Global automotive turbochargers market is expected to seize a notable CAGR of 10.2% by 2024.
“Automotive Turbochargers Market: Global Demand Analysis & Opportunity Outlook 2024”
The global automotive turbochargers market is segmented into technology such as variable geometry turbocharger, wastegate, and twin turbo, out of which variable geometry turbocharger segment accounted for the largest segments in overall automotive turbochargers market and is projected to grab a considerable CAGR over the forecast period i.e. 2017-2024. Likely, increasing usage of variable geometry turbocharger technology due to engine downsizing of the vehicle is believed to flourish the growth of automotive turbochargers market.
In addition to this, various government norms regarding vehicle emission across the globe is also anticipated to intensify the growth of automotive turbochargers market by the end of 2024.
Additionally, growing adoption of diesel vehicles for transportation is one of the major factors propelling the market of turbochargers.
Moreover, the global automotive turbochargers market is anticipated to account exponential sales by the end of 2024.
The passenger cars segment by vehicle is projected to dominate the overall market of automotive turbochargers by 2024. In terms of regional platform, Europe captured the biggest market of automotive turbochargers in 2016 in terms of revenue.
Moreover, Western Europe countries such as U.K., Germany and others are believed to contributor a considerable share in the Europe turbochargers market. Apart from this, Asia-Pacific region is the most lucrative market of automotive turbochargers due to emerging economies.
Increasing Integration of Turbocharger
Growing usage of turbocharger coupled with engine downsizing to enhance the performance of the vehicle and to achieve greater fuel economy are believed to be the dynamic factor behind the rapid growth of automotive turbochargers market during the forecast period. Moreover, continuous technological advancement in automotive turbochargers to attain high power is also positively impacting the growth of automotive turbocharger market.
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Supportive Government Initiatives
Favorable government initiatives in order to help the key vendor for research and development activities and various companies are collaborating to provide better automotive turbochargers such as Honeywell Turbo Technologies has partnered with Tata to develop first petrol turbocharged engine. These factors are believed to foster the growth of automotive turbocharger market.
Although, increasing penetration of electric vehicles and hybrid vehicles are expected to hamper the growth of automotive turbocharger market during the forecast period.
The report titled “Automotive Turbochargers Market: Global Demand Analysis & Opportunity Outlook 2024” delivers detailed overview of the global automotive turbocharger market in terms of market segmentation by technology, by fuel, by vehicle, by end-user and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
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This report also provides the existing competitive scenario of some of the key players of the global automotive turbocharger market which includes company profiling of BorgWarner, Honeywell Turbo Technologies, Mitsubishi Heavy Industries, IHI Corporation, Continental AG, Cummins, Eaton Corporation PLC, Bosch Mahle Turbo Systems, Rotomaster and Turbo Energy PVT LTD. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments.
On the whole, the report depicts detailed overview of the global automotive turbocharger market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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