June 09, 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, 2020 – 2026’, available with Market Study Report LLC, global automotive turbocharger market is expected to register significant growth over 2020-2026.
Growing preference for advanced engine technologies is a major factor driving the automotive turbocharger market growth. The system can help in improving the horsepower of an engine without increasing the vehicle weight. Turbocharger is a forced induction system which compresses the air flowing into the engine. This further allows for addition of more fuel leading to better power generation. Automotive turbochargers help in enhancing the fuel economy, improving power, and reducing emissions, thereby aiding the market expansion.
As per the vehicle type, HCV segment is predicted to expand substantially during the forecast period, primarily due to strict regulatory scenario pertaining to emission mitigation in heavy duty construction equipment.
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In terms of technology, twin turbo market segment held 45% market share in the year 2019 and is expected to showcase consistent growth in the forthcoming years. Twin turbos are widely preferred in larger engines as a pair of small turbochargers result in less turbo lag. Moreover, parallel twin turbos technology offers lower turbo lag as compared to large turbochargers. On the other hand, sequential twin turbos technology employs different sized turbochargers, larger turbo and smaller vaned turbo.
By fuel type, diesel turbocharger market segment is slated to showcase lucrative growth in the ensuing years.
Citing the distribution channels, automotive turbocharger aftermarket segment is expected to grow with a CAGR of 9% during 2020-2026, primarily due to rising consumer spending on advanced engine technologies.
Regionally, North America accounted for 40% market share in the year 2019 and is set to acquire appreciable revenues in the subsequent years. The growth is attributed to rising number of AI-based startups.
Turbonetics Inc., Rotomaster, Turbo Energy Pvt. Ltd., Cimos D.D., The Turbo Engineers GmbH, Precision Turbo & Engine, Montupet, Linamar Corp., Mitsubishi Heavy Industries, Magnum Performance Turbos, IHI Corp., Honeywell International Inc., BMTS Technology GmbH & Co. KG, Cummins Inc., BorgWarner and Banks Power are the key participants in global automotive turbocharger industry.