Automotive Turbochargers Market to exhibit over 9% CAGR from 2017 to 2024
Automotive turbocharger market from diesel will acquire highest volume share of more than 60% over the forecast timeframe. The diesel vehicles result in high carbon emissions and possess low fuel efficiency. This has resulted in high product demand, positively impacting the segment’s growth. Gasoline will witness over 8% CAGR till 2024 owing to shifting focus towards the fuel.
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Surging demand for turbochargers from automobile OEMs across the globe to deliver the vehicles with enhanced fuel efficiency and lesser weight will essentially drive the industry growth. This rising demand is credited to the stringent and mandatory regulations associated with curbing the CO2 emissions. The vehicle manufacturers are continuously shifting their focus towards enhanced driving experience and regulating these emissions. This has led to high product sales, positively impacting automotive turbocharger market over the next eight years.
Substantial increase in the vehicle production across the globe has resulted in extensive product demand due to the regulatory norms. Moreover, it has led to higher replacement frequency of conventional engines with the engines equipped with turbochargers, further influencing the revenue generation significantly. Developing countries have witnessed a considerable increase in industrialization and trading activities, opening new growth opportunities for the competitors. Regular innovations in the automotive turbocharger market enable small-sized engines to deliver relatively higher power as compared to their size, offering stable growth prospects to the industry size till 2024.
VGT turbochargers are likely to witness significant growth, exhibiting over 8% CAGR from 2017 to 2024. Provision of benefits such as precise monitoring of particulate & NOx emissions, cost effectiveness as compared to the counterparts, lag time reduction, and enhanced engine efficiency will primarily drive the industry growth. Automotive turbocharger market from twin turbo will account for approximately USD 7 billion by 2024 owing to benefits including high power and acceleration.
PCVs are anticipated to dominate automotive turbocharger market with more than 60% revenue share over the forecast timeframe. Rising production of the vehicle segment across the globe, particularly in emerging economies of Asia Pacific will primarily drive the industry growth. Rising demand from consumers for high power output and minimal loss in fuel efficiency will further support the industry dominance. Increasing domestic and international trading activities in various countries across the globe will fuel the automotive turbocharger market from HCVs.
OEMs dominated the automotive turbocharger market with over 90% share in 2016 and is likely to continue the same over the next eight years. Rising vehicle production across the globe along with mandatory norms regarding engine emissions will further support the industry dominance. Aftermarket will grow rapidly owing to high replacement needs in the engines of ageing vehicles to meet the regulatory norms.
Europe is likely to dominate the global automotive turbocharger market over the forecast timeframe. Substantial revenue generation can be attributed to presence of established industry participants coupled with stringent emission regulations across the region. Asia Pacific will exhibit more than 8% CAGR from 2017 to 2024 owing to rising demand from the countries such as China, South Korea, India, and Japan.
Linamar, Federal-Mogul, Weifang Fuyuan, Mitsubishi Heavy Industries, IHI Corporation, Cummins Turbo Technologies, Borgwarner, and Montupet are among the noticeable participants in the automotive turbocharger market. Bosch Mahle Turbo Systems, Precision Turbo and Engine, Banks Power, Magnum Performance Turbos, and TEL are other prominent players included in the study. New product development is among the major strategies adopted by the competitors to strengthen their foothold. For instance, in April 2017, Honeywell introduced a VNT turbocharger to expand its product line.
Automotive Turbochargers 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
Chapter 4. Automotive Turbocharger Market, By Vehicle
4.1. Global automotive turbocharger market share by vehicle, 2016 & 2024
4.2.1. Market estimates and forecast, 2013-2024
4.2.2. Market estimates and forecast, by region, 2013-2024
4.3.1. Market estimates and forecast, 2013-2024
4.3.2. Market estimates and forecast, by region, 2013-2024
4.4.1. Market estimates and forecast, 2013-2024
4.4.2. Market estimates and forecast, by region, 2013-2024
Chapter 5. Automotive Turbocharger Market, By Technology
5.1. Global automotive turbocharger market share by technology, 2016 & 2024
5.2.1. Market estimates and forecast, 2013-2024
5.2.2. Market estimates and forecast, by region, 2013-2024
5.3.1. Market estimates and forecast, 2013-2024
5.3.2. Market estimates and forecast, by region, 2013-2024
5.4. Twin turbo
5.4.1. Market estimates and forecast, 2013-2024
5.4.2. Market estimates and forecast, by region, 2013-2024
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