May 06, 2020
According to the research report titled ‘Automotive Turbocharger Market Size By Vehicle, By Technology, By Fuel, By Distribution Channel Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2018 – 2024’, available with Market Study Report LLC, worldwide automotive turbocharger market is predicted to generate considerable revenue by the year 2024.
Growing demand for mid-sized vehicles with low capacity engine and high performance is a major factor driving automotive turbocharger market growth. Turbochargers when used in vehicles, enhance the performance by optimizing the power output of smaller engines. It minimizes the friction in engines, subsequently improving fuel efficiency. Rising R&D activities for advancement of turbochargers have resulted in development of engines with low carbon emissions and less fuel consumption. Favorable regulatory scenario which promote fuel-efficient automobile engines is stimulating the industry outlook.
As per vehicle type, PCVs segment held 60% revenue share in 2017 and is expected to register significant growth during the forecast period. Shifting preferences towards purchasing compact SUVs owing to low space footprint, durability, and superior power output is fueling the segmental growth.
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In terms of technology, variable geometry turbochargers (VGT) segment is presumed to expand with a CAGR of 8% through 2024. Turbochargers based on this technology can adjust the aspect ratio depending on the engine requirements. It uses combination of multiple pressure ratios as per engine speed to enhance acceleration of the vehicle.
By fuel type, diesel segment accounted for 60% volume share in 2017 and is projected to record substantial growth during the estimated timeframe. Factors such as easy availability of diesel vehicles equipped with turbochargers as well as reduced fuel cost and high fuel efficiency associated with diesel turbochargers are favoring the market outlook. Diesel based turbocharger offers higher torque at relatively lower RPM which further enhances the uphill driving experience.
Based on distribution channel, market share from OEMs was accounted to be at 90% in 2017 and is slated to showcase similar growth in the ensuing years. Increasing deployment of turbochargers and rising development of electric turbocharging solutions are positively impacting the sales through OEMs.
Considering the geographical landscape, Europe automotive turbocharger industry is reckoned to witness lucrative growth during the projected timespan. High concentration of major automakers using turbocharging technologies in their product profile is promoting the business outlook in Europe.
The major contenders in automotive turbocharger market are Turbonetics Inc., Turbo Energy Pvt. Ltd., The Turbo Engineers GmbH, Rotomaster, Precision Turbo & Engine, Montupet, Magnum Performance Turbos, Linamar Corp., IHI Corp., Honeywell International Inc., Cummins Inc., Cimos D.D., BMTS Technology, BorgWarner and Banks Power among others.