Press release
Automotive Turbochargers Market: Industry Outlook, Growth Prospects and Key Opportunities
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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Turbocharger Demand in Europe to Mature
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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VGT Leads Global Automotive Turbochargers Market in Demand
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.
The top players associated with the global automotive turbochargers market today, include BorgWarner Inc. (U.S.), Mitsubishi Heavy Industries Ltd (Japan), Honeywell International Inc. (U.S.), Continental AG (Germany), IHI Corporation (Japan), Eaton Corporation PLC (Ireland), Cummins, Inc. (U.S.), Rotomaster, Inc. (Spain), Bosch Mahle Turbo Systems (Germany), and Turbo Energy PVT LTD (India).
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