views
Automotive Turbocharger Market Size, Share & Industry Analysis, and Regional Forecasts, 2019-2026
Turbochargers are considered to be a vital automotive component in today’s time as they increase the efficiency of the engine. The System uses exhaust gas from the engine during the combustion to drive the turbine. This turbine drives the compressor wheel with the help of a shaft. The compressor wheel draws the outside air, compresses it, and sends the compressed air to the engine. This compressed-air burns the fuel more efficiently for greater power and saves fuel.
The automotive turbochargers mainly consist of three types, namely, variable geometry turbocharger, wastegate turbocharger, and electric turbochargers. Engine downsizing has become the most lucrative aspect in the automotive industry. The use of small engines in automobiles is gaining popularity in the market as it helps in controlling the fuel emission efficiently. Turbochargers are helping the automotive industry to meet the government’s standards and regulations regarding the emission of exhaust gases such as carbon dioxide and other harmful gases from the vehicle. Turbochargers are considered to be more economical and environmentally friendly. Prominent manufacturers are investing heavily in research to adopt advanced technology and develop designs and mechanisms of automotive turbochargers to improve the complete performance of the engine and reduce fuel consumption. Moreover, the increasing number of sales and production of vehicles is creating a high demand in the market of automotive turbocharge.
Request a Free sample to learn more about this report.
Automotive engine downsizing has been a prevalent trend in the automotive industry in recent years. The automotive turbocharger system enhances the output power of engines without any change in the piston displacement. This factor leads to the downsizing of engines with better fuel efficiency and greater performance. Manufacturing companies are downsizing engines by reducing piston displacement and the number of cylinders, and are integrating turbochargers which would provide more power and torque through the engine. The rising popularity of engine downsizing in automobiles is penetrating the growth of the automotive turbocharger market. Engine downsizing will contribute to enhanced safety, low cost, high durability, and greater fuel efficiency. It is estimated to boost the market growth of these turbochargers during the forecast period.
A significant factor fueling the growth of the market is the improved fuel efficiency of vehicles via the adoption of automotive turbochargers.It will boost the internal combustion and power output of engines by letting more air intake to the combustion engine of powertrains. These turbochargers provide high efficiency and are environment friendly as they offer high engine power without increasing the piston displacement. Moreover, optimum utilization of resources, minimal waste production, and greater efficiency are the foremost factors that are driving the market growth automotive turbocharger. The government has imposed stringent norms and regulations to curb the increasing fuel emission. Also, the government is imposing various laws and is setting emission standards for the manufacturing companies to manufacture vehicles abiding by the set standards.
Globally, the increasing urbanization, expansion in industrialization, developing road infrastructures and improvement in the standard of living are the foremost factors that are leading the growth of the automotive industry. The rise in disposable income is also propelling the automotive market. The trend for low emission and fuel economy vehicles are ultimately boosting the market of an automotive turbocharger.
Moreover, the prominent automotive manufacturing companies are investing heavily in research to innovate and develop advanced technology in automobiles, to serve their customers with the latest technologically equipped vehicles, and maintain a good position in the market.
Furthermore, the government is also taking various initiatives and providing subsidies to promote the use of automobiles across the world. The government is also investing in research to boost the automotive industry. The transition from BS-IV to BS-VI emission norms is expected to boost the production and sale of automotive vehicles in the coming years.
The global automotive industry is experiencing a shift from conventional fuel vehicles to electric vehicles. The increasing emission caused by the fuels of the vehicles is leading to air pollution and global warming crises. The prominent automotive manufacturing companies are inclining more towards sustainable sources of energy. Manufacturers are spending heavily on research to develop vehicles with advanced technology and are adopting the electric mode of energy in vehicles. The increasing inclination of people towards zero-emission vehicles may adversely affect the market.
To know how our report can help streamline your business, Speak to Analyst
Based on technology type, the turbocharger market is segmented into variable geometry turbocharger, wastegate turbocharger, and electric turbochargers. The wastegate turbochargers segment is expected to dominate this market. These turbochargers generate maximum torque as well as maximum engine power and are more economical as compared to the variable geometry turbochargers.
