Growing environmental concerns and rising demand of fuel efficient engines driving the growth of global turbochargers market
Turbochargers system allows the engines to harness the wasted energy from the exhaust gases by utilizing them to turn a turbine wheel. Hot exhaust gases allows the turbine to spin up to 250,000 r.p.m., allowing the more fuel to be burned in same-size engine hence improving fuel efficiency and torque of the engine. Turbochargers are evolved beyond their standard types and have succeeded in boosting small engine's power and impressive fuel efficiency.
Global automotive turbochargers market is segmented into fuel types such as diesel, gasoline. Diesel powered turbochargers constitute of the major share in automotive turbochargers market owing to its wide adoption rate in light commercial vehicles and SUVs. On the other hand, gasoline powered turbochargers are widely used in smaller engines to provide better efficiency and torque at minimum input.
Global automotive turbochargers market accounted for USD 7.3 billion in 2015 and further the market is expected to expand at a CAGR of 6.8% over the forecast period i.e. 2016-2024. Geographically, North-America and Europe are showcasing the fastest adoption rate of turbocharged vehicles. In 2011, there were less than 7% of new cars and trucks in North-America were sold equipped with turbochargers. In 2015, the market share of turbocharged vehicles has tripled and reached to 21% in United States. In Europe, more than 67% vehicles in showrooms are turbocharged, with more than 50% diesel powered engines. Asia-Pacific is fastest growing region, owing to stringent fuel emission norms and rising demand of fuel efficient vehicles.
Growing Demand for Fuel Efficient Engines without Sacrificing the Performance: Major Impel
Adoption of turbochargers is a very efficient way for automobile manufacturers to produce engines that can meet both the new environmental regulations and the consumers’ requirements. Rising demand for fuel efficient vehicles is the major factor driving the growth of turbochargers vehicles. According to our research, there will be more than 170 million vehicles equipped with turbochargers will be running on roads by 2024. However, increasing adoption of hybrid technologies and electric vehicles is expected to obstruct the growth of automotive turbochargers market in upcoming years. Moreover, rising competitiveness among the manufacturers is one of the major factors which limits the supply of turbochargers into the market.
“Global Automotive Turbochargers Market Outlook 2024” contains detailed overview of the global automotive turbochargers market in terms of market segmentation by product, by fuel types, by end-users type. Further, for the in-depth analysis, the report encompasses the industry growth drivers, market challenges, risk analysis, market attractiveness, BPS (Base Point Scale) analysis, Porter’s five force model and SWOT analysis. This market report also includes provides competitive outlook of some of the major players of the global automotive turbochargers market which includes profiling of companies such as Honeywell International Inc., BorgWarner Inc., Cummins Inc., IHI Corporation, Mitsubishi Heavy Industries Ltd., Continental AG, Bosch Mahle Turbo Systems, Rotomaster Inc, Turbo Energy PVT LTD etc. The company profiles include business strategy, geographical revenue distribution, major information of the companies which encompasses business outlook, products, services and industries catered, financial analysis of the company and recent developments.
Overall, the report represents comprehensive synopsis on the global automotive turbochargers market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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