Global Automotive Turbocharger Market by Technology, Material, Fuel Type, On-Highway Vehicles, OHV, Aftermarket & Region - Forecast to 2027 - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Nov 18, 2019--
The “Automotive Turbocharger Market by Technology (VGT, Wastegate, Electric), Material (Cast Iron, Aluminum), Fuel Type, On-Highway Vehicles (Passenger Car, LCV, Truck & Bus), OHV (Agriculture, Construction), Aftermarket and Region - Global Forecast to 2027” report has been added to ResearchAndMarkets.com’s offering.
The global automotive turbocharger market is projected to reach USD 26,350 million by 2027 from USD 12,461 million in 2019, at a CAGR of 9.8%.
The automotive turbocharger market is dominated by a few global players and several regional players. Some of the key players in the automotive turbocharger market are Garrett Motion (Switzerland), Continental AG (Germany), BorgWarner (US), and IHI (Japan).
Growing stringency in emission regulations and speculated increase in gasoline turbocharger demand are projected to drive the automotive turbocharger market globally
The growth of the automotive turbocharger market is influenced by factors such as upcoming regulation in Asian countries such as China and India, increased production of mild-hybrid vehicles, and increased popularity of TGDI among others. Some of the market restraining factors are the declining share of diesel vehicles, a recent decline in global vehicle production, and possible shift towards electric cars.
Aluminum is estimated to be the fastest-growing material for turbochargers
The automotive turbocharger consists of various components like turbine, turbocharger housing, compressor housing, bearings, and turbocharger shaft. Cast Iron, Aluminum, Stainless Steel, Nickel-based alloys, Titanium-alloys are the essential materials used for the manufacturing of turbochargers. The durability of turbocharger components at high temperatures depends upon the type of material been used for it. Owing to the light-weighting trend, and the benefits offered by Aluminum over cast iron, the demand for Al is estimated to be the largest in the coming years.
Passenger car segment is estimated as the largest market for turbochargers
Passenger cars is the major market for turbochargers in the vehicle segment considering the overall production globally. According to ACEA, the passenger car production hit 79 million in 2018 and is expected to go beyond 100 million by 2024-2025, with Asia Pacific and North America being the leading regions. In 2018, Asia Oceania passenger car production was around 43.4 million units as compared to 44.8 million units in 2017. In 2018, the Asia Oceania region accounted for 61.5% of the global passenger car production, whereas China accounted for 33.3% of the global passenger car production, which makes Asia Oceania is the largest market for turbochargers.
Asia Oceania to dominate the automotive turbocharger market
Asia Oceania is estimated to be the largest market for automotive turbochargers. The automotive industry has changed the landscape of the Asia Pacific region. Increased production of automobiles, the presence of key players such as IHI, continental AG, Mitsubishi heavy industries, BorgWarner have broadened the scope for turbochargers in this region. China’s passenger car production is estimated to cross 24 million by 2024, with 50% of them already equipped with TGDI now will expand the turbocharger market. Other emerging economies stress on cleaner vehicles such as Mild hybrid vehicles, and stringent emission norms will positively impact the turbocharger industry in the future.
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PUB: 11/18/2019 03:55 PM/DISC: 11/18/2019 03:55 PM