Automotive Turbocharger Market Worth $26.4 Billion by 2027 - Exclusive Report by MarketsandMarkets™
Wastegate turbochargers are expected to hold the largest share (in terms of volume) in 2018, of the total turbochargers market.
CHICAGO, Nov. 12, 2019 /PRNewswire/ -- According to the new market research report "Automotive Turbocharger Market by Technology (VGT, Wastegate, Electric), Material (Cast Iron, Aluminum), Fuel Type, On-Highway Vehicles (Passenger Car, LCV, Truck & Bus), OHV (Agriculture, Construction), Aftermarket and Region - Global Forecast to 2027", published by MarketsandMarkets™, the Automotive Turbocharger Market is projected to grow at a CAGR of 9.8% over the forecast period, to reach a market size of USD 26.4 billion by 2027 from USD 12.5 Billion in 2019.
Factors such as decreased emission limits in new emission regulations, fuel shift towards gasoline passenger cars & especially towards GDI engines and focused technological advancements in electric turbocharger technology for mild-hybrid vehicles are projected to create a potential demand for automotive turbochargers in the coming years.
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Wastegate Turbocharger type is estimated to hold the largest share in the market
Wastegate turbochargers are expected to hold the largest share (in terms of volume) in 2018, of the total turbochargers market. Wastegate turbochargers, being more economical than VGT type, Asia Oceania is estimated to showcase the most significant demand for this type of turbocharges, as the region prefers economic passenger cars (especially in countries such as China and India). However, the developed areas of the world are mostly using the advanced & comparatively expensive VGT type. Currently, the installation rate for VGT is lower in Asia. However, owing to its better efficiency (than wastegate turbos) and new emission regulations, which are expected to be introduced in India and China in the coming years, the demand for VGT is likely to increase in Asian countries post-2020.
Passenger Car Segment is estimated to be the fastest-growing segment in Automotive Turbocharger Market
The passenger car segment is expected as the largest market for automotive turbochargers as the vehicle segment contributes to >60% of the global vehicle production. According to ACEA, the passenger car production hit 79 million in 2018 and is expected to go beyond 100 million by 2024-2025, with Asia Pacific and North America being the leading regions. According to ICCT, the turbocharger technology in the EU has increased the average passenger car engine power by 30% to 97 kW, and the engine displacement decreased by 7%, reducing the overall weight of the vehicles and hence emissions. With a change in fuel type from diesel to gasoline and advancements in 48V mild-hybrid cars, the demand for gasoline and electric turbochargers is projected to grow in the passenger car segment in the coming years.
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Asia Pacific: The region with largest demand for Automotive Turbochargers
Owing to stringent emission norms - China VI, with its limits lower than Euro VI set to be implemented in 2020, India's BS-VI standards set to be implemented in 2020 (skipping BS V norms) have propelled the market for automotive turbochargers in the region.
According to MarketsandMarkets™ Analysis, the increasing popularity of TGDI with China leading, 50% of passenger cars equipped with TGDI and estimated to grow further in the future. As per SIAM, India is also shifting towards gasoline vehicles with diesel vehicles share dropping to 19% from 50%, further fueling the turbocharger market. Countries like Japan, South Korea, have majority of their passenger cars run on gasoline engines and are leading countries with an active market for wastegate turbochargers.
One of the essential drivers to consider is the growing production of mild hybrid vehicles to achieve 20% by 2025. Other growing economies, governments such as Thailand, Indonesia are providing incentives to OEMs to set up their hubs to produce HEVs to produce cleaner transportation. Other factors such as increased fuel prices, will positively affect the turbocharger market.
Key Market Players:
Automotive Turbocharger Market is dominated by manufacturers such Honeywell (US), BorgWarner (US), MHI (Japan), IHI (Japan), and Continental (Germany), Bosch Mahle (Germany), Cummins (US), ABB (Switzerland), TEL (India), and Delphi Technologies (UK), Rotomaster International (Canada), Precision Turbo & Engine INC(US), Turbonetics(US), Turbo International (US), Kompressorenabu Bannewitz GMBH(Germany), Turbo Dynamic Ltd.(UK), Fuyuan Turbocharger Co. Ltd.(China), Hunan Tyen Machinery Co. Ltd. (China), Ningbo Motor Industrial Co. Ltd. (China), Calsonic Kansei (Japan).
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