Automotive Turbochargers Market to witness 9% growth to 2024
Automotive Turbochargers Market to witness 9% growth to 2024
Noticeable participants in the automotive turbocharger market include Linamar, Federal-Mogul, Weifang Fuyuan, Mitsubishi Heavy Industries, IHI Corporation, Cummins Turbo Technologies, Borgwarner, Montupet, Bosch Mahle Turbo Systems, Precision Turbo and Engine, Banks Power, Magnum Performance Turbos, and TEL.
SELLBYVILLE, Del., May 15, 2018 /PRNewswire-iReach/ -- According to a latest research report by Global Market Insights, Inc. "Automotive Turbochargers Market is predicted to be valued USD 24 billion by 2024" Surging demand for turbochargers from automobile OEMs across the globe to deliver the vehicles with enhanced fuel efficiency and lesser weight will essentially drive the industry growth. This rising demand is credited to the stringent and mandatory regulations associated with curbing the CO2 emissions. The vehicle manufacturers are continuously shifting their focus towards enhanced driving experience and regulating these emissions. This has led to high product sales, positively impacting automotive turbochargers market over the next eight years.
Substantial increase in the vehicle production across the globe has resulted in extensive product demand due to the regulatory norms. Moreover, it has led to higher replacement frequency of conventional engines with the engines equipped with turbochargers, further influencing the revenue generation significantly. Developing countries have witnessed a considerable increase in industrialization and trading activities, opening new growth opportunities for the competitors. Regular innovations in the automotive turbochargers market enable small-sized engines to deliver relatively higher power as compared to their size, offering stable growth prospects to the industry size till 2024.
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Automotive turbochargers market is expected to witness significant trends impacting its revenue generation. Engine downsizing is one such trend that has gained prominence among the manufacturers. It allows easy replacement of conventional engines with turbocharged engines with minimal impact on vehicle's power and fuel efficiency. Electric turbocharger is another advancement that is featured with exhaust gas driven turbine and electric motor. It has gained traction owing to its advantages such as high boost pressure and faster response. These innovations will also induce immense potential to the industry size.
VGT turbochargers are likely to witness significant growth, exhibiting over 8% CAGR from 2017 to 2024. Provision of benefits such as precise monitoring of particulate & NOx emissions, cost effectiveness as compared to the counterparts, lag time reduction, and enhanced engine efficiency will primarily drive the industry growth. Automotive turbochargers market from twin turbo will account for approximately USD 7 billion by 2024 owing to benefits including high power and acceleration.
PCVs are anticipated to dominate automotive turbochargers market with more than 60% revenue share over the forecast timeframe. Rising production of the vehicle segment across the globe, particularly in emerging economies of Asia Pacific will primarily drive the industry growth. Rising demand from consumers for high power output and minimal loss in fuel efficiency will further support the industry dominance. Increasing domestic and international trading activities in various countries across the globe will fuel the automotive turbocharger market from HCVs.
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Automotive turbochargers market from diesel will acquire highest volume share of more than 60% over the forecast timeframe. The diesel vehicles result in high carbon emissions and possess low fuel efficiency. This has resulted in high product demand, positively impacting the segment's growth. Gasoline will witness over 8% CAGR till 2024 owing to shifting focus towards the fuel.
OEMs dominated the automotive turbochargers market with over 90% share in 2016 and is likely to continue the same over the next eight years. Rising vehicle production across the globe along with mandatory norms regarding engine emissions will further support the industry dominance. Aftermarket will grow rapidly owing to high replacement needs in the engines of ageing vehicles to meet the regulatory norms.
Europe is likely to dominate the global automotive turbochargers market over the forecast timeframe. Substantial revenue generation can be attributed to presence of established industry participants coupled with stringent emission regulations across the region. Asia Pacific will exhibit more than 8% CAGR from 2017 to 2024 owing to rising demand from the countries such as China, South Korea, India, and Japan.
Buy this industry insights spread across 300 pages with 647 market data tables & 10 figures & charts from the report, "Automotive Turbochargers Market Size By Vehicle (PCV, LCV, HCV), By Technology (VGT/VNT, Wastegate, Twin Turbo), By Fuel (Gasoline, Diesel), By Distribution Channel (OEM, Aftermarket) Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Spain, Russia, Poland, Netherlands, China, Japan, India, South Korea, Australia, Thailand, Brazil, Mexico, Argentina, Saudi Arabia, UAE, South Africa), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2017 - 2024" in detail along with the table of contents:
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Chapter 5. Automotive Turbochargers Market, By Technology
5.1. Global automotive turbocharger market share by technology, 2016 & 2024
5.2. VGT/VNT
5.2.1. Market estimates and forecast, 2013-2024
5.2.2. Market estimates and forecast, by region, 2013-2024
5.3. Wastegate
5.3.1. Market estimates and forecast, 2013-2024
5.3.2. Market estimates and forecast, by region, 2013-2024
5.4. Twin turbo
5.4.1. Market estimates and forecast, 2013-2024
5.4.2. Market estimates and forecast, by region, 2013-2024
Chapter 6. Automotive Turbocharger Market, By Fuel
6.1. Global automotive turbochargers market share by fuel, 2016 & 2024
6.2. Gasoline
6.2.1. Market estimates and forecast, 2013-2024
6.2.2. Market estimates and forecast, by region, 2013-2024
6.3. Diesel
6.3.1. Market estimates and forecast, 2013-2024
6.3.2. Market estimates and forecast, by region, 2013-2024
Browse Full Table of Contents (ToC) @ https://www.gminsights.com/toc/detail/automotive-turbocharger-market
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
Media Contact: Arun Hegde, Global Market Insights, Inc., +13028467766, sales@gminsights.com
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