Automotive Turbochargers Market Predicted to Rake in US$20.35 bn by 2024

A predominantly consolidated global automotive turbochargers market was present in 2015, where the five leading players took up over 66% of the market’s value. BorgWarner Inc., Honeywell International Inc., Mitsubishi Heavy Industries Ltd., IHI Corporation, and Cummins, Inc. have been well-known names within the global automotive turbochargers market and are likely to remain as that for the coming years.

However, according to a research report released by Transparency Market Research, the global automotive turbochargers market will witness the stiffening of several challenges and maturation of top regions which will lead to the moderation of shares held by the top players, allowing a greater scope of entry for newer names. Players such as Continental AG, Bosch Mahle Turbo Systems, Eaton Corporation PLC, and Turbo Energy Pvt. Ltd. are likely to show a steady gain in value over the coming years. 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.

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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.

Other factors driving the global automotive turbochargers market at the moment include the growing penetration of turbochargers in gasoline vehicles. Although they are primarily intended to be used in diesel engines, manufacturers have already begun developing turbochargers aimed at gasoline vehicles. The growing use of turbochargers in gasoline vehicles could possibly elevate their demand by a staggering amount from the Asia Pacific region, which holds a greater volume of gasoline vehicles.

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Demand for Electric Vehicles Escalates, Hampers Turbocharger Sales

Electric vehicles are growing stronger in terms of speed, efficiency, and overall utility. They have already begun being comparable to high end gasoline and diesel vehicles and are steadily gaining popularity across the world for being zero-emission vehicles. These factors are directly driving the sales of electric vehicles, and are hindering the sales of conventional ones. As a result, the demand for turbochargers is also taking a hit. As a greater percentage of vehicle users resort to the constantly evolving electric vehicles to stick to the ever-strengthening emission norms, manufacturers of turbochargers are expected to receive a cutback in overall production numbers.

Other factors hindering the global automotive turbochargers market include the increasing cost of non-renewable fuel which is pressurizing several consumers to change to electric vehicles, bicycles, and public transport. At the same time, manufacturers of turbochargers have consistently faced a negative impact from turbo lag. The greater time taken to build up exhaust pressure required to turn the turbine is becoming more of an issue in comparison to other, more evolved emission-reducing technologies.

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“A great field of opportunity that manufacturers of turbochargers can look into is the development of electric turbochargers. These can help reduce turbo lag to a negligible level, while also allowing the negation of the kicking effect at lower RPMs. The evolution of electric turbochargers is a highly positive opportunity for all manufacturers and should be researched,” adds the analyst.

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This release was published on openPR.