Global New Energy Vehicle Turbocharger Market Comprehensive Insight by Growth Rate, Industry Status, Forecast till 2028

The global new energy vehicle turbocharger market is anticipated to grow at a considerable CAGR 5% during the forecast period (2022-2028). The turbocharger also known as "Turbo" is a turbine-driven component of the engine that provides an enhancement in internal combustion by increasing the supply of air in the engine. The major factor attributing to the growth of the global new energy vehicle turbocharger market includes the increasing application of turbochargers in new energy vehicles including hybrid, CNG, and other vehicles due to several advantages offered by turbochargers. The benefits include a significant increase in horsepower, allowing small engines to deliver more power, enhancement in fuel economy, increased efficiency of engines, and many others. Thus, increasing the demand for turbochargers for new energy vehicles.

The application of turbochargers is also increasing in hybrid electric vehicles due to the increasing number of sales of electric cars across the globe. According to the International Energy Agency (IEA), the stock of electric cars was around 7.2 million units and sales of electric cars were around 2.1 million units across the globe in 2019 representing around 2.6% of global car sales and 1.0% of total cars stock in 2019. The IEA also described that sale of electric cars has been increasing at a rate of 40.0% year on year. Thus, contributing to the growth of the global new energy vehicle turbocharger market.
The market players are also contributing significantly to the growth of the market by the adoption of various strategies including mergers and acquisitions, geographical expansion, partnerships, collaborations, and new product launches, to stay competitive in the market. For instances-

• In June 2021, Garrett Motion Inc., an American turbocharger engineering, development, and manufacturing company expanded and upgraded with technological advancements its existing production facility in Wuhan, China. Garrett Motion expanded the production facility in order to meet the increasing customer demand for turbochargers.

• In September 2021, Garrett Motion Inc. launched its first electric turbocharger for passenger electric cars. The new electric turbocharger is suitable for high-performance and luxury passenger cars.

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Market Coverage
• The market number available for - 2021-2028
• Base year- 2021
• Forecast period- 2022-2028

• Segment Covered-
o By Vehicle Type
o By Sales Channel

• Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World

• Competitive Landscape- Honeywell Imternational Inc., BrogWarner Inc., Continental AG, BMTS Technology GmbH & Co. KG, and Cummins Inc., among others.

Key questions addressed by the report
• What is the market growth rate?
• Which segment and region dominate the market in the base year?
• Which segment and region will project the fastest growth in the market?
• How has COVID-19 impacted the market?
o Deviation from the pre-COVID-19 forecast
o Most affected region and segment
• Who is the leader in the market?
• How players are addressing challenges to sustain growth?
• Where is the investment opportunity?

A full report of Global New Energy Vehicle Turbocharger Market is available at:
https://orionmarketreports.com/global-new-energy-vehicle-turbocharger-market/110323/

Global New Energy Vehicle Turbocharger Market Report by Segment

By Vehicle Type
• Natural Gas vehicles
• Hybrid Electric Vehicles
• Fuel Cell Vehicles

By Sales Channel
• OEM
• Aftermarket

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This release was published on openPR.