Growth Opportunities in the Global Automotive Turbochargers Market

The global automotive turbochargers market is expected to expand at a CAGR of 10.1% within a forecast period from 2016 to 2024, in terms of revenue. This revenue is expected to reach US$20.35 bn by the end of 2024, after ending at US$8.56 bn in 2015.

Intense Demand for Lighter Vehicles Pushes Sales of Turbochargers

“Making vehicles lighter has always been a highly popular trend in the global automotive turbochargers market. Lighter cars, for instance, hold the advantages of reduced volume of metal, lesser maintenance, better fuel efficiency, and faster speeds.

The automotive industry has lately been chasing fuel efficiency targets owing to the growing number of emission restrictions being imposed across the world. Europe, the leading region in the global automotive turbochargers market for 2015, has been especially strict when it comes to controlling fuel consumption and vehicular emissions.

This is a definite driver for the global automotive turbochargers market, which has so far been a very efficient method to reduce weight of a vehicle as well as emissions,” states a TMR analyst.

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From a geographical standpoint, the global automotive turbochargers market is currently being led by Europe. This region holds developed countries that follow highly stringent emission norms and quite a large market for diesel vehicles. In 2015, Europe took up 38.2% of the global automotive turbochargers market in terms of value.

Owing to several challenges faced in the implementation of turbochargers in this region, its demand for them is expected to fall over the coming years. The European demand for turbochargers has already matured and the automotive market is showing a very strong pull towards electric and hybrid vehicles.

Meanwhile, Asia Pacific, which was second in terms of demand within the global automotive turbochargers market for 2015, is expected to show a phenomenal rise in its demand over the coming years. The emission norms, while not as stringent as Europe, are tightening for a lot of countries within the Asia Pacific region, and automotive manufacturers are looking towards turbochargers to help solve the issue of increasing fuel efficiency and lowering emissions.

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The three core technologies used to manufacture automotive turbochargers are wastegates, variable geometric technology, and twin turbo. Each technology has been introduced into the global automotive turbochargers market at different times and come with their own set of advantages and disadvantages.

Of the three key technologies, the global automotive turbochargers market has so far been dominated by variable technology turbochargers. VGT, also known as variable turbine turbochargers, are equipped with minute vanes that are highly flexible. They help direct the air flow of the exhaust along a turbine at different angles.

One of the key advantages of VGT is that is providers a highly wide and flat torque curve and therefore becomes a highly preferred form of turbocharger within an RPM range that applies to a lot of diesel vehicles. Variable geometry turbocharger technology is expected to expand at a CAGR of 9.4% between 2016 and 2024, in terms of value.

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This release was published on openPR.