June 21, 2022 09:55 ET | Source: GreyViews GreyViews
Pune India, June 21, 2022 (GLOBE NEWSWIRE) -- The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and Middle East and Africa. These are the key regions where the Automotive Turbocharger market is operating currently and is predicted to expand in the near future. The manufacturers and suppliers involved in the Automotive Turbocharger market is present across various countries in the above-mentioned regions.
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The report provides detailed understanding of the market segments which have been formed by combining different prospects such as the vehicle type, fuel type, technology type, and others. Apart from this, the key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the below paragraphs.
The significant players operating in the global Automotive Turbocharger market are ABB, Garrett Motion Inc., Cummins Inc., Continental AG, BorgWarner Inc., Mitsubishi Heavy Industries, BMTS Technology, Delphi Technologies, TEL, and IHI Corporation among others. To achieve a substantial market share in the worldwide Automotive Turbocharger market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures. Among these, Garrett Motion Inc. is one of the most significant manufacturers and distributors present in the global Automotive Turbocharger market.
The turbocharger comprises of a compressor wheel and exhaust gas turbine wheel attached together by a solid shaft. It is a device fitted to an engine of the vehicle to increase performance and enhance the overall efficiency. Due to such benefits, increasing number of auto manufacturers are choosing to turbocharge their vehicles. It is a type of forced induction system which compresses the air flowing into the engine of the vehicle.
The turbochargers helps to increase the combustion efficiency of an engine. In addition, it helps in increasing the amount of energy diesel produces. Therefore, the turbochargers reduces emissions by converting a more proportion of fuel into carbon dioxide or water in contrast with the toxic emissions. Moreover, turbochargers enables the vehicle manufacturers in global automotive sector to reduce their engine sizes; thus, reducing the emissions while continuing to deliver the customer demand for performance and power customers. Hence, the rising number of automotive industry players are integrating turbocharging to meet emission norms set by governments. For instance, in the U.S., the Environmental Protection Agency (EPA) regulates engine emissions.
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Scope of Automotive Turbocharger Market Report
LCV segment is expected to be the fastest growing segment in 2021.
The vehicle type offering segment includes passenger cars, LCV, trucks, and buses. LCV segment is expected to witness highest growth rate during the forecast period. The rapid growth of logistics and e-commerce industries around the globe has led to the increase in sales of light commercial vehicles (LCV), fueling growth of the automotive turbocharger market. On the other hand, different factors such as increased regulations on vehicle emissions, rapid urbanization, and rapid infrastructure development created demand for LCVs. Hence, surge in demand for LCVs due to aforementioned factors is expected to create lucrative growth opportunities for the segment growth. .
Diesel segment is expected to be the fastest growing segment in 2021.
The fuel type segment includes gasoline, diesel, and alternate fuel/CNG. Diesel segment is expected to witness considerable growth rate during the forecast period. Increasing preferences to the SUVs with the diesel engine is substantially driving growth of this segment. This is mainly due to the fact that the diesel vehicles are more fuel efficient as compared with the petrol variants.
Aftermarket segment is expected to be the fastest growing segment in 2021.
The sales channel segment includes OEM and aftermarket. Aftermarket segment is expected to witness highest growth rate during the forecast period. Availability of high quality automotive turbocharger products at a lower price than OEM parts has boosted growth of this segment. In addition, due to intense competition among aftermarket manufacturers, a wide range of prices and unique features of turbochargers is available in the market. Owing to this, the quality of several aftermarket product equals or exceeds OEM turbochargers..
The regional analysis provides a detailed perception about the key regions and the countries. Some of the key countries analyzed for the Automotive Turbocharger include US, Canada, Mexico, Germany, France, U.K., Italy, Spain, Russia, China, Japan India, Brazil, Peru, UAE, South Africa and Saudi Arabia.
Asia-Pacific region witnessed a major share. In Asia-Pacific, rapid Urbanization along with the increased demand for mobility across the countries such as China and India has led to the surge in vehicle production. This has primarily driven growth of the automotive turbocharger market. However, North America is expected to witness considerable growth rate during the forecast period. This is mainly attributed to surge in demand for fuel-efficient vehicles in the U.S. and Canada.
Germany Automotive Turbocharger market size was valued at USD 1.56 billion in 2021 and is expected to reach USD 3.36 billion by 2029, at a CAGR of 10.2% from 2022 to 2029. Germany is one of the leading nations in the mechanical engineering, manufacturing, automotive, and electrical industries. Also, the country is the leading automotive production and sales market in Europe. The automotive industry represents about 5% of the country's GDP. Moreover, this country is a home to major car manufacturers such as Audi, BMW, Ford-Werke GmbH, Porsche, Mercedes-Benz, Opel, and Volkswagen. These manufacturers are focusing on improving performance of their vehicles. Aforementioned factors boosts growth of the automotive turbocharger market in this country.
China Automotive Turbocharger market size was valued at USD 2.53 billion in 2021 and is expected to reach USD 5.39 billion by 2029, at a CAGR of 10.1% from 2022 to 2029. China is the largest vehicle market across the globe with the Chinese government expected automotive output to reach 30 million units by 2020 and 35 million by 2025. This has created huge market for turbocharger production in the country. For instance, in December 2020, Garrett Motion Inc., a technology provider for the automotive industry achieved a key operating milestone of the delivery of its 20 millionth turbocharger produced in China.
India Automotive Turbocharger market size was valued at USD 0.84 billion in 2021 and is expected to reach USD 1.87 billion by 2029, at a CAGR of 10.7% from 2022 to 2029. In India, the automotive industry is significantly focusing on reducing tailpipe emissions of vehicles due to stricter government norms. For instance, the government of India has mandated, all vehicle sold from April 1, 2020, needs to stick to BS6 emission norms and reduce NOx emissions by about 25-70%. Due to such norms, manufacturers are focusing on turbocharged engines, fuelling growth of the India automotive turbocharger market.
Covid-19 had a major impact on almost all of the industries such as automotive, transport, manufacturing, automobile, etc. The demand for Automotive Turbocharger has decreased during the period owing to the regulations on social distancing and supply chain disruptions. In most of the regions, the manufacturing facilities of Automotive Turbocharger were closed in the second and third quarters of fiscal year 2020. The major end-users were also temporarily closed during this period and thus the demand for Automotive Turbocharger significantly decreased.
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