Automotive Turbochargers Market Size, Share, Trends & Forecast To 2024 | Key Industry Manufacturer are Cummins, Inc, Mitsubishi Heavy Industries, BorgWarner Inc, Honeywell, Linamar Corporation

Europe held the largest automotive turbochargers market share and is projected to continue its dominance over the study timeframe. High penetration of passenger cars in conjunction with the stringent regulations to keep the automotive emissions in check are expected to be among the prominent factors contribute to the regional growth. Moreover, significant presence of major automotive manufacturers such as Mercedes Benz, BMW, Audi, Volvo, and Volkswagen will drive the industry growth through the forecast period.

Automotive Turbochargers Market is estimated to exhibit over 9.5% CAGR, with USD 24.5 billion by 2024.

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Gasoline segment will witness highest growth and is expected to account for over 32% automotive turbochargers market share by 2024. This is attributed to the high RPM generation and efficient fuel combustion in vehicles. Moreover, owing to high flammability of gasoline over diesel, system design contributes low space footprints. Thus, it contributes to the compact combustion chambers along with smaller engine components providing better fuel efficiency.

Aftermarket distribution channel in automotive turbochargers market is expected to witness growth at around 11% over the forecast timeframe. Aftermarket channels primarily cater to the replacement of damaged or failed engine components and customized consumer requirements. Increasing average fleet age across major economies will fuel the replacement and maintenance requirements.

Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:

1.Banks Power
2. BorgWarner
3. BMTS Technology
4. Cimos D.D.
5. Cummins, Inc.
6. Honeywell International, Inc.
7. IHI Corporation
8. Linamar Corporation
9. Magnum Performance Turbos
10. Mitsubishi Heavy Industries
11. Montupet
12. Precision Turbo & Engine
13. Rotomaster
14. The Turbo Engineers GmbH
15. Turbo Energy Private Limited
16. Turbonetics, Inc.

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Engine horsepower falls 3% with every 1,000 feet above sea level. For instance, in India, road conditions range from sea level to 6,000m resulting in the 18% reduction of power produced by the engine. However, the performance of automotive turbocharger improves at high altitudes owing to the increase in pressure difference in turbines and outer atmospheric pressures, in turn positively influencing the industry growth.

Production and sales of passenger vehicles in Europe and emerging economies in Asia Pacific are increasing owing to domestic and international demands. Some of the major automobile manufacturers in Europe include Volkswagen, Ford, Honda, Opel/Vauxhall, Mazda Motor, Chevrolet, Audi, BMW, Mercedes-Benz, Peugeot, and Renault, have witnessed initiatives for expanding their vehicle production. Considerable increase in vehicle production and sales in conjunction with the requirement for compliance with future government norms will propel the automotive turbochargers market size through the forecast period.

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Honeywell International, Inc., IHI Corporation, Cummins, Borg Warner BMTS, and Mitsubishi Heavy Industries are among the major automotive turbochargers market participants. Other industry participants include Precision Turbo & Engine, Turbonetics, Inc., Rotomaster, The Turbo Engineers GmbH, and Turbo Energy Private Limited.

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