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Turbocharger After for Sports Vehicles Market size is estimated to reach $2.8 billion by 2026 at a CAGR of 9.2% during the forecast period 2021-2026. These turbochargers are turbine-driven forced induction devices that increase the internal combustion (IC) engines efficiency and energy output, by sending extra compressed-air into the combustion chamber and heat exchangers. They are also used to obtain greater power or torque output for a given engine displacement. Further stringent emission norms across the globe are driving the Turbocharger After for Sports Vehicles industry. Similarly, the rise in demand for vehicles with higher power output has prompted manufacturers to install automotive turbochargers in their sports vehicles. Lower excise duty on smaller engines has compelled manufacturers to move toward engine downsizing, which can be achieved by installing turbochargers. On the other hand, the adoption of turbocharger enables a smaller engine to deliver high power along with lower emission and higher fuel-economy, which is considered a key driver of the Turbocharger After for Sports Vehicles industry in the forecast period 2021-2026.
Turbocharger After for Sports Vehicles Market Segment Analysis – By Technology
In terms of technology, the Variable geometry turbochargers or variable nozzle turbochargers (VGT/ VNT) segment is expected to grow at a CAGR of 10.1% in the forecast period due to its low boost threshold and efficiency at higher speeds. VGT/VNT turbochargers have been primarily developed for diesel engines owing to their higher capability to vary the effective aspect ratio of the engine from higher engine speed to lower engine speed, thus it enhanced the efficiency of diesel engines effectively and is currently penetrating gasoline vehicles owing to its higher efficiency over fixed geometry turbochargers. A significant rise in the production and sales of sports cars has boosted the twin turbo technology segment. Moreover, further rise in sales of sports vehicles is expected to propel the twin turbo technology segment in the near future primarily in developed countries such as the U.S., Canada, Germany, and Australia.
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Turbocharger After for Sports Vehicles Market Segment Analysis – By Operation
In Turbocharger After for Sports Vehicles Market, the E-turbocharger is growing at a CAGR of 10.2% in the forecast period. Rising investments and expansion of research and development centers for development of automotive turbochargers have led to the development of e-turbochargers, which are considered as the future of turbochargers for the automotive industry. The e-turbocharger was developed to overcome turbo lag that is experienced in conventional turbochargers by eliminating the dependency of compressor on exhaust of the engine. Penetration of e-turbochargers has been rising at a significant pace in the last few years. Their penetration is expected to rise significantly during the forecast period due to several advantages they possess over conventional turbochargers, such as elimination of turbo-lag, lower heating of the engine chamber due to lower rpm of the turbine and other. Hence these factors are analyzed to drive the Turbocharger After for Sports Vehicles market share in the forecast period 2021-2026.
Turbocharger After for Sports Vehicles Market Segment Analysis – By Geography
Europe dominated the Turbocharger After for Sports Vehicles market size in 2020 with a share of 33%. The Turbocharger After for Sports Vehicles market in Europe has witnessed rapid evolution with ongoing developments in the automotive sectors. In 2020 Porsche announced plans to invest more than $6 billion in electro mobility by 2022 in Europe. I addition this region is eyeing on clean energy transition and endorses the application of sustainable industrial machinery to reduce the growing environmental concerns thereby driving the market growth. Further Europe is also a leading supporter of green car technologies with several key automobiles manufacturers such as Audi, Mercedes-Benz, Ferrari, and others in the region. Hence these factors are analysed to drive the Turbocharger After for Sports Vehicles industry in the forecast period 2021-2026.
Turbocharger After for Sports Vehicles Market Drivers
Stringent emission regulations by governments of several countries is analysed to drive the market growth
Various governments across the globe have taken strong measures to reduce emissions and the dependency on non-renewable energy resources. Turbocharger helps significantly in reducing vehicular emissions. Using a turbocharger reduces the displacement volume of the cylinder, reducing the volume of the fuel required for the same output, and thereby reducing the exhaust emissions of the vehicle. It also increases fuel efficiency. Further a range of seals have been developed that are compatible with different new array of turbochargers. The growing popularity of turbocharged sports cars has fuelled the prospects in the turbochargers market. The increasing trend of engine downsizing is expected to play a crucial role in shaping the dynamics of product innovations, thereby influencing the contours of competition in the market.
New Turbo Engines Launch by Key Companies for sports cars is analyzed to drive the market growth:
With advancement driving the global market, automotive companies are introducing new innovative products to lure more customer demand, also complying with ecological sustainability through less fuel exhausting and highly efficient turbo engines. In 2019, Audi has launched a new turbo engine for the DTM racing cars series. This highly-efficient racing engine will offer more than 610 horsepower which will work smoothly and can run on alternative e-fuels maintaining sustainability. Furthermore, BMW has introduced its revolutionary turbo 4-cylinder engine which is claimed to consume extensively low fuel with even lesser emissions. Hence these kinds of product launches will drive the Turbocharger After for Sports Vehicles industry outlook in the forecast period 2021-2026.
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Turbocharger After for Sports Vehicles Market Challenges
Decline in Sports cars in major and emerging markets is analyzed to hamper the growth of the market
The automotive industry is witnessing a global slowdown. The global vehicle production declined by 1% in 2020 and is estimated to drop further in 2021 as reported by the International Organization of Motor Vehicle Manufacturers (OICA). Adding to this sales of sports cars in the US are also down by 14% in 2020. An increase in shared mobility, increasing oil prices, high prices of vehicles are some of the major factors affecting the automotive industry. Hence this decline will hamper the Turbocharger After for Sports Vehicles market share in the forecast period 2021-2026.
Turbocharger After for Sports Vehicles Market Landscape
Technology launches, acquisitions, Partnerships and R&D activities are key strategies adopted by players in the Turbocharger After for Sports Vehicles Market. In 2020, the market of Turbocharger After for Sports Vehicles industry outlook has been fragmented by several companies. Turbocharger After for Sports Vehicles top 10 companies include:
In November 2020, Continental announced the extension of its line of turbochargers for the aftermarket for BMW, MINI and VW group. These models use Continental’s sophisticated RAAX turbine technology, which improves engine response and reduces emissions by increasing efficiency.
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Europe dominated the Turbocharger After for Sports Vehicles market size in 2020 with a share of 35%. The Turbocharger After for Sports Vehicles market in Europe has witnessed rapid evolution with ongoing developments in the automotive sectors.
In terms of technology, the Variable geometry turbochargers or variable nozzle turbochargers (VGT/ VNT) segment is expected to grow at a CAGR of 10.1% in the forecast period due to its low boost threshold and efficiency at higher speeds.
Rising investments and expansion of research and development centers for the development of automotive turbochargers have led to the development of e-turbochargers, which are considered as the future of turbochargers for the automotive industry.
Turbocharger After for Sports Vehicles companies are strengthening their position through mergers & acquisitions and continuously investing in research and development (R&D) activities to come up with solutions to cater to the changing requirements of customers.
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