HOME › Press Releases › Turbocharger Market worth 18.49 Billion USD by 2021
Turbocharger Market worth 18.49 Billion USD by 2021
The report "Turbocharger Market by Vehicle Type (On-Highway(Passenger Car, LCV & HCV), Off-Highway (Agricultural Tractors & Construction Equipment)), Technology (VGT/VNT & Wastegate), Fuel Type (Gasoline & Diesel), & Aftermarket by Region- Forecast to 2021", The turbocharger market for automotive industry is projected to grow at a CAGR of 7.63%, to reach a market size of USD 18.49 Billion by 2021. The market is driven by factors such as increasing stringency in emission & fuel efficiency regulations, engine downsizing and increasing vehicle production.
Browse 94 market data tables and 57 figures spread through 159 pages and in-depth TOC on “Turbocharger Market by Vehicle Type (On-Highway(Passenger Car, LCV & HCV), Off-Highway (Agricultural Tractors & Construction Equipment)), Technology (VGT/VNT & Wastegate), Fuel Type (Gasoline & Diesel), & Aftermarket by Region- Forecast to 2021”
Early buyers will receive 10% customization on reports.
“Agricultural tractors to be the largest application in off-highway turbochargers”
Agricultural tractors is expected to dominate the off-highway turbocharger market for automotive industry. Turbochargers in agricultural tractors allow machinery manufacturers to accommodate greater power without increasing the size of the engine as bigger the engine, more will be the amount of emission involved. Also, with a constant rise in consumption, agricultural production has also been increasing prompting a growth in use of agricultural tractors. Many automotive turbocharger manufacturers, such as Honeywell International Inc. (U.S.) and Borg Warner Inc. (U.S.) cater to the off-highway turbocharger industry.
“Passenger car to be the fastest growing segment in the turbocharger aftermarket for automotive industry”
The passenger car segment is projected to grow at the highest CAGR during the forecast period. The growth of the automotive turbocharger aftermarket is influenced by factors such as the increasing average life of vehicles, changing consumer preferences for greater power generating automobiles, and stringent emission regulations in regions such as Europe and North America.
“Asia-Oceania to be the largest market for turbocharger in automotive industry”
Asia-Oceania is estimated to dominate the turbocharger market for automotive industry, and is projected to grow at the highest CAGR during the forecast period. Asia-Oceania have created promising opportunities for automobile manufacturers and automotive product suppliers. OEMs in this region are not only catering to local demands, but are serving developed markets as well through exports. Also the rising pollution levels in this region has prompted the governments to encourage vehicles with lower emissions and higher fuel efficiency, stimulating the growth of turbocharger industry in this region. For instance, Indian emission norms such as Bharat 4 are based on European emission standards that limit CO emissions to 0.50 g/km (which was 0.64 g/km in EURO 3) and NOX to 0.25 g/km (which was 0.50 g/km) for passenger cars.
The turbocharger market for automotive industry is dominated by a few global players, and comprises several regional players. Some of the key manufacturers operating in the market are Honeywell International Inc. (U.S.), Borg Warner Inc. (U.S.), IHI Corporation (Japan), Mitsubishi Heavy Industries (Japan), and Cummins Inc. (U.S.).
MarketsandMarkets is the largest market research firm worldwide in terms of annually published premium market research reports. Serving 1700 global fortune enterprises with more than 1200 premium studies in a year, M&M is catering to a multitude of clients across 8 different industrial verticals. We specialize in consulting assignments and business research across high growth markets, cutting edge technologies and newer applications. Our 850 fulltime analyst and SMEs at MarketsandMarkets are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors.
M&M’s flagship competitive intelligence and market research platform, "RT" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets. The new included chapters on Methodology and Benchmarking presented with high quality analytical infographics in our reports gives complete visibility of how the numbers have been arrived and defend the accuracy of the numbers.
We at MarketsandMarkets are inspired to help our clients grow by providing apt business insight with our huge market intelligence repository.
Markets and Markets
UNIT no 802, Tower no. 7, SEZ
Magarpatta city, Hadapsar
Pune, Maharashtra 411013, India