The global automotive turbocharger market accounted for USD 14.7 billion in 2019. Automotive turbocharger market projected to register growth at a CAGR of 6.8% during forecast period.
COVID-19 has impacted automobile sector significantly. This sector is experiencing decline since beginning of 2019. In the late 2019 it was hit by global pandemic which has made the market situation really bad for automobile sector. Due to spread of corona virus the government across the world has imposed lockdown within the country, travel was restricted and international boarders were of closed. This has resulted in disruption of export & import and shutdown of manufacturing units temporarily. The growth of turbochargers is directly proportional with vehicle sales and production. There is a decline of 5% from 2018-2019. Thus, turbochargers will witness a significant growth during forecast period due to COVID-19.
For more details, visit: Global Automotive Turbocharger Market By Vehicle Type (Passenger Car, Commercial Vehicle), By Fuel Type (Diesel, Gasoline, Others), By Application(Agricultural Tractors, Constructional Equipment), By Region–Forecast & Opportunities to 2026
The increasing pollution is a major concern of many regions around the world. The governments across the globe are adopting various initiatives in order to control the pollution. The emission is a major cause of pollution and there stringent rules and regulation have been made by government to control the pollution. Turbocharger is a great solution to reduce pollution and the use of turbocharger is increasing thus, drives growth in this market during forecast period.
On the basis of vehicle type, the automotive turbochargers market is segmented into passenger vehicle, light commercial vehicle and heavy commercial vehicle. The passenger vehicle segment in turbocharger has XX% of total market share around the world. The fuel cell technology is gaining immense popularity as it helps in enhancing efficiency of power generation by delivering clean air into the fuel cell batteries.
On the basis of fuel type, the automotive turbochargers market is segmented into diesel, gasoline and others. The gasoline fuel type segment accounted for XX% of market share in 2019. This segment is estimated to register highest growth a CAGR of XX% during forecast period. The adoption of turbocharged gasoline direct injection in various gasoline engines is increasing. Various OEMs are also adopting gasoline engines for meeting emission norms set by government to reduce emission of exhaust gas.
On the basis of application, the automotive turbochargers market is segmented into agricultural tractors and constructional equipment. The agricultural tractors segment is estimated to register growth at highest CAGR during forecast period. Turbochargers are majorly installed in high HP tractors are but low HP tractors doesn’t have turbochargers. Thus, drives growth in agricultural tractors market.
Europe region accounted for XX% of market share in 2019. Europe region is considered to be the hub for automotive sector. Countries such as Germany, Spain and Italy are hub for various top companies in automobile sector. Despite hit by COVID-19 the Europe region is likely to witness growth during forecast period.
Asia-Pacific region is projected to witness growth at a CAGR of XX% during forecast period. The automotive sector in Asia-Pacific region is a fast developing market. Many companies are establishing their production plants in countries like India, South East Asian countries and China. The production levels are rising in this region. However Covid-19 has negatively impacted the automotive industry but it will recover and witness growth during forecast period.
The key market players in automotive turbochargers are BorgWarner, MHI, IHI, Continental, Honeywell, Cummins, Bosch Mahle, TEL, ABB, Rotomaster International, Delphi Technologies, Precision Turbo & Engines INC, Turbonetics, Kompressorenabu Bannewitz, Turbo International, Turbo Dynamic Ltd, Fuyuan Turbocharger, Hunan Tyen Machinery and Ningbo Motor Industrial.
- What are the expected industry trends over the next three to five years?
- Which of the automotive turbocharger vehicle type is likely to lead by 2025?
- Which of the application segments is expected to have the maximum potential to during the forecast period?
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