Automotive Turbocharger Market Is Expected To Reach USD 24,223.3 Million By 2023

Market Highlights:
Automotive turbocharger is a turbine, which is driven by the energy of exhaust gas generated by the internal combustion engine. Typically, a turbocharger consists of two parts and they are a turbine and a compressor, which run parallel with the help of a shared shaft. A turbocharger improves the fuel efficiency of the engine by pushing more clean air in the engines to burn fuel and deliver greater power. The factor that are responsible for the growth of automotive turbocharger market are continuous growth in global automotive industry and stringent vehicle emission regulations.

With the global economy undergoing an unprecedented level shift, major emerging countries such as China, India, Thailand, and Indonesia, are becoming manufacturing hubs for global automotive players. The total vehicle sales for the year 2015 was almost 90 million units and is expected to witness further boost and reach more than 100 million units by the year 2023. Another factor responsible for the increase in vehicle sales, is the macroeconomic development and the rise in the global middle class consumers. According to OICA, the sales of new vehicles have been increased from 2013 to 2016. In 2013, the number of vehicle sold were 85.6 million while in 2016 it was 93.8 million.

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Key Players of Automotive Turbocharger Market:
• Honeywell International Inc. (U.S.)
• BorgWarner Inc. (U.S)
• Mitsubishi Heavy Industries, Ltd (Japan)
• IHI Corporation (Japan)
• Continental AG (Germany)
• Cummins, Inc.( U.S.)
• Bosch Mahle (Germany)
• Bullseye Power, LLC (U.S.)
• Precision Turbo and Engine(U.S.)
• Fengcheng Xindongli Turbocharger Co., Ltd.( China)

Market Research Analysis:
Asia-Pacific region is expected to dominate the automotive turbocharger market due to the increase in the production of vehicles in emerging countries such as India and China. The growing vehicle production will indirectly boost the demand for turbocharger. Other factors that are responsible for the growth of Asia-Pacific region are large population base, growing demand for diesel vehicles, upcoming emission norms, and economic shifts. Asia-Pacific accounted for the largest market share of 40.75% in 2016 and is projected to grow at CAGR 9.16% during the forecast period. North America accounted for the second largest region in the automotive turbocharger market due to growing demand for new vehicles.

Scope of the Report:
This study provides an overview of the global automotive turbocharger market, tracking two market segments across four geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, volume and share for North America, Europe, Asia Pacific (APAC) and Rest of the World (ROW). The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the global automotive turbocharger market by its type, application, and by region.

By Type
• Gasoline Engine
• Diesel Engine
• New Energy Engine

By Application
• Passenger Vehicle
• Commercial Vehicle
• Others

By Region
• North America
• Europe
• Asia Pacific
• Rest of the World

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This release was published on openPR.