Automotive Turbocharger Market Synopsis:
Rising Demand for Passenger Vehicles to Expand Automotive Turbocharger Market. Turbochargers are used to enhance the efficiency of the internal combustion engine and increase power output. It forces extra compressed air into combustion chambers. It facilitates smooth driving and the rising focus on passenger experience is expected to lead the demand for the product over the next few years. This report by Market Research Future (MRFR) presents an observation of the future trajectory of the global automotive turbocharger market. It highlights that the global market is all set to expand at 7.6% CAGR during the forecast period.
Key manufacturers are emphasizing on the development of technology to offer enhanced efficiency. This, in turn, is supposed to drive the growth of the automotive turbocharger market on the global front in the nearby future. In addition, the ongoing trend of increasing sales of passenger cars is another major factor poised to revolutionize the growth pattern of the market. Rising income levels and rapid industrialization is likely to further boost the demand for passenger vehicles in the foreseeable future. It ensures a lucrative growth trajectory for the automotive turbocharger market over the evaluation period. The implementation of stringent emission norms is expected to drive innovation of product portfolios, which is assessed to support the augmentation of the market.
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Automotive Turbocharger Market Segmentation
The market, for a segmental assessment, has been segmented based on type. The segments profiled are diesel, gasoline, and new energy engine. Among these, the gasoline segment is expected to retain its pole positive over the forecast period. Its growth is driven by the adoption of petrol engine turbocharger.
Based on application, the automotive turbocharger market has been divided into passenger car and commercial vehicle segments. Among these, the passenger car segment is currently dominating the market and is projected to hold its position through the assessment period. It is because of the rising demand for passenger cars on the global front. On the other side, the commercial vehicle segment is anticipated to exhibit a relatively higher CAGR across the review period.
Automotive Turbocharger Regional Analysis
The global automotive turbocharger market, based on region, has been segmented into Asia Pacific, North America, Europe, and the Rest of the World (RoW). These regional segments are then further sub-segmented and studied based on countries. Asia Pacific holds the largest position in the market owing to the exponentially rising sales of passenger cars. The country-level markets that exhibit high sales of automobiles are China, Japan, and India. Also, the economic development of the region is a major driver of the automotive turbocharger market. However, the slowdown of India’s economy might impact the market slight negatively in the coming years. North America is also projected to demonstrate a rise in the sales of passenger cars. The region is also poised to witness generation of considerable amount of revenue soon.
Automotive Turbocharger Competitive Dashboard
Honeywell International Inc. (US), Mitsubishi Heavy Industries, Ltd (Japan), BorgWarner Inc. (US), IHI Corporation (Japan), Cummins, Inc. (the US), Continental AG (Germany), Bosch Mahle (Germany), Precision Turbo and Engine (US), Bullseye Power, LLC (US), and Fengcheng Xindongli Turbocharger Co., Ltd (China) are some of the key participants of the global automotive turbocharger market.
In September 2019, automobile technology provider Garrett Motion has showcased its electronic turbocharger at IAA 2019 for the first time.
In October 2019, Garrett Motion Inc., an automobile technology provider, has announced the launch of the world’s first electronic turbo for mass-market passenger vehicles.
In December 2019, one of the largest retailers of new and pre-owned vehicles in the U.S., Sonic Automotive Inc., has announced its ninth EchoPark Automotive specialty vehicle store in California.
List of tables
TABLE 1 EXECUTIVE SUMMARY 14
TABLE 2 INTRODUCTION 28
TABLE 3 GLOBAL AUTOMOTIVE TURBOCHARGER MARKET, BY TYPE, 2015–2023 (USD MILLION) 28
TABLE 4 GLOBAL AUTOMOTIVE TURBOCHARGER MARKET, BY APPLICATION, 2017–2025 (MILLION UNITS) 29
TABLE 5 GLOBAL AUTOMOTIVE TURBOCHARGER MARKET, BY REGION, 2017–2025 (USD MILLION) 37
List of Figures
FIGURE 1 RESEARCH PROCESS OF MRFR
FIGURE 2 TOP DOWN & BOTTOM UP APPROACH
FIGURE 3 DRIVERS & RESTRAINTS IMPACT ANALYSIS OF GLOBAL AUTOMOTIVE TURBOCHARGER MARKET
FIGURE 4 PORTER’S FIVE FORCES ANALYSIS OF GLOBAL AUTOMOTIVE TURBOCHARGER MARKET
FIGURE 5 GLOBAL AUTOMOTIVE TURBOCHARGER MARKET, BY TYPE, 2018 (%)
FIGURE 6 GLOBAL AUTOMOTIVE TURBOCHARGER MARKET, BY APPLICATION, 2018 (%)
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