Automotive Turbocharger Market Expected to Surpass US$ 34 Bn, Globally, by 2026: Transparency Market Research
Transparency Market Research has published a new report titled, “Automotive Turbocharger Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026”. According to the report, the global automotive turbocharger market is anticipated to surpass US$ 34 Bn by 2026, expanding at a CAGR of more than 5% during the forecast period.
The market is expanding at a significant rate, as a turbocharged engine of a vehicle offers several advantages over a conventional engine, such as lower emission of exhaust gases owing to better combustion of the air-fuel mixture in the combustion chamber, higher power, and enhanced fuel economy. Stringent emission norms are a major factor driving the automotive turbocharger market, as it helps vehicle manufacturers to comply with emission norms. Countries such as China are levying low excise duty on small engines, thus boosting the adoption of turbochargers, as automakers can deliver high power with a small engine.
Rise in consumer demand for performance and improved fuel economy is expected to drive the automotive turbocharger market. Adoption of turbocharger enables a smaller engine to deliver greater output, thus helping in downsizing the engine and saving fuel. Increase in consumer awareness regarding emissions is also a major driver for the automotive turbocharger market. The turbocharger helps proper combustion, thus producing lower levels of particulate matter in diesel engines. Increasingly stringent norms by governments, particularly for NOx, is expected to boost the automotive turbocharger market. The automotive turbocharger market is expected to expand at a significant pace during the forecast period, as turbocharger is an effective green technology that improves fuel economy cost-effectively.
The automotive turbocharger market in Europe is mature due to the presence of a high number of diesel vehicles in the region. However, the diesel engine segment of the market is expected to contract during the forecast period due to higher emission levels of diesel engines, discouraging their sale. The gasoline segment is expected to expand at a considerable pace during the forecast period.
In terms of operation, the e-turbocharger segment is expected to expand at a high growth rate during the forecast period. Turbo lag is eliminated in e-turbochargers, as they are driven by an electric motor. Moreover, they generate electricity, which assists the alternator, thus further helping the engine to achieve better fuel economy.
Rise in sale of luxury and high speed vehicles is expected to boost the demand for twin turbo type turbocharger. The VGT/VNT (Variable geometry or nozzle turbocharger) segment is expected to hold a significant share of the market due to its low boost threshold and efficiency at higher speeds. VGT/VNT turbochargers have been utilized primarily in diesel engines due to their ability to operate in low temperatures. However, development in material technology has enabled their adoption in gasoline engines and hence, the gasoline segment of the market is expected to expand at a steady pace during the forecast period.
Key players operating in the global automotive turbocharger market include Honeywell International Inc., IHI Corporation, MAHLE GmbH, Robert Bosch GmbH, BorgWarner Inc., Delphi Technologies, Cummins Inc., Eaton, Continental AG, Mitsubishi Heavy Industries Ltd., and Cardone Industries. Honeywell is a leading manufacturer of automotive turbochargers and has been significantly expanding its footprint across the globe in order to consolidate its significant position in the global automotive turbocharger market.
The global automotive turbocharger market has been segmented as follows:
Global Automotive Turbocharger Market, by Engine
- Gasoline Engine
- Diesel Engine
Global Automotive Turbocharger Market, by Operation
- Conventional Turbocharger
Global Automotive Turbocharger Market, by Technology
- Twin Turbo
- VGT/ VNT
Global Automotive Turbocharger Market, by Vehicle
- Utility Vehicle
- Light Commercial Vehicle
- Heavy Commercial Vehicle
- Off-road Vehicle
Global Automotive Turbocharger Market, by Sales Channel
- OEM (Original Equipment Manufacturer)
Global Automotive Turbocharger Market, by Region/Country/Sub-region
- North America
- Latin America
- Rest of Latin America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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