Overview
Automotive Turbocharger Market is a turbine, which is driven by the energy of exhaust gas generated by the internal combustion engine. Typically, a turbocharger consists of two parts and they are a turbine and a compressor, which run parallel with the help of a shared shaft. A turbocharger improves the fuel efficiency of the engine by pushing more clean air in the engines to burn fuel and deliver greater power. According to a recent study report published by the Market Research Future, The global market of automotive turbocharger is booming and expected to gain prominence over the forecast period. The market is forecasted to demonstrate a stunning growth by 2023, surpassing its previous growth records in terms of value with a striking CAGR during the estimated period (2017 – 2023).
Turbocharger engines are used widely with many advantages that play a vital role in environmental pollution control. Diesel engines are considered, one of the largest contributors to environmental pollution caused by exhaust emissions. Many stringent policies have been imposed worldwide in recent years to reduce negative effects on environment. The amended rules will apply to all vehicles run on petrol, CNG, LPG, electric, diesel and hybrid.
The total vehicle sales for the year 2015 was almost 90 million units and is expected to witness further boost and reach more than 100 million units by the year 2023. Another factor responsible for the increase in vehicle sales, is the macroeconomic development and the rise in the global middle class consumers. According to OICA, the sales of new vehicles have been increased from 2013 to 2016. In 2013, the number of vehicle sold were 85.6 million while in 2016 it was 93.8 million.
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The dynamic business environment and cut throat competition in the market constantly requires influx of capital to update their technology to cope with increasing incidences of customization by the consumers. The higher capital investment and expensive nature than traditional turbocharger, is expected to act as a hurdle in the growth of the market due to significant entry barriers for new players, which is expected to have a negative impact on the automotive turbocharger market.
Manufacturers are making heavy investments into RD so as to develop technology to increase the efficiency of the combustion engines and lessen the environmental impact of their vehicles. The company focuses on investing in RD and also to gain a competitive edge in the market by considering system integration and new functionality that provide better quality and innovative product to the consumers. Product developments such as development of electric turbocharger, ball bearing turbocharger, Gasoline DualBoost Turbochargers are showing opportunity for market growth by performance enhancement and higher operating speed.
Segmentation
The global Automotive Turbocharger market is segmented in to 3 key dynamics for the convenience of the report and enhanced understanding;
Segmentation by Type: Comprises Gasoline Engine, Diesel Engine, and New Energy Engine.
Segmentation by Application: Comprises Passenger Vehicle and Commercial Vehicle.
Segmentation by Regions: Comprises Geographical regions - North America, Europe, APAC and Rest of the World.
Automotive Turbocharger Market: Regional Analysis
The demand for turbochargers is largely dependent on vehicle production in developing countries such as India and China. The vehicle production is growing, which in turn would push the demand for turbocharged vehicles. Moreover, factors such as increase in vehicle production, large population base, growing demand for diesel vehicles, upcoming emission norms, and economic shifts are driving the Asia-Pacific turbocharger market. China is one of the major automotive markets in Asia. The automotive industry continues to grow in China due to increased production of passenger and commercial vehicles. The automakers in China are developing new and trade friendly policies that enable them to produce larger number of vehicles.
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Key Players
Honeywell International Inc. (U.S.), BorgWarner Inc. (U.S), Mitsubishi Heavy Industries, Ltd (Japan), IHI Corporation (Japan), Continental AG (Germany), Cummins, Inc.( U.S.), Bosch Mahle(Germany), Bullseye Power, LLC (U.S.), Precision Turbo and Engine(U.S.) and Fengcheng Xindongli Turbocharger Co., Ltd.( China). 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.
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