The global automotive turbocharger market size is expected to reach around US$ 34 Bn by 2027, expanding at a CAGR of more than 5% during the forecast period 2020 to 2027. The market is expected to expand significantly during the forecast period owing to the rising penetration of automotive turbochargers in vehicles.
The automotive turbocharger market is primarily driven by stringent emission norms across the globe. Rise in demand for vehicles with higher power output, coupled with stringent emission limits, has prompted manufacturers to install automotive turbochargers in their vehicles. Lower excise duty on smaller engines has compelled manufacturers to move toward engine downsizing, which can be achieved with the installation of turbochargers. On the other hand, adoption of turbocharger enables a smaller engine to deliver high power along with lower emission and higher fuel-economy, which is considered to be a key driver of the automotive turbocharger market. Engine downsizing also reduces the sprung mass on the vehicle, which enhances the fuel economy and performance of the vehicle.
Automotive turbochargers are commonly utilized in diesel vehicles; however, the penetration of automotive turbochargers has risen significantly in gasoline vehicles in the last few years. Furthermore, the market for diesel vehicles is contracting due to higher exhaust emissions from diesel engines, as compared to that from gasoline engines. Therefore, the gasoline engine segment of the automotive turbocharger is anticipated to be more lucrative than the diesel engine segment during the forecast period. Production of diesel vehicles is anticipated to decline due to an expected ban on diesel vehicles in a few major cities that are experiencing high air pollution due to vehicle emissions, such as New Delhi, Frankfurt, Madrid, and Athens. Some regions such as North America, Latin America, and a few sub-regions of Asia Pacific have higher number of gasoline vehicles, which has contributed to the gasoline engine segment to hold a major share of the market. The gasoline engine segment is likely to expand at a significant pace during the forecast period.
Rising investments and expansion of research and development centers for development of automotive turbochargers have led to the development of e-turbochargers, which are considered as the future of turbochargers for the automotive industry. The e-turbocharger was developed to overcome turbo lag that is experienced in conventional turbochargers by eliminating the dependency of compressor on exhaust of the engine. Penetration of e-turbochargers has been rising at a significant pace in the last few years. Previously, e-turbochargers were only utilized in premium vehicles; however, they are presently being employed in medium segment vehicles. Their penetration is expected to rise significantly during the forecast period due to several advantages they possess over conventional turbochargers, such as elimination of turbo-lag, lower heating of the engine chamber due to lower rpm of the turbine, improved engine efficiency, and comprises fewer components, which reduce the weight of the vehicle.
The market for automotive turbochargers is anticipated to expand at a notable pace in regions with significantly higher penetration of gasoline engines, such as Latin America, owing to the increase in penetration of turbochargers in gasoline engines coupled with significant market share held by the gasoline engine segment in the global automotive turbocharger market.
In terms of technology, the VGT/ VNT (Variable geometry turbochargers or variable nozzle turbochargers) segment is expected to hold a considerable share of the market due to its low boost threshold and efficiency at higher speeds. VGT/VNT turbochargers have been primarily developed for diesel engines owing to their higher capability to vary the effective aspect ratio of the engine from higher engine speed to lower engine speed, thus it enhanced the efficiency of diesel engines effectively and is currently penetrating gasoline vehicles owing to its higher efficiency over fixed geometry turbochargers. However, development in technology and better response and efficiency have enabled their adoption in gasoline engines and hence, the segment is expected to expand at a steady pace during the forecast period. Significant rise in the production and sales of luxury vehicles has boosted the twin turbo technology segment. Moreover, further rise in sales of luxury vehicles is expected to propel the twin turbo technology segment in the near future. Twin turbo technology is mostly utilized in V-engines, and it also multiplies the effect of turbocharging, which significantly boosts the performance of the vehicle. Furthermore, sales of luxury vehicles are expected to rise due to increase in purchasing power parity of society, primarily in developed countries such as the U.S., Canada, Germany, and Australia.
