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Automotive Turbocharger Market Overview
The global automotive turbocharger market is projected to witness significant rise in terms of revenue during the forecast period (2020–2030). Automotive turbocharger is mainly used to enhance efficiency and power output of internal combustion engine (ICE) as it compresses exhaust air from the engine and provide it to combustion chamber. Enhanced fuel efficiency requirements and stringent vehicle emission norms are the major factors leading to the acceleration of the market growth.
On the basis of vehicle type, the automotive turbocharger market is classified into passenger car, commercial vehicle, and two-wheeler. Among these, the passenger car category is expected to witness the fastest growth during 2020–2030, mainly due to rapidly rising demand for luxury and premium cars with high engine output and reduced engine size.
On the basis of technology, the automotive turbocharger market is categorized into variable geometry turbocharger (VGT), wastegate, electric, and others. Among these, the VGT category is expected to generate the largest revenue during the forecast period. This can be majorly due to wider application of VGT in vehicles based on its benefits, such as improved engine output with high amount of compressed air.
Based on propulsion, the automotive turbocharger market is bifurcated into gasoline and diesel. The gasoline category is projected to exhibit significant growth during the forecast period, owing to the higher sales of gasoline-based cars, worldwide.
Geographically, the automotive turbocharger market is categorized into North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), and Middle East and Africa (MEA). Globally, APAC is expected to dominate the market during the forecast period. This can be mainly attributed to the high sales of vehicles with compact engine size and the stringent vehicle emission regulations in the region. Additionally, rising buying power of consumers in countries, such as India and China, is further supporting the growth of the regional market.
Automotive Turbocharger Market Dynamics
Stringent regulations imposed by governments of various countries related to engine downsizing and emission norms are expected to accelerate the automotive turbocharger market. For instance, Indian government has proposed Bharat Stage 6 emission norms to meet vehicle emission standard, which is equivalent to Euro 6 for various vehicles categories, by 2020. These norms will enforce manufactures to develop more advanced turbocharger technologies for reducing the emission of air pollutants. Hence, these emission norms and advancements in technologies are expected to propel the overall market growth.
Major restraining factor that is expected to hamper the growth of the automotive turbocharger market is the rising penetration of vehicles using new energy sources, such as electricity and fuel cell. For instance, electric vehicles are being adopted at rapid rate globally, due to the government support in terms of incentives and subsidies provided to manufacturers and buyers of the electric vehicles. This will hamper the sales of ICE-based vehicles. Thus, overall declining ICE vehicle sales are expected to restrict the growth of the market.
Automotive Turbocharger Market Competitive Landscape
Some of the key players operating in the global automotive turbocharger market are Honeywell International Inc., The Turbo Engineers GmbH, Mitsubishi Heavy Industries Ltd., Cummins Inc., BorgWarner, IHI Corp., Turbo Energy Pvt. Ltd., Magnum Performance Turbos Inc., and Continental AG.
The report covers country-wise automotive turbocharger market analysis. Some of the major countries covered in the report are the U.S., Canada, the U.K., France, Germany, Russia, Italy, Norway, the Netherlands, China, Japan, India, South Korea, Australia, Brazil, Argentina, Mexico, South Africa, and the U.A.E.
Automotive Turbocharger Market Segmentation
By Vehicle Type