An automotive turbocharger is defined as a small turbine that is placed between the engine and the exhaust. A turbocharger uses the exhaust gases to spin the turbine and improve the efficiency of fuel, increase the power of the car, and is used in light engine vehicles to put more horsepower and torque. In recent years, the demand for automotive turbochargers has increased dramatically due to the rising demand for light as well as heavy engine vehicles to enhance engine power, strict environmental regulations, demand for power-generating cars and to get fuel-efficient engines. Furthermore, the entry of global players into emerging markets adds to the growth of the market. For instance, In November 2020, Continental AG extended its line of turbochargers for new car models made by MINI, BMW, and Volkswagen Group.
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The Automotive Turbocharger Market is expected to grow at a steady rate of around 8% owing of the fuel-efficient engine and increase in the power of vehicles. Major companies in the market offer automotive turbochargers for vehicles to take a step towards advancement in high-volume models and making original products for workshops. For instance, in June 2021, BorgWarner announced a partnership with Alpine F1 Team in addition to their long-time collaboration on propulsion technologies.
Based on fuel type, the market is segmented into gasoline, diesel, and others. The gasoline fuel category witnessed a higher CAGR during the forecast period. As diesel engine offers less power output than gasoline engine and gasoline engine are easier to alter for achieving greater performance. Moreover, a gasoline engine produces less carbon dioxide as compared to other fuel engines which helps in improving the efficiency of turbochargers. Thus, automotive manufacturers are expected to diversify their products to fulfill the demand of consumers in the gasoline fuel segment.
Based on the application, the automotive turbocharger market has been classified into passenger vehicle, light commercial vehicle, heavy commercial vehicle, agricultural machinery, and others. Among all these, the passenger vehicle category is to witness higher adoption of automotive turbochargers during the forecast period. This is mainly due to the large population inclined towards high-performance and fuel-efficient vehicles. Moreover, the rise in the purchasing capacity of people is ultimately leading to a high number of production and sales of passenger vehicles across the globe. For instance, according to the Society of Indian Automobile Manufacturers, around 3,424,564 passenger vehicles and 756,725 commercial vehicles were manufactured in 2019-20.
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North America to witness extensive growth
For a better understanding of the market adoption of the Automotive Turbocharger industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. North America is anticipated to grow at a substantial CAGR during the forecast period. This is mainly due to the adoption of the high volume of commercial vehicles, rapid adoption of turbochargers by the automotive industry as well as technologically advanced functionalities are estimated to increase the growth of this market in this region. Moreover, the Environmental Protection Agency (EPA) has introduced regulations and standards to limit rising fuel emissions and has mandated that automotive manufacturers develop cleaner and fuel-efficient engines.
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According to UnivDatos Market Insights (UMI)’, the key players with a considerable market share in the Automotive turbocharger market are ABB, Honeywell International Inc., BorgWarner Inc., IHI Corporation, Cummins Inc., Bosch Mahle Turbo Systems GmbH & Co. KG, Eaton Corporation plc, Weifang Fuyuan Turbocharger Co Ltd, Mitsubishi Heavy Industries, Ltd, Continental AG.
“Global Automotive Turbocharger Market” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for the market players. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitors’ capabilities on different parameters. This will help companies in the formulation of go-to-market strategies and identifying the blue ocean for its offerings.
Market Segmentation:
1. By Fuel Type (Gasoline, Diesel, and Others)
2. By Technology (Variable Geometry Turbocharger, Wastegate Turbocharger, Electrical Turbocharger, and Others)
3. By Application (Passenger Vehicle, Light Commercial Vehicle, Heavy Commercial Vehicle, Agricultural Machinery, and Others)
4. By Region (North America, Europe, Asia-Pacific, Rest of the World)
5. By Company (ABB, Honeywell International Inc., BorgWarner Inc., IHI Corporation, Cummins Inc., Bosch Mahle Turbo Systems GmbH & Co. KG, Eaton Corporation plc, Weifang Fuyuan Turbocharger Co Ltd, Mitsubishi Heavy Industries, Ltd, Continental AG)
Key questions answered in the study:
1. What are the current and future trends of the global automotive turbocharger industry?
2. How the industry has been evolving in terms of fuel type, technology, and application?
3. How the competition has been shaping across the countries followed by their comparative factorial indexing?
4. What are the key growth drivers and challenges for the global automotive turbocharger industry?
5. What is the customer orientation, purchase behavior, and expectations from the global automotive turbocharger suppliers across various region and countries?
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