Major players operating in the global automotive turbocharger market include Honeywell International Inc., IHI Corporation, MAHLE GmbH, Robert Bosch GmbH, BorgWarner Inc., Delphi Technologies, Cummins Inc., Eaton, Continental AG, Mitsubishi Heavy Industries Ltd., and Cardone Industries. Honeywell International Inc. is a leading manufacturer of automotive turbochargers in the global market and has been primarily focusing on product differentiation, manufacturing footprint optimization, and operational excellence in order to consolidate its position in the market. The company primarily focuses on emerging markets for turbochargers and competes in the market by structural cost leadership.
Stringent Emission Norms Fueling Growth in Global Automotive Turbo Charger Market over the Forecast Period
Some of the significant drivers of growth in the global automotive turbo charger market include emission norms across countries, getting more stringent by the year, and a growing clamor for high power output vehicles. Thus, one notes manufacturers hustling to install vehicles with turbochargers. And, as smaller engines have lower excise duty, players want to downsize, taking on turbo chargers as the perfect solution.
So, in a nutshell, it can safely be said that good fuel economy and low emission, coupled in a smaller engine size is the driving force behind the high growth trajectory of the global automotive turbo charger market over the forecast period.
Also, it is noteworthy here that turbo chargers are not just used in diesel vehicles but also gasoline vehicles. And, since gasoline vehicles perform better in the exhaust front, these would see notable demand. Besides, some of the places in the world are mulling over the ban on diesel vehicles due to pollution creating a serious menace over major cities. Some of these cities are Madrid, Athens, New Delhi, and Frankfurt.
Here, it is pertinent to point out that due to the reasons mentioned above, and the growth that these are set to drive, there is an increase in investment in R&D (Research and Development) noted. A number of players are also focusing on expansion of R&D. And, thus it does not come as a surprise that the market is flanked with presence of innovative products such as e-turbo chargers. These are considered to revolutionize the market landscape over the coming years.
Competitive Landscape of Global Automotive Turbo Charger Market to be Fragmented over the Forecast Period
The global automotive turbo charger market is fragmented and key players in the market, flanking its landscape are Honeywell International Inc., IHI Corporation, MAHLE GmbH, Robert Bosch GmbH, BorgWarner Inc., Delphi Technologies, Cummins Inc., Eaton, Continental AG, Mitsubishi Heavy Industries Ltd., and Cardone Industries, among others. Players are focused on product differentiation and improvement via innovation. And, some go for mergers and acquisitions and exploration of synergy with other players.
Europe to Project Solid Growth Statistics
Home to a mature market for diesel vehicles, Europe will chart significant growth over the Forecast Period. Besides, some very prominent players flank the market. Another region that will present players with new opportunities of growth is the Asia Pacific (APAC). Growth here is attributable to increasing levels of disposable income, and government support.
The global automotive turbocharger market has been segmented as follows:
Global Automotive Turbocharger Market, by Engine
Global Automotive Turbocharger Market, by Operation
Global Automotive Turbocharger Market, by Technology
Global Automotive Turbocharger Market, by Vehicle
Global Automotive Turbocharger Market, by Sales Channel
Global Automotive Turbocharger Market, by Region/Country/Sub-region
The Automotive Turbocharger market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Automotive Turbocharger market for the base year 2019 and the forecast between 2020 and 2027. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Automotive Turbocharger market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Automotive Turbocharger market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Automotive Turbocharger market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Automotive Turbocharger capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Automotive Turbocharger by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Automotive Turbocharger market. These figures have been provided in terms of both revenue and volume for the period 2016 to 2027. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Automotive Turbocharger market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Automotive Turbocharger market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Automotive Turbocharger industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
Automotive Turbocharger market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Automotive Turbocharger market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Automotive Turbocharger market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Automotive Turbocharger market. These factors have benefited the growth of the global market for Automotive Turbocharger. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Automotive Turbocharger. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Automotive Turbocharger are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are: