Luton, Bedfordshire, United Kingdom, Nov. 02, 2022 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on theAutomotive Turbocharger Market.
Description and forecast for the industry:
“Automotive turbochargers market size was valued at USD 8.82 billion in 2020 and is projected to reach USD 11.36 billion by 2029, growing at a CAGR of 2.86% from 2022 to 2029.”
Turbochargers are said to be more cost-effective and favourable to the environment. Leading manufacturers are extensively spending in research to adopt sophisticated technologies and develop designs and mechanisms for car turbochargers in order to increase the engine’s overall performance and minimise fuel consumption. Furthermore, the increasing number of vehicle sales and manufacturing is driving up demand for automotive turbochargers.
A number of factors have contributed to the decline in diesel engine growth. Increasing fuel prices, global warming, and higher diesel car pricing than gasoline cars are just a few of them. In countries like India, South Korea, and Indonesia, diesel car sales have stagnated, while demand for gasoline engines has increased. Various emission requirements, such as Euro-6, China-VI, and PROCONVE P-8, have boosted the market for gasoline engines. The production of turbochargers for passenger automobiles has sped up as a result of this.
“The automotive turbocharger market is primarily driven by stringent emission norms across the globe.”
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Key World Automotive Turbocharger Market Rivals Consists of
The Automotive Turbocharger Market is very fragmented, with the presence of a lot of small gamers within the developed and rising economies, such because the US, China, and India. The important thing Automotive Turbocharger gamers working within the world market embrace – Companies, like Banks Power, BorgWarner, BMTS Technology, Cimos D.D., Cummins, Inc., Honeywell International, Inc., IHI Corporation, Linamar Corporation, Mitsubishi Heavy Industries, Montupet, Precision Turbo & Engine, Rotomaster, The Turbo Engineers GmbH, Turbo Energy Pvt Ltd., Turbonetics, Inc., Magnum Performance Turbos, hold a substantial market share in the Automotive Turbocharger market.
Industry Developments->
BorgWarner Inc is an American multinational automotive supplier headquartered in Auburn Hills, Michigan. In 2021 it had facilities at 96 sites in 24 countries and employed about 50,000 people.
BMTS Technology is a globally active manufacturer of exhaust turbochargers. It develops and produces exhaust turbochargers for cars, commercial vehicles and off-highway applications at their plants in Europe, Asia and America.
Regional Insights:
Asia Pacific will dominate the global automotive turbocharger market.
Due to the high volume of passenger automobiles in this area, Asia Pacific has the highest share of the automotive turbocharger market. Some of the fastest-growing economies, such as India and China, are the leading countries with the highest number of automobile sales and production, boosting the turbocharger market in this region even further.
However, the global automobile industry is transitioning from traditional gasoline-powered vehicles to electric vehicles. The rising emissions from automobile fuels are contributing to air pollution and the global warming catastrophe. The major automobile manufacturers are shifting their focus to more environmentally friendly energy sources. Manufacturers are investing extensively in research to produce sophisticated technology automobiles and are adopting the electric mode of transportation. People’s growing preference for zero-emission vehicles may have a negative impact on the market.
As a part of Automotive Turbocharger Market segmentation, our study exhibits a market analysis based on type, Market application and Historic Data:
| Attributes | Details (Current Scenario) |
| Base-Year | 2021 |
| Historic Data | 2016-2020 |
| Forecast Period | 2022-2029 |
| Regions Covered |
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| segment by Technology Type |
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| Segment By Vehicle Type |
|
| CAGR Value | 2.86% (Current Market Analysis) |
| Regional Share Analysis | 48% Asia pacific |
| Regional data | Due to the high volume of passenger automobiles in this area, Asia Pacific has the highest share of the automotive turbocharger market. Some of the fastest-growing economies, such as India and China, are the leading countries with the highest number of automobile sales and production, boosting the turbocharger market in this region even further. The primary factors contributing to the market’s growth include rapid urbanization, industrialization, infrastructure improvements, and an increase in disposable income. Furthermore, in this region, strict regulatory requirements and pollution standards are influencing the rise of turbochargers. |
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Important Facts about Automotive Turbocharger Market Report:-
- Moreover, optimum utilization of resources, minimal waste production, and greater efficiency are the foremost factors that are driving the market growth of automotive turbochargers.
- Globally, increased urbanisation, industrialisation, road infrastructure development, and an improvement in the standard of living are the primary reasons driving the automobile industry’s growth. The automotive sector is also being boosted by rising disposable income. The growing popularity of low-emission and fuel-efficient automobiles is strengthening the demand for automotive turbochargers.
- This report contains historical and current data used for future forecasting and industry analysis.
- This report provides details of each region's imports and exports, consumption value and production capacity. Other parameters important for market growth analysis are Porter's Five Forces Analysis, Value Chain Analysis, and SWOT Analysis.
Clients obtain market facts and figures based on industry assessments using primary and secondary research methods.
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