Automotive manufacturers are producing fuel efficient engines with the help of turbochargers technology in-mid of stringent emission norms
Global automotive turbochargers market is expected to expand at a compound annual growth rate (CAGR) of 6.8% over the forecast period i.e. 2016-2024. Further, the annual sales of automobiles equipped with turbochargers are predicted to grow from 38 million units in 2016 to 59 million units in 2024.
Market Landscape
Growing sales of automobiles across the globe specifically in developing countries along with strict vehicular emission regulation and fuel efficiency has significantly pushed the automakers to provide their vehicles with fuel efficient engines. With rising numbers of turbocharged vehicles around the world (75% in Europe and somewhere around 20% in the USA) turbocharged vehicles have significantly put manufacturers ahead of the strict emissions targets such as EURO6, Tier3 and LEVIII.Honeywell, BorgWarner and Cummins are the global leaders in turbocharger technology – working with nearly every major automaker and truck manufacturer across the globe.
Huge investment has been made in turbocharger technology by the major OEMs because of the rapidly cumulative uptake of turbo technology by auto manufacturers. Turbocharged vehicles are expected to witness around 38% of new vehicle registrations by 2021 in the United States, and over 90% new registrations in Europe and 50% inAustralia automotive market respectively. Additionally, the global automotive turbochargers market share should easily reach 50% of vehicles – urged particularly by the Chinese market’s drive to develop fuel economy targets from 6.9L/100 km in 2015 to 5L/100 km in 2020. However, emergence of electric vehicles market poises a major challenge for the market growth of turbochargers.
“Global Automotive Turbochargers Market Outlook, 2016-2024” covers the present ground scenario and future opportunity prospects for the market players to analyze the target markets across the globe. Moreover, competitive analysis includes the in-depth analysis of the major players and leaders in automotive turbo chargers industry. The market study conducted on the basis of primary as well as secondary research where the analysts fragment the data from various databases such as Bloomberg, Factiva, Owler and others. Our primary research team conducted various interviews, surveys and group discussions of industry professionals, turbocharger manufacturers, aftermarket vendors and component suppliers to analyze the future prospects of the overall automotive turbocharger industry.
Global Automotive Turbochargers Market Segmentation can be classified on the basis of:-
- By Technology Type
- Variable Geometry Turbochargers
- Twin Turbo
- Wastegate Technology
- By Vehicles Type
- Light Commercial Vehicles (LCV)
- Heavy Commercial vehicles (HCV)
- Passenger Cars
- By Fuel Type
- Diesel
- Gasoline
- By End-User
- Original Equipment Manufacturers (OEMs)
- Aftermarket
- By Geography
- North America Automotive Turbochargers Market (US, Canada) {Market Share (%), Market Size (USD Billion)}
- Europe Automotive Turbochargers Market (UK, France, Italy, Germany, Spain, Hungary, Sweden, Russia, Poland and Rest of Europe) {Market Share (%), Market Size (USD Billion)}
- Middle East and Africa Automotive Turbochargers Market (GCC Countries, North Africa, South Africa and Rest of Middle East & Africa) {Market Share (%), Market Size (USD Billion)}
- Latin America Automotive Turbochargers Market (Brazil, Mexico and Rest of Latin America) {Market Share (%), Market Size (USD Billion)}
- Asia Pacific Automotive Turbochargers Market (China, Japan, India, Singapore, South Korea, Australia, New Zealand and Rest of Asia-Pacific) {Market Share (%), Market Size (USD Billion)}
Market Trends, Drivers and Challenges
Manufacturers of electric vehicles are continuously spending on advancement of turbochargers to meet the specifications of new vehicles such as hybrid and mild hybrid vehicles. Electric and hybrid vehicles are predictable to grow from 3 million vehicles in 2016 to a total of 16 million by 2021. Within the category, mild hybrids are expected to account for 46% of the total market and full hybrids will account for 40%; and pure electric vehicles will account for the remaining 14% market share. According to Honeywell, a leading turbocharger manufacturer estimate 70% of all mild hybrid vehicles will be equipped with turbo or multiple turbo systems (mechanical and electric). Currently about 40% of the 100 million engines manufactured in a year are turbocharged. By 2025 that should increase by 5-10 percent and by 2030 it should increase another 5 percent.
“Global Automotive Turbocharger Market Report” has been prepared based on an in-depth market analysis from industry experts. The report covers the competitive landscape and current position of major players in the market space. The report also includes porter’s five force model, SWOT analysis, company profiling, business strategies of market players and their business models. Global automotive turbocharger market report also recognizes value chain analysis to understand the cost differentiation to provide competitive advantage to the existing and new entry players.
Request Report Sample @https://www.goldsteinresearch.com/request-sample/global-automotive-turbochargers-market-outlook-2024-global-opportunity-and-demand-analysis-market-forecast-2016-2024
Based in U.S., Goldstein Research is a young business consulting and market research firm with vast reach across America, Asia and parts of Europe and the Middle East. In the next five years, we strive to expand our reach to 50+ nations spanning across Europe, Asia and parts of the Middle East and Africa. We strive to realize a strong brand presence globally through our quality research and forecasting solutions. With 30+ domain experts and 50+ employees working day and night to crunch numbers and bring out the best and detailed market reports and forecasts, we strive to enable you to foresee upcoming market challenges and develop a robust business model and strategies, which would add to your profitability and market visibility as a brand.
Media Contact
Company Name: Goldstein Research
Contact Person: Steve blade
Email: stevebladeusa@gmail.com
Phone: +1-6465687747
Address:99 Wall Street, Suite No:- 527
City: New York,
State: NY
Country: United States
Website: http://www.goldsteinresearch.com