Automotive Turbochargers Market Growth & Trends
The global automotive turbochargers market size is expected to reach USD 27.33 billion by 2027, registering a CAGR of 8.9%, according to a new report by Grand View Research Inc. Rising trend of engine downsizing across the globe in a bid to improve fuel efficiency of vehicles is expected to drive the market growth.
Governing bodies across the world are employing stringent automotive emission norms to curb the rapidly rising environmental damage. This factor is expected to boost the demand for automotive turbochargers since it is an eco-friendly device that aids in realizing fuel economy across several vehicle types.
Key players are investing in R&D to improve turbocharger performance in order to cater to further advancements for downsized diesel and gasoline engines. In addition, they are employing efforts to improve the fuel economy in hybrid vehicles and develop turbochargers for next-gen fuel cell vehicles.
Industry participants are trying to enhance profitability by increasing sales through high add-value turbochargers. In addition, they are employing efforts to secure volume sales of vehicle turbochargers capturing demand for fundamental product-lineup steadily, thereby providing a stimulus to overall market growth.
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Automotive Turbochargers Market Report Highlights
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Other fuel type segment which includes CNG, fuel cells, and other fuel alternatives is expected to expand at a CAGR of over 15.1% during the forecast period, owing to emerging trend of hybrid and fuel cell vehicles
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Gasoline fuel segment accounted for majority of the demand for automotive turbochargers in 2019 on account of shift of light weight vehicles toward direct gasoline engines
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Heavy commercial vehicles segment is expected to witness a notable CAGR of over 9.1% over the forecast period on account of high aftermarket demand for heavy commercial vehicles turbochargers
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In terms of revenue, Asia Pacific stood at USD 3.41 billion in 2019 and is projected to expand at a CAGR of 11.1% over the forecast period on account of rising automotive production levels in the region
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Key market players are investing in development of fuel cell turbochargers to capture the rapidly growing fuel cell vehicles market, which in turn is expected to drive the overall growth over the forecast period
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Automotive Turbochargers Market Segmentation
Grand View Research has segmented the global automotive turbochargers market on the basis of fuel type, vehicle types, and region:
Automotive Turbochargers Fuel Type Outlook (Volume, Million Units; Revenue, USD Million, 2016 – 2027)
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Gasoline
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Diesel
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Other
Automotive Turbochargers Vehicle Type Outlook (Volume, Million Units; Revenue, USD Million, 2016 – 2027)
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Passenger Vehicles
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Light Commercial Vehicles
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Heavy Commercial Vehicles
Automotive Turbochargers Regional Outlook (Volume, Million Units; Revenue, USD Million, 2016 – 2027)
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North America
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U.S.
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Canada
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Mexico
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Europe
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U.K.
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Germany
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France
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Italy
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Spain
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Asia Pacific
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China
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Japan
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India
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South East Asia
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Central & South America (CSA)
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Brazil
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Argentina
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Middle East & Africa (MEA)
List of Companies in the Automotive Turbochargers Market
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Honeywell (U.S.)
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BorgWarner (U.S.)
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MHI (Japan)
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IHI (Japan)
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Continental (Germany)
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Bosch Mahle (Germany)
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Cummins (U.S.)
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ABB (Switzerland)
About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 126 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 4126 analysts and consultants, the company adds 121200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 600 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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