Automotive Turbochargers Market size and Key Trends in terms of volume and value 2014-2020
Turbochargers are useful in helping the automotive industryto meet the norms and standards regarding the emission of exhaust gasses such as CO2, nitrous oxide, and particulate materials from the automobile. Augmentation of the engine with a turbocharger helps in addressing the increasing demand for fuel-efficient vehicles from consumers.
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The global turbocharger market is expected to grow approximately twofold from 2014 to 2020. The global market for turbochargers is growing at a CAGR of around 10-12%. The European market commands nearly half of the turbocharger market, followed by Asia and North America. The penetration rate of turbochargers in the North American vehicular fleet is comparatively less thanin other regions. The global market has been witnessing an increase in demand from Asia Pacific, whereas the European market is expected to exhibit sluggish growth due to low automotive demand and stagnant economic conditions.
The global turbocharger market can be segmented on the basis of vehicle types such as light commercial vehicles (LCV), heavy commercial vehicles (HCV) and passenger vehicles (PV). Currently, the PV segment is the largest contributor to the market. In future, the PV segment is expected to continue its dominance in the global market, due to increasing production and demand. The CV segment is expected to register a higher growth rate due their longer service life and higher commercial usage.
The global turbochargers market can also be segmented by technology such asvariable geometry technology (also known as varable nozzle turbine), wastegate technology, and twin turbo. On the basis of the fuel type, the turbocharger market is segmented into diesel and gasoline turbo.
Overall the diesel turbocharger segment is expected to grow at a higher rate compared to gasolineas turbochargers have high adoption rates in diesel engines.
However, with advancements in technology the gasoline turbochargers are estimated to grow at a promising rate in the future.
Major players of the turbochargers market include BorgwarnerInc., Honeywell International Inc., Mitsubishi Heavy Industries Ltd, IHI Corporation, Continental AG, and Cummins Inc. to name a few. These companies are trying to introduce new technology in the market through innovation and new product development. Apart from this, they are taking initiatives to engage themselves in partnerships and alliances in order to expand their business in emerging markets such as India and China.
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The preference of fuel-efficient vehicles, the downsizing initiatives of engines by automakers and the growth of the automotive production in Asian region are major drivers for turbochargers market.
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