Automotive Turbocharger Market to Grow at 6.82% CAGR by 2026
Government’s regulation for
emission control and increase in demand for fuel efficient vehicles to drive
the global automotive turbocharger market through 2026.
According
to TechSci Research report, “Global Automotive
Turbocharger Market By Vehicle Type (Passenger Car, Light Commercial
Vehicle and Heavy Commercial Vehicle), By Engine Type (Diesel and Gasoline), By
Technology Type (VGT/VNT, Wastegate, Electric Turbocharger), By Operation Type
(Conventional and E-Turbocharger), By Region, Competition, Forecast &
Opportunities, 2026”, Global Automotive
Turbocharger market is anticipated to
reach USD18.61 billion by 2026 because of the implementation
of government regulations for emission control and increasing demand for high
performance vehicles to increase the performance of vehicle, thus, original
equipment manufacturers are decreasing the size of the engine. The engines are
being downsized due to the growing concerns related to the weight of the
vehicle. In turbochargers, lightweight alloys are used for manufacturing to
decrease the fuel consumption and it also makes turbochargers compact, which in
turn reduces the overall size of the engine and also the vehicle. The
downsizing of the engine also helps in improving mileage and enhances the
performance of the vehicle. The good
performance of the vehicle includes good fuel efficiency, having improved power
output, and releasing the lower amount of carbon dioxide. The improving road infrastructure is also allowing consumers to buy
high-performance vehicles. These factors are increasing the demand for
turbochargers globally. The Original Equipment Manufacturers (OEMs) are also
investing a lot in research and development to improve the performance of
turbochargers.
The trend of increasing disposable income is also enhancing the demand for
turbochargers in the automotive market because people are able to spend a
little more on new and efficient technology which is beneficial for them. Hence,
they are demanding turbocharger-based engine in their vehicle. Rising awareness
about the environmental issues is also one of the factors responsible for the increasing
demand for turbochargers in the automotive market. A lot of pollution is caused
due to gases like carbon monoxide coming out of the vehicles and creating
environmental pollution, therefore, the governments of various countries are
driving a campaign to create awareness among their citizens regarding the use
of vehicles which can reduce the pollution level. For that, people are also
demanding turbocharger-based engine vehicles because such vehicles create less
pollution in comparison to normal vehicles. Apart from this, in recent times,
it is observed that demand for turbochargers is growing in commercial vehicles as
well. This is because turbocharger-based engine commercial vehicle not only
helps in reducing the pollution coming out of the vehicle but also
significantly decreases fuel consumption, meet stricter environmental standards
and provides high performance and also fulfills the economic aim of its
operator.
Browse more than 145 market data Figures spread through 184 Pages and an in-depth TOC on "Global Automotive Turbocharger Market"
https://www.techsciresearch.com/report/automotive-turbocharger-market/4746.html
Global automotive turbocharger market can be segmented based on vehicle
type, engine type, technology type, and operation type. On the basis of vehicle
type, the market can be classified into passenger car, light commercial vehicle
and heavy commercial vehicle. In the vehicle type, passenger car has the
majority of share because of a greater number of sale and increasing demand for
high performance cars. In the forecast period, passenger cars are expected to
be high in demand hence the turbochargers will be sold more in passenger cars
than light commercial and heavy commercial vehicle. By engine type, gasoline is
dominating the automotive turbocharger market with more than half of the share
and this trend is expected to continue in the forecast period as well. In
technology segment, wastegate has more than one third of the total share in the
automotive turbocharger market. In the forecast period, the share of wastegate
is expected to reach more than half of the total market share. In operation
type segment, conventional turbocharger is dominating the market but in
forecast period e- turbocharger is expected to grow at a higher CAGR than
conventional turbocharger.
Regionally, the market of automotive turbocharger is more in
Asia-Pacific, followed by Europe and North America. In the forecast period, the
trend is expected to be the same as 2020 with small changes in shares.
Major players operating in the global automotive
turbocharger market are Garret Motion Inc. BorgWarner
Inc., IHI Corporation, Mitsubishi Heavy Industries Ltd., Bosch Mahle
Turbosystems GmbH, Cummins Turbo
Technologies, Inc., Magnum Performance Turbos Inc. Key players are developing
advanced technologies and launching new products to stay competitive in the
market. Other competitive strategies include mergers and acquisition, new
product developments and also increasing marketing
activities and enriching product portfolio globally to increase customer
outreach.
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“In 2020, Asia-Pacific accounted for the largest share i.e., 54.26% in the
global automotive turbocharger market and it is expected to dominate in the
forecast period as well. Asia-Pacific is leading the global automotive turbocharger
market because of the increasing demand for high-performance vehicles.”, said
Mr. Karan Chechi, Research Director with TechSci Research, a research based
global management consulting firm.
“Global Automotive Turbocharger Market By Vehicle
Type (Passenger Car, Light Commercial Vehicle and Heavy Commercial Vehicle), By
Engine Type (Diesel and Gasoline), By Technology Type (VGT/VNT, Wastegate,
Electric Turbocharger), By Operation Type (Conventional and E-Turbocharger), By
Region, Competition, Forecast & Opportunities, 2026” has evaluated the future growth potential of the Global
Automotive Turbocharger market and provides statistics & information on
market size, structure and future market growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges, and opportunities in the global
automotive turbocharger market.
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