Turbocharger Market 2018 Global Industry Forecast To 2023: Size, Share, Competitive Analysis, Growth Factors, and Regional Outlook

Turbocharger Market to grow at CAGR of 7.87% within forecast period of 2018 to 2023. This Global Turbocharger Market growth is attributed to Growing popularity of adventure sports and concurrent growth, Technological advancements in materials and design, Turbocharger races such as FMB World Tour and the Red Bull Rampage are chief drivers of the market. This 100 pages study reviews Turbocharger Market  by Type (Gasoline Engine, Diesel Engine, and New Energy Engine), By Application (Passenger Vehicle and Commercial Vehicle), and by Region.

Market Scenario:

The market is estimated to generate a revenue of around USD 24,220 million during the forecast period of 2018-2023. In terms of CAGR, the industry is all set to go ahead at the rate of 7.87%. Advancements in technology, alternative fuels, hike in average annual incomes, significant changes in the global economy and introduction of lightweight materials can be listed as some additional aspects that take the market forward.

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Major Players Analyzed In Study Are: Honeywell International Inc. (U.S.), BorgWarner Inc. (U.S), Mitsubishi Heavy Industries, Ltd (Japan), IHI Corporation (Japan), Continental AG (Germany), Cummins, Inc.( U.S.), Bosch Mahle(Germany), Bullseye Power, LLC (U.S.), Precision Turbo and Engine(U.S.) and Fengcheng Xindongli Turbocharger Co., Ltd.( China).

Market Research Analysis:

The global automotive turbochargers market has witnessed many innovations over the last few years. But one innovation has stood out amongst the rest and it is the introduction of direct fuel injection. In this procedure, the fuel is directly introduced in the combustion chamber. The injection of fuel cools the intake charge and that cooling effect reduces the chances of hazardous detonation.

Turbocharger engines are used widely with many advantages that play a vital role in environmental pollution control. Diesel engines are considered, one of the largest contributors to environmental pollution caused by exhaust emissions. Many stringent policies have been imposed worldwide in recent years to reduce negative effects on environment. The amended rules will apply to all vehicles run on petrol, CNG, LPG, electric, diesel and hybrid.

Some of the most long standing and noteworthy players of this industry can be listed as Continental AG, BorgWarner Inc., Mitsubishi Heavy Industries, Precision Turbo and Engine and Bosch Mahle. The major strategies used by these players to stay ahead in the competitive arena are novel product development and strategic expansion. Majority of the brands associated with this industry have realized the upsides of this system and hence want their cars to have this system. Looking at the current hype around automotive turbochargers, it can be very confidently said that the future looks bright for this market.

Regional Analysis:

The demand for turbochargers is largely dependent on vehicle production in developing countries such as India and China. The vehicle production is growing, which in turn would push the demand for turbocharged vehicles. Moreover, factors such as increase in vehicle production, large population base, growing demand for diesel vehicles, upcoming emission norms, and economic shifts are driving the Asia-Pacific turbocharger market. China is one of the major automotive markets in Asia. The automotive industry continues to grow in China due to increased production of passenger and commercial vehicles. The automakers in China are developing new and trade friendly policies that enable them to produce larger number of vehicles.

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