The report "Automotive Turbocharger Market by Technology (VGT, Wastegate, Electric), Material (Cast Iron, Aluminum), Component, Fuel Type, Application (Agriculture, Construction), Vehicle (Passenger Car, LCV, Truck & Bus), Aftermarket, Region - Global Forecast to 2025", size is projected to grow at a CAGR of 10.5% over the forecast period, to reach USD 18.4 billion by 2025 from USD 11.1 billion in 2020. 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.
Browse 249 market data Tables and 62 Figures spread through 242 Pages and in-depth TOC on "Automotive Turbocharger Market by Technology (VGT, Wastegate, Electric), Material (Cast Iron, Aluminum), Component, Fuel Type, Application (Agriculture, Construction), Vehicle (Passenger Car, LCV, Truck & Bus), Aftermarket, Region - Global Forecast to 2025"
View detailed Table of Content here - https://www.marketsandmarkets.com/Market-Reports/turbochargers-market-919.html
The 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 2020, 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 is estimated to be the fastest-growing segment in the automotive turbocharger market
The passenger car segment is expected as the largest market for automotive turbochargers as it contributes to more than 50% of the global vehicle production. COVID-19 will have a major impact on the production of passenger cars in 2020. Passenger car production, which hit 74 million in 2019, will observe a decline of 15% in 2020. Efforts from various automakers to start vehicle production would help in a steady recovery post-2020. For instance, automakers in China, such as Volkswagen, Nissan, Hyundai, and Honda, have announced the reopening of their plants in the country. In Europe, Toyota, Volkswagen, and Audi have resumed operations.
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.
Asia Pacific: The region with the largest demand for automotive turbochargers
Asia Pacific countries such as China, Japan, South Korea, and India are the largest vehicle producers globally. These countries accounted for 49% of the global vehicle production in 2019. The global production of vehicles in 2020 will observe a 15% decline due to COVID-19. China, India, and Japan, which account for a large share of the global passenger car production, will observe a drop of 15%, 17%, and 14%, respectively, in 2020 as compared to 2019. Similarly, heavy commercial vehicle production in China (the largest production hub for these vehicles) will observe a decline of 21% in 2020 as compared to 2019. COVID-19 has resulted in a decrease in vehicle production. However, Asia Pacific continues to remain the largest vehicle producer globally. Considering the opening of manufacturing plants in China, global vehicle production would grow at a rate of 3.3% from 2020 to 2025.
Factors responsible for the steady growth of automotive turbocharger market the post-2020 recovery of vehicle production are:
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).
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
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. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" 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.
Mr. Aashish Mehra
630 Dundee Road
Northbrook, IL 60062
USA : 1-888-600-6441