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Automotive Turbocharger Market Research Report: Information by Technology (VGT/VNT, Wastegate, Electric Turbocharger), Fuel Type (Diesel, Gasoline), Sales Channel (OEM, Aftermarket), Vehicle Type, Material, Application And Region – Global Forecast Till 2023
Turbocharger Global Market – Overview:
The Global Automotive Turbocharger Market is growing with the rapid pace. According to a recent study report published by the Market Research Future, The global market of Turbocharger will grow at a rapid pace over the forecast period. The market is forecasted to witness slow but steady growth by 2022, which will be a surplus growth at a moderate CAGR during the projected period (2016 -2022).
Turbocharger is a type of forced induction system which increases an internal combustion engine’s power output and efficiency by forcing air into the combustion chamber. Stringent environmental regulations, increasing trend for opting better fuel economy and to enhance the engine performance will boost the demand for the turbocharger, as the turbocharger are more fuel efficient and improves the power of the automotive engine. Increasing demand for power generating automobile, need for fuel efficient engines will drive the passenger car segment of vehicle type and will have significant impact on the Automotive Turbocharger Market
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Over the past decade, it has been experienced that the prices of crude oil per barrel is increasing very rapidly and also the availability the crude oil is decreasing day by day. Due to these factors, the mind-set of large pool of population is shifting their preference towards electric vehicles. In the last 3 to 4 years, the demand for electric vehicles in the United States is rapidly increasing and seen around 70% of year-over-year growth in the sales. Along with the United States, Norway has also put a step ahead and has shifted more focus towards electric vehicles. As per the market statistics, every third of new car is electric and also the country has the highest proportion of 6.4% worldwide followed by Sweden i.e. 3.4%. The growth of electric vehicles is increasing across the globe and since 2014, the sales have been doubled. As of 2016, near about 777,500 electric vehicles have been sold worldwide.
The growing demand for electric vehicles combined with rising fuel prices are expected to adversely impact the Automotive Turbocharger Market
The major factor that has been a restraint for the Turbocharger is the government regulations over its certification. The Turbocharger needs to clear all the certification process led by government and transportation department. However, several manufacturers face various difficulties in getting NOCs from these departments. Moreover, the manufacturers need to obtain these certificates to sell or export their products to other countries such as US’s DOT, China’s CCC, Brazil’s INMETRO, Japan’s JAS, India’s RTO. Therefore, owing to this factors, the market has faced various challenges that could obstruct the market growth
There exists a rapidly rising demand for fuel efficient vehicle in the across the globe. With manufacturers focusing on development of lightweight components for automobiles specifically the increasing usage of carbon fibre and other lightweight material in order to enhance a vehicles fuel efficiency the market for Turbocharger is set to witness a steep increase in demand. The Turbochargers are mainly tasked with efficient fuel delivery for combustion, development of fuel efficient vehicles will push the demand in the market for Turbochargers during the forecast period.
On the other hand stringent government policies in the form of emission taxes and penalties and overall growing awareness regarding the environment is expected aid the growth of Turbochargers. With manufacturers investing in development of high performing fuel injection pumps to be integrated in vehicles to reduce emissions the market is poised for rapid growth during the forecast period.
Industry Major Key Players
Honeywell International Inc., Borgwarner Inc., IHI Corporation, Mitsubishi Heavy Industries Ltd., Cummins Inc., Continental AG, Eaton Corporation PLC, Bosch Mahle Turbo Systems GmbH & Co. Kg, Turbo Energy Private Limited, and Rotomaster International and others are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Automotive Turbocharger Market
Industry/ Innovation/ Related News:
March, 2011 – Honeywell announced that it will invest in a new turbocharger manufacturing facility in Presov, Slovakia. The new plant will initially produce turbochargers for light vehicle and light vehicle commercial vehicle applications and is expected to be operational by 2012. The new Slovakia facility will supplement Honeywell’s global footprint and address the rapid increase in turbo adoption around the world. Honeywell expects global vehicle production to increase in 2011 and beyond, and the turbocharger segment is expected to grow by more than two million vehicles this year alone
September, 2014– Honeywell Turbo Technologies, the leading global developer of automotive turbochargers, released its Global Turbo Forecast that estimates the industry will generate $12 billion in by equipping 49 million vehicles with turbochargers annually by 2019. The continued growth of turbocharging technologies will be driven by requirements for manufacturers to meet global environmental emissions regulations and bolstered by strong demand in emerging markets.
March, 2015 – Cummins Turbo Technologies, a global engineering leader in turbocharger technology, officially launched its new Two-Stage turbocharger powering the 2016 Nissan TITAN XD at the Mid-America Trucking Show (MATS). The next generation Two-Stage System with Rotary Turbine Control (RTC) is Cummins’ most sophisticated turbocharger to date, delivering high efficiency, excellent driveability and low emissions levels.
Automotive Turbocharger Market – Segmentation
The Global Automotive Turbocharger Market is segmented in to 3 key dynamics for the convenience of the report and enhanced understanding;
Segmentation by Vehicle Type: Comprises Passenger Car, LCV, HCV, Agricultural Tractor and Construction Equipment.
Segmentation by Technology : Comprises Variable Geometry Turbocharger (VGT)/ Variable Nozzle Turbocharger (VNT), Waste gate, and Others
Segmentation by Fuel Type: Comprises Variable Gasoline and Diesel
Segmentation by Regions : Comprises Geographical regions – North America, Europe, APAC and Rest of the World.
Automotive Turbocharger Market: Regional Analysis
Asia-Pacific is expected to dominate the Automotive Turbocharger Market in the forecast period and is followed by North America and Europe. Increasing usage of vehicles, increasing need for power efficient passenger & commercial vehicles, high demand for fuel efficient engines in the economically emerging countries like China and India will drive the market of turbocharger in the Asia-Pacific region.
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