The majority of the automotive manufacturers use wastegate turbochargers in their engines as they control the sudden boost levels through electric actuated bypass valves. As these turbochargers operate at higher temperatures, they are often cooled down by the water and are constructed by using high-temperature aerospace capable alloys. Moreover, the wastegate turbocharger requires smaller space, reduces turbo lags, is lightweight, and provides optimum engine performance. These are some of the foremost reasons for its dominance in the market.
Based on the fuel type, the market is segmented into gasoline and diesel. The diesel fuel segment holds the maximum automotive turbocharger market share and is expected to maintain its dominance in the forecast period. Diesel engines are easier to customize for attaining optimum performance. The diesel turbocharger enhances transit performance, lowers the speed of torque, and increases the usage of automotive turbocharger which can decrease the size of diesel engines. Diesel engines also emit less carbon dioxide as compared to other fuels which help in better turbo efficiency, increases fuel efficiency, and provides high durability. Manufacturers are expected to scale up their investment in the forecast period to meet the surging customer needs in the diesel segment.
In terms of vehicle type, the market is segmented into passenger cars, light commercial vehicles (LCV), and heavy commercial vehicles (HCV). The passenger car segment holds the largest share of the global turbocharger market owing to the increasing inclination of consumers towards greater performance and highly fuel-efficient automobiles.
Moreover, the rise in disposable income is eventually increasing the sales and production of passenger cars across the globe. Prominent car manufacturers are spending a high percentage of developing engines that would provide greater performance and less emission. Furthermore, stringent emission regulations and policies imposed by the government are expected to further propel the growth of the market.
Asia Pacific Automotive Turbocharger Market Size, 2015-2026 (USD Billion)
Asia Pacific holds the largest share of the automotive turbocharger market owing to the high volume of passenger cars in this region. Some of the rapidly growing economies such as India and China are the leading countries that hold the maximum number of sales and production of automotive which is further propelling the growth of the turbocharger market in this region. Rapid urbanization, expansion of industrialization, improvement in the infrastructure, and rise in disposable income are the major factors contributing to the growth in the market. Furthermore, the stringent government norms and emission standards are penetrating the growth of turbochargers in this region. The recent implementation of BS-VI in India is also estimated to boost the market for an automotive turbocharger.
North America is expected to show exponential growth during the forecast period owing to the enthusiastic adoption of automotive turbochargers in this region. The rapid adoption of advanced technology in turbochargers is expected to boost the market of the automotive turbocharger in this region. Moreover, the Environmental Protection Agency (EPA) in the U.S. has imposed stringent norms and standards to reduce fuel emission. The government has enforced the automotive manufacturing companies to develop cleaner and fuel-efficient engines.
BorgWarner, a prominent partner in the independent aftermarket (IAM), provides 17 new turbochargers for diesel vehicles to the globally renowned automakers. The company has enhanced its portfolio for supporting the growing demand for high-quality replacement turbochargers.
The automotive turbocharger market report provides a detailed analysis of the market and focuses on key aspects such as leading companies, product types, and leading applications of the product.
An Infographic Representation of Automotive Turbocharger Market
Besides this, the report offers insights into the market trends and highlights key industry developments. In addition to the factors above, the report encompasses several factors that have contributed to the growth of the market over recent years.
ATTRIBUTE
DETAILS
Study Period
2015-2026
Base Year
2018
Forecast Period
2019-2026
Historical Period
2015-2017
Unit
Value (USD billion) & Volume (Thousand units)
Segmentation
By Technology Type
By Fuel Type
By Vehicle Type
By Geography
Fortune Business Insights says that the global market size was USD 8.20 billion in 2018 and is projected to reach USD 10.10 billion by 2026.
In 2018, the market value stood at USD 8.20 billion.
The market is projected to grow at a CAGR of 2.89% in the forecast period (2019-2026).
The passenger car vehicle type segment is expected to be the leading segment in this market during the forecast period.
The stringent regulations of fuel efficiency is driving the demand for these turbochargers.
Garrett Motion and Continental GT are the leading players in the global market.
Asia Pacific dominated the market in terms of share in 2018.
The increasing trend of engine downsizing, coupled with stringent emission regulations are some of the factors expected to drive the adoption of these turbochargers.
“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”
“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”
“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”
“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”
“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”
“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”
“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”
“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”
“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”
© 2020 Fortune Business Insights . All rights reserved