Automotive Turbocharger Market: 2018 Global Industry Size, Share, Trends, Growth
Global Automotive Turbocharger Market Information Report by Type (Gasoline Engine, Diesel Engine, and New Energy Engine), By Application (Passenger Vehicle and Commercial Vehicle), and by Region - Global Forecast to 2023.
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Key Automotive Turbocharger Companies Studied In this report are:
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).
Automotive Turbocharger Market Analysis Report 2018 to 2023 include Automotive Turbocharger Market size, share, growth, trends, revenue, and key player’s historic data, with forecast data. Automotive Turbocharger Market report is helpful for future strategy development, and to know about Market Drivers, Restraints, and Opportunities.
Automotive Turbocharger Market Overview:
Automotive turbocharger 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.
Global automotive turbocharger market has very broad market in coming recent years. MRFR analysts has predicted that automotive industry is about to grow at a rapid pace, moreover, the speedy rising sales of passenger cars and technological innovations have also been a growth momentum. The global automotive turbocharger market is expected to reach USD 24,223.3 million by 2023 with 7.97% CAGR.
Automotive industry is diversifying at a greater speed as manufacturers and suppliers race to produce lighter and more powerful vehicles in lesser time. Alternative fuels, new lightweight materials and innovative technology are transforming the manufacturing process of automotive industry. With the global economy undergoing an unprecedented level shift, major emerging countries such as China, India, Thailand, and Indonesia are becoming manufacturing hubs for global automotive players. The income levels of individuals have been steadily increasing, also resulting in the rise in their disposable income, pushing the market towards growth. The currently booming automotive industry, combined with steadily increasing disposable income, is expected to contribute significantly in the growth of the market.
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The global automotive turbocharger market is segment based on type, application, and region. On the basis of type, Gasoline Engine segment expected to witness highest growth in global automotive turbocharger market during the forecast period due to increase power and are designed to run at much higher RPMs (Revolutions per minute) than in diesels. Diesel engine is expected to be the second largest segment because they can handle high combustion pressures created by diesel fuel. Based on application, Passenger Cars expected to witness highest growth in global automotive turbocharger market with share of 54.70% in 2016 due to increase income level. High demand for automobiles is primarily driven by rising demand of passenger car among large pool of population, increasing per capita income in emerging countries, and expansion of global auto-manufacturers into new emerging markets and others.
Asia-Pacific accounted for the largest market share of 40.75% in 2016 due to increase in the vehicle production in developing countries such as India and China. 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 accounted for the largest market share with a market value of USD 2,862.6 million and is projected to grow at the highest CAGR of 9.65% during the forecast period.
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. North America accounted for the second largest market during the forecast period due to increase in demand of the new vehicles. The factor that are responsible for the growth of automotive turbocharger market are continuous growth in global automotive industry and stringent vehicle emission regulations. Many stringent policies have been imposed worldwide in recent years to reduce negative effects on environment due to which the demand for turbocharger is increasing. The amended rules will apply to all vehicles run on petrol, CNG, LPG, electric, diesel and hybrid. The factor responsible for the increase in vehicle sales, is the macroeconomic development and the rise in the global middle class consumers.
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