand for Turbocharged Vehicles Make OEMs Attractive
In terms of end-user, OEMs and aftermarket are the segments of the automotive turbochargers market. OEMs held supremacy in the automotive turbochargers market in the recent past; the segment is anticipated to remain lucrative contributing a revenue of US$19.17 bn by 2024. The growth of OEMs segment is mainly because OEMs are increasingly manufacturing vehicles with turbocharged engines due to attributes of better power delivery ratio and less fuel consumption.
Region-wise, North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa are the segments into which the automotive turbochargers market is divided. Out of these, Asia Pacific is predicted to display rapid growth due to booming automotive industry. Increasing vehicular emission control norms are also boosting the Asia Pacific automotive turbochargers market.
Key companies in the global automotive turbochargers market include BorgWarner Inc., Honeywell International Inc., Eaton Corporation plc, Bosch Mahle Turbo Systems GmbH & Co., Turbo Energy Pvt Ltd., Mitsubishi Heavy Industries Ltd., Continental AG, Cummins Inc., and IHI Corporation.
Global Automotive Turbochargers Market: Overview
The research report on the global automotive turbochargers market for the forecast period 2017-2024 aspires to serve as a business decision making tool for its many offerings. The report delves into each and every aspect that could influence growth of the automotive turbochargers market for the aforementioned forecast period. The analysis provides a know-how of crucial indicators to ascertain the growth of automotive turbochargers market over the 2017-2024 forecast period. This includes demand drivers, challenges, and opportunities that are veritable to determine the growth trajectory of this market.
Going ahead, the report discusses market segments under each category and their growth behavior through the forecast period. This includes market share and revenue projections for key segments for the 2017-2024 forecast period. The growth analysis of key segments presented in the report can be leveraged by market stakeholders to make the best bet.
What does the report offer?
The introductory part of the report outlines terms and terminologies that are relevant for the automotive industry. The taxonomy of the automotive turbochargers market covers a lucid market segmentation based on vehicle type, technology, fuel type, end user, and region. Key factors influencing each segment in each geography have been examined at length in the report. Employing a meticulous research approach, the report presents qualitative as well as quantitative insights about the industry. Furthermore, revenue estimations presented in US$ Mn is crucial to understand market attractiveness between 2017 and 2024.
Global Automotive Turbochargers Market: Research Methodology
The report is prepared employing standard analytical tools and considering proven assumptions. Firstly, yearly change in inflation of economic indicators has not been factored while estimating the market numbers. Bottom-up approach has been used to assess market numbers for each category. Top-down approach has been used to revalidate the estimations. Demographic indicators such as cars per household and economic indicators such as household expenditure for cars, etc. have been considered at arrive at the indicated market numbers.
Most manufacturers are opting engine downsizing keeping new emission and fuel efficiency norms in mind. This factor has been duly considered while forecasting the market numbers for global automotive turbochargers market. Other factors such as global automotive production, government support and funding, and other production factors have been taken into consideration while arriving at the indicated market numbers.
The report is prepared after an elaborate primary and secondary research phase. In-depth primary research phase comprised reaching out to industry experts and opinion leaders and interacting with them via various channels.
Analysts employed multi-dimensional approach to assess the embryonic growth of key regional markets for automotive turbochargers. This helps to comprehend significant trends likely to come to the fore in the automotive turbochargers market over the 2017-2024 forecast timeframe.
Global Automotive Turbochargers Market: Competitive Dashboard
The report provides a competitive outlook of the automotive turbochargers market. Key companies operating in this market have been identified and are profiled for their distinguishing business attributes. Employing industry-best analytical tools SWOT analysis of each player is provided along with insights on their winning strategies.