Automotive Turbocharger Market:
Growth opportunities in the Automotive Turbocharger Market look promising over the next six years. This is mainly due to the favorable government policies and rising trend of downsizing the engine due to the growing concern related to the vehicle’s weight.
Automotive Turbocharger Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
Several major drivers stimulating the growth of the global automotive turbocharger market include the better fuel effectiveness and engine performance, strategic government initiatives, and engine downsizing to reduce the weight of the automobiles. The functioning of a vehicle m relies on an engine, which allows producers to commence effective engines that can serve the requirements and provides better fuel efficiency and engine performance. Also, government across several nations is undertaking initiatives to mitigate emissions and decrease the reliability on non-renewable energy resources, which the implementation of turbochargers can reduce. Moreover, their application contracts the displacement volume of the cylinder, which further curbs the demand for fuel for the same output and hence, shrinks the exhaust emissions of the vehicle. The increasing preference of scaling down of engines led by the surging apprehension related to the weight of the vehicle. Furthermore, lightweight alloys used in turbocharger production to mitigate the consumption of fuel make them compact, which in turn reduces the size of the engine and overall vehicle. These factors together will strengthen the market growth.
However, the widespread outbreak of the coronavirus pandemic influenced the overall automotive sector resulted in the cessation of manufacturing and assembling of plants and the disturbance in exports of the automotive components. In accordance with the China Association of Automobile Manufacturers, there was a 33% decline in the production of a passenger car in the first quarter of 2020. These factors have hampered market growth.
Regional Drivers
Based on the regional coverage, Asia Pacific is expected to expand at a higher CAGR during the forecast period. This is primarily because of the mounting levels of automotive production in countries including China, India, and Southeast Asian countries. For example, according to the China Association of Automobile Manufacturers, the production of automobiles, including both passenger vehicles and commercial vehicles, was nearly 25 million in 2019. Moreover, the broad population base, economical switch and upcoming emission rules, rising demand for automobiles, excessive demand for cars equipped with compact engine size, and a proliferating need for diesel vehicles are promoting the market demand.
Automotive Turbocharger Market’s leading Manufacturers:
- Magnum Performance Turbos
- IHI Corporation
- BorgWarner Inc.
- Honeywell International Inc.
- TURBO ENERGY PRIVATE LIMITED
- Cummins Inc.
- BMTS TECHNOLOGY
- MITSUBISHI HEAVY INDUSTRIES
- Continental AG
- ABB
Automotive Turbocharger Market Segmentation:
Segmentation by Vehicle Type
- Passenger Vehicles
- Light Commercial Vehicles
- Heavy Commercial Vehicles
Segmentation by Fuel Type
- Gasoline
- Diesel
- Others
Segmentation by Technology
- Variable Geometry Turbocharger (VGT/VNT)
- Wastegate Turbocharger
- Electric Turbocharger
- Twin Turbocharger
- Others
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
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