Press release
Global Automotive Turbochargers Market to clock 9.9% CAGR by 2024
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.
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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.
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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.
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