Wednesday, November 29, 2017

Turbocharger Market worth 18.49 Billion USD by 2021, at a CAGR of 7.63%

The turbocharger market for automotive industry is projected to grow at a CAGR of 7.63% from 2016 to 2021, to reach a market size of USD 18.49 Billion by 2021. The major factors responsible for growth are demand for enhanced vehicle performance, engine downsizing making the vehicle lighter with improved fuel economy, and saving on fuel emissions thus achieving the emission targets set by government.

Gasoline turbochargers is the fastest growing segment globally, in terms of value and volume. Currently, the penetration of diesel turbochargers is more, however owing to stringent emission regulations the demand for gasoline turbochargers is increasing.  The gasoline turbochargers perform in higher temperature (up to 1050 degree Celsius) than diesel counterpart and manufactured from high end materials (alloys or composites). The leading player Honeywell Transportation Systems (U.S.) manufacture gasoline turbos namely mono-scroll 1.4L Opel Astra, V6 Ford EcoBoost, V8 twin-turbo BMW X-Series and twin-scroll 1.6L BMW.

“Agricultural tractors to be the largest application in off-highway turbochargers”
Agricultural tractors is anticipated to control the off-highway turbocharger market for automotive industry. Turbochargers in agricultural tractors allow machinery producers to accommodate greater power without increasing the size of the engine as bigger the engine, more will be the amount of emission involved. Also, with a constant rise in feasting, agricultural production has also been increasing prompting a growth in use of agricultural tractors. Many automotive turbocharger manufacturers, such as Honeywell International Inc. (U.S.) and Borg Warner Inc. (U.S.) cater to the off-highway turbocharger industry.

“Passenger car to be the fastest growing segment in the turbocharger aftermarket for automotive industry”
The passenger car segment is projected to grow at the highest CAGR during the forecast period. The growth of the automotive turbocharger aftermarket is predisposed by factors such as the increasing average life of vehicles, changing consumer preferences for greater power causing automobiles, and stringent emission guidelines in regions such as Europe and North America.

“Asia-Oceania to be the largest market for turbocharger in automotive industry”
Asia-Oceania is projected to dominate the turbocharger market for automotive industry, and is estimated to grow at the highest CAGR during the forecast period. Asia-Oceania have created promising opportunities for automobile producers and automotive product suppliers. OEMs in this region are not only catering to local demands, but are serving industrialized markets as well through exports. Also the rising pollution levels in this region has prompted the governments to inspire vehicles with lower emissions and higher fuel efficiency, stimulating the growth of turbocharger industry in this region. For instance, Indian emission norms such as Bharat 4 are based on European emission standards that limit CO emissions to 0.50 g/km (which was 0.64 g/km in EURO 3) and NOX to 0.25 g/km (which was 0.50 g/km) for passenger cars.

The turbocharger market for automotive industry is dominated by a few global players, and comprises several regional players. Some of the key manufacturers operating in the market are Honeywell International Inc. (U.S.), Borg Warner Inc. (U.S.), IHI Corporation (Japan), Mitsubishi Heavy Industries (Japan), and Cummins Inc. (U.S.).

Target Audience

  • Manufacturers of automotive turbochargers
  • Raw material suppliers for automotive turbochargers
  • Experts from the automotive turbocharger industry
  • Dealers and distributors of automotive turbocharger
  • Automotive OEMs
  • The automobile industry and related end-user industries

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