The global automotive turbocharger market is expected to reach USD 24,223.3 million by 2023 with 7.97% CAGR. Automotive Turbocharger Global Industry is segmented by Type (Gasoline Engine, Diesel Engine, and New Energy Engine), By Application (Passenger Vehicle and Commercial Vehicle), and by Region.
Automotive Turbocharger Global Market Key Players Analyzed in Report Are:
Honeywell International Inc. (U.S.), BorgWarner Inc. (U.S), Mitsubishi Heavy Industries, Ltd (Japan), IHI Corporation (Japan), Continental AG (Germany), Cummins, Inc. (U.S.), Bosch Mahle (Germany), Bullseye Power, LLC (U.S.), Precision Turbo and Engine (U.S.) and Fengcheng Xindongli Turbocharger Co., Ltd. (China).
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Automotive Turbocharger Market Highlights:
Global automotive turbocharger market has very broad market in coming recent years. MRFR analysts has predicted that automotive industry is about to grow at a rapid pace, moreover, the speedy rising sales of passenger cars and technological innovations have also been a growth momentum.
Automotive Turbochargers form an integral part of the modern-day cars. From famous brands to the normal ones all the players in the automotive sector have started investing in this technology. It is because of its beneficial features and many advantages. In the last few years, this innovative system has been successful in creating a lasting image for itself. Owing to all these factors, the global automotive turbocharger market is gaining the much-needed push.
Majority of the brands associated with this industry have realized the upsides of this system and hence want their cars to have this system. Looking at the current hype around automotive turbochargers, it can be very confidently said that the future looks bright for this market.
Automotive Turbocharger Market Segmentation:
The global Automotive Turbocharger market is segmented in to 3 key dynamics for the convenience of the report and enhanced understanding.
Based on type, Gasoline Engine segment expected to witness highest growth in global automotive turbocharger market during the forecast period due to increase power and are designed to run at much higher RPMs (Revolutions per minute) than in diesels. Diesel engine is expected to be the second largest segment because they can handle high combustion pressures created by diesel fuel.
Based on application, Passenger Cars expected to witness highest growth in global automotive turbocharger market with share of 54.70% in 2016 due to increase income level. High demand for automobiles is primarily driven by rising demand of passenger car among large pool of population, increasing per capita income in emerging countries, and expansion of global auto-manufacturers into new emerging markets and others.
Based on Regions, Market Comprises Geographical regions – North America, Europe, APAC and Rest of the World.
Asia-Pacific accounted for the largest market share of 40.75% in 2016 due to increase in the vehicle production in developing countries such as India and China. The demand for turbochargers is largely dependent on vehicle production in developing countries such as India and China. The vehicle production is growing, which in turn would push the demand for turbocharged vehicles.
Moreover, factors such as increase in vehicle production, large population base, growing demand for diesel vehicles, upcoming emission norms, and economic shifts are driving the Asia-Pacific turbocharger market. China accounted for the largest market share with a market value of USD 2,862.6 million and is projected to grow at the highest CAGR of 9.65% during the forecast period.
In North America, automobile manufacturer will continue to see an increase in the sales of the passenger cars. The increase in demand of the new vehicles, will enable the growth of the auto components suppliers. North America is a mature economy as far as investment in automotive industry is concerned, automotive industry is expecting huge investment by several giants due to the rising demand for passenger cars.
Major Table Of Contents:
1 Executive Summary
2 Scope Of The Report
2.1 Market Definition
2.2 Scope Of The Study
2.2.2 Research Objective
2.3 Research Process
2.3.1 Primary Research
2.3.2 Secondary Research
2.4 Market Size Estimation
2.5 Forecast Model
3 Market Landscape
3.1 Porter’s Five Forces Analysis
3.2 Value Chain/Supply Chain Analysis
4 Market Dynamics
4.2 Market Drivers
4.3 Market Restraints
4.4 Market Opportunities
4.5 Market Trends
List of Figures:
FIGURE 1 Research Process Of MRFR
FIGURE 2 Top Down & Bottom Up Approach
FIGURE 3 Market Dynamics
FIGURE 4 Impact Analysis: Market Drivers
FIGURE 5 Impact Analysis: Market Restraints
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