New Jersey, NJ, Aug. 28, 2019 (GLOBE NEWSWIRE) -- The key contributing factors for the growth of automotive turbocharger market are demand for automotive turbochargers, government stringency in emission & fuel efficiency regulations, growing demand for commercial vehicles and improved engine performance and fuel efficiency. The global automotive turbocharger market is expected to grow from USD 17.14 billion in 2018 to USD 32.43 billion by 2026 at a CAGR of 9.48% during the forecast period 2019-2026, according to the new report published by Fior Markets.
Turbocharger is a centrifugal blower that supplies high pressured air to enhance the internal combustion (IC) engines power. A turbocharger utilizes energy of exhaust gases from the engines via a turbine. This helps in the induction of a volume of air into combustion chamber. Turbochargers are most important automotive part in the vehicle that helps to reduce the emission of the vehicle as well as increase the efficiency of the engines. These advantages of turbochargers in automotives will boost the market growth.
Demand for automotive turbochargers, government stringency in emission & fuel efficiency regulations, and improved engine performance and fuel efficiency are the key driving factors for the automotive turbocharger market. In addition, growing demand for commercial vehicles will lead the growth of automotive turbocharger market in a couple of years. The decreasing demand for diesel passenger car and growing sale of electric vehicles may limit the growth of the market. However, increasing demand for fuel efficient and gasoline engines and future demand for electric turbochargers is expected to boost the automotive turbocharger market over the forecast period.
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Key players operating in the global automotive turbocharger market are Honeywell International Inc., MAHLE GmbH, Delphi Technologies, IHI Corporation, Robert Bosch GmbH, Cummins Inc., Eaton Corporation, Mitsubishi Heavy Industries Ltd., BorgWarner, Cardone Industries, Precision Turbo & Engine, and Continental AG. among others. Key players active in the market are involved in collaborative agreements and expansion to bolster the growth of the market.
Cast Iron segment registered the highest market share of 52.48% in 2018 and is anticipated to dominate the market in the forecast period
Material segment includes cast iron, aluminum, and stainless steel. The cast iron segment registered the highest market share of 52.48% in 2018 and is anticipated to dominate the market in the forecast period owing to increasing demand of lightweight turbochargers and its advantages such as higher resistance to heat and capacity to withstand high levels of pressure.
Variable geometry turbocharger (VGT)/variable nozzle turbocharger (VNT) segment is anticipated to hold the highest market size of around USD 12.81 billion in 2025
Technology segment covers variable geometry turbocharger (VGT)/variable nozzle turbocharger (VNT), watergate turbocharger, and electric turbocharger. The variable geometry turbocharger (VGT)/variable nozzle turbocharger (VNT) segment is anticipated to hold the highest market size of around USD 12.81 billion in 2025 due to the high efficiency provided by it. Also, it helps to reduce turbo lag over other types of turbocharger to accomplish better torque and power generation with less emission.
Gasoline segment registered the highest market size of around USD 9.12 billion in 2018
Fuel segment is categorized into gasoline and diesel. The gasoline segment registered the highest market size of around USD 9.12 billion in 2018 owing to high penetration of turbocharged diesel vehicles. In addition, the upcoming emission rules in countries such as China and India to adopt the gasoline turbocharged vehicles has boosted gasoline segment growth.
Agriculture tractors segment is expected to hold the largest share of 41.16% during the forecast period
Application segment is segmented into agriculture tractors, construction equipment, and locomotive. The agriculture tractors segment is expected to hold the largest share of 41.16% during the forecast period. The turbochargers in agricultural tractors enables the machinery manufacturers to accommodate greater power without increasing the size of the engine. Furthermore, the constant increasing consumption worldwide is promoting the increase in agricultural production which is further enhancing the use of agricultural tractors.
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Passenger car segment is anticipated to hold the highest market size of around USD 11.76 billion in 2025
Vehicle type segment is divided into passenger car, light commercial vehicle (LCV), truck, and bus. The passenger car segment will dominated the global automotive turbocharger market with USD 11.76 Billion in 2025. The increasing consumer preference towards fuel-efficient vehicles and increasing spending on vehicles in emerging economies of India, Brazil, Indonesia, and Mexico will increase the market share of the passenger car segment in forecast years.
Regional Segment Analysis of the Automotive Turbocharger Market
The market is analysed on the basis of five regions namely North America, Europe, Asia Pacific, South America, and Middle East and Africa. Asia Pacific region held the largest market share of approximately 41.31% in 2018 where as the North America region held the second dominant position in the global automotive turbocharger market. Asia Pacific is fastest growing region due to the increasing usage of passenger cars, increase in turbocharger installation rates in new vehicles, development of gasoline turbocharged engines, and stringent fuel economy and emission standards. Increased stringency in the emission rules will lead to increased integration of the downsizing engine for all new vehicles by the OEMs, demand for light weight vehicles, and engine downsizing in new vehicles to meet the CAFÉ standards has led to the growth of automotive turbocharger market in North America region.
About the report:
The global Automotive Turbocharger Market is analysed on the basis of value (USD Billion), volume (Thousand Units), consumption (Thousand Units), imports (Thousand Units) and exports (Thousand Units).All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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