“Global Automotive Turbochargers Market Outlook 2024: Global Opportunity and Demand Analysis, Market Forecast, 2018-2024” presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to categories such as market segments, geographies, type of product and deal landscapes.
Top Leading Companies: Honeywell International Inc., BorgWarner Inc., Cummins Inc., IHI Corporation, Mitsubishi Heavy Industries Ltd, Continental AG, Bosch Mahle Turbo Systems, Rotomaster Inc, Turbo Energy PVT LTD, Eaton Corporation PLC.
This report provides a detailed analysis of the Automotive Turbochargers market with description of market sizing and growth, segmentation of market by products and services and major markets, top market players etc. The report recapitulates the factors that will be responsible for the growth in the market in the forecasted period.
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Global Automotive Turbochargers market can be categorized on following basis
By Technology Type
o Variable Geometry Turbochargers
o Twin Turbo
o Wastegate Technology
By Vehicles Type
o Light Commercial Vehicles (LCV)
o Heavy Commercial vehicles (HCV)
o Passenger Cars
By Fuel Type
o Manufacturers (OEMs)
Essential points covered in Global Automotive Turbochargers Market 2018 Research are:-
- What will the market size and the growth rate be in 2024?
- What are the key factors driving the Global Automotive Turbochargers market?
- What are the key market trends impacting the growth of the Global Automotive Turbochargers market?
- What are the challenges to market growth?
- Who are the key vendors in the Global Automotive Turbochargers market?
- What are the market opportunities and threats faced by the vendors in the Global Automotive Turbochargers market?
- What are the key outcomes of the five forces analysis of the Global Automotive Turbochargers market?
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This independent 220 pages report guarantees you will remain better informed than your competition. With over 200 tables and figures examining the Automotive Turbochargers market, the report gives you a visual, one-stop breakdown of the leading products, submarkets and market leader’s market revenue forecasts as well as analysis to 2024.
Turbocharger is a gas compressing system use to enhance the performance of engines by allowing more air at higher temperature into the engines. Turbochargers are more helpful in reducing particles in diesel engine emission and controlled (Nitrogen Oxide) NOx emissions. Additionally, turbochargers can increase fuel economy and when coupled with high pressure fuel injection makes combustion more efficient and cleaner. Automotive industry is facing challenge from rising global pressure to reduce carbon footprints and stringent fuel norms by the government. Integration of turbochargers with engines helps in addressing the growing demand for fuel efficient vehicles from consumers. Rising sales of automotives in emerging countries such as India, China and Mexico is the major factor which is driving the growth of automotive and automotive spare parts market. Asia-Pacific region is the fastest growing and largest market of automobiles in 2014; more than 7 million commercial vehicles registered in Asia-Pacific region out of which more than 3.5 million commercial vehicles were registered in China. China is the largest market for automobile industry and automobile spare parts across the globe. According to our research, it is estimated that China is going to witness vehicle sales up to 30 million units annually by 2020. Despite strict norms and strict vehicle owing restrictions in major cities of China, U.S. and The UK, automobile market is expected to grow exponentially in nearby future.
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Market Size and Forecast:
The annual sales of vehicles equipped with turbochargers are predicted to grow from 38 million units in 2016 to 59 million units by 2024, which equates to 36% increase in sales for all global industry sales. The global automotive turbochargers market accounted for USD 7.3 billion in 2015 owing to increased demand of turbocharger equipped vehicles. Global automotive turbocharger market is projected to expand at a compound annual growth rate of 6.8% over the forecast period i.e. 2016-2024 and expected to reach USD 12.4 billion by the end of 2024.
Geographically, Europe maintains its dominance over the past few years with an overall turbocharger equipped vehicles penetration of 74% in 2016. Gas turbo penetration is also expected to reach 52% by the end of 2024 owing to increase sales of light vehicles in Europe. In North-America, automotive manufacturers are working to provide twin-scroll turbo technology to extract more power from 4-cylinder exhaust profiles. North-America region is expected to witness significant growth in turbocharged light vehicle on the back of increase regional sales by 33% or more than 7 million vehicles by 2024. In China, emission norms are getting tougher and scheduled to become most stringent across the world. These new norms and regulations will favor the adoption of gasoline turbocharged engines. China will be the fastest growing market for turbocharged light vehicles with more than 16% increase in penetration of total sales. This equates to projected 80% increase in the number of sales by 2024. Other countries such as India, Mexico, Brazil and Korea are expected to witness growth in sales by 7% driven by the regulations such as Bharat Stage 6 in India and Brazil’s Inovar-Auto future programs.
Market Drivers and Challenges
Properties of turbochargers to reduce fuel consumption and lower exhaust emissions are the key factors which are swelling the demand for turbochargers. Turbochargers lower the fuel consumption by 25% in diesel engines compared with similar gasoline engines. Growing demand for fuel efficient vehicles in logistic industry to increase their productivity and to overcome fuel emission norms are expected to propel the growth of global automotive turbochargers market. According to Mahle, a major automobile component manufacturer, there will be around 160 million cars and 16 million trucks running on turbochargers technology, and the affinity will continue to rise in future. Thus, turbocharger technology represents one of the largest market potential in the automotive industry across the globe. With tightening emission regulations, mature markets such as U.S and rapid-growth regions such as India and China are adopting turbocharger technology to provide cleaner transportation. The vast opportunities and rapidly growing market referred as the ‘Golden Age of turbo’ by the Olivier Rabiller, President and CEO of Honeywell Transportation System. Globally, diesel engines are anticipated to hold on to significant share of light vehicle sales at nearly 18%, due to their lower fuel consumption and green house gas emission. Diesel engines coupled with turbochargers provide augmented torque, range and driving experience for pickup trucks, SUVs and light commercial vehicles (LCV), which remain greater in demand. However, rising electric and hybrid cars with expected growth of 16 million units by 2021 tends to decline the growth rate of global automotive turbochargers market. Within the electric car segments, electric vehicles are expected to accounts for 14 percent; plug-in hybrids cars will account for 40%; and hybrid cars will account for 46% of the total electrified vehicles.
Global Automotive Turbochargers Market Report covered insights of below mentioned regions:
- North America
- Middle East and Africa
- Latin America
- Asia Pacific
- Rest of the World
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.
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