Automotive Turbocharger Global Market – Overview
The global Automotive Turbocharger Market size is estimated to show a huge expansion in the coming years due to the growth that is expected at a valuation of USD 24,223.3 million at a CAGR of 7.97%. This market growth is estimated based on the sudden increase in the global automotive industry and the strict regulations imposed on the emission of vehicles.
The automotive turbocharger is a turbine, which is driven by the energy of exhaust gas generated by the internal combustion engine. Typically, a turbocharger consists of two parts and they are a turbine and a compressor, which run parallel with the help of a shared shaft. A turbocharger improves the fuel efficiency of the engine by pushing more clean air in the engines to burn fuel and deliver greater power. According to a recent study report published by the Market Research Future, The global market of automotive turbocharger is booming and expected to gain prominence over the forecast period.
Turbocharger engines are used widely with many advantages that play a vital role in environmental pollution control. Diesel engines are considered, one of the largest contributors to environmental pollution caused by exhaust emissions. Many stringent policies have been imposed worldwide in recent years to reduce negative effects on environment. The amended rules will apply to all vehicles run on petrol, CNG, LPG, electric, diesel and hybrid.
The total vehicle sales for the year 2015 was almost 90 million units and is expected to witness further boost and reach more than 100 million units by the year 2023. Another factor responsible for the increase in vehicle sales, is the macroeconomic development and the rise in the global middle class consumers. According to OICA, the sales of new vehicles have been increased from 2013 to 2016. In 2013, the number of vehicle sold were 85.6 million while in 2016 it was 93.8 million.
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The dynamic business environment and cut throat competition in the market constantly requires influx of capital to update their technology to cope with increasing incidences of customization by the consumers. The higher capital investment and expensive nature than traditional turbocharger, is expected to act as a hurdle in the growth of the market due to significant entry barriers for new players, which is expected to have a negative impact on the automotive turbocharger market.
Manufacturers are making heavy investments into R&D so as to develop technology to increase the efficiency of the combustion engines and lessen the environmental impact of their vehicles. The company focuses on investing in R&D and also to gain a competitive edge in the market by considering system integration and new functionality that provide better quality and innovative product to the consumers. Product developments such as development of electric turbocharger, ball bearing turbocharger, Gasoline DualBoost Turbochargers are showing opportunity for market growth by performance enhancement and higher operating speed.
Market Segmentation -
The automotive turbocharger market is segmented on the basis of material, application, and type. On the basis of materials, the automotive turbocharger market is further segmented into aluminum, cast iron, and other such materials. On the basis of application, the market is segmented into passenger vehicles and commercial vehicles. The segment of passenger vehicles is expected to lead the automotive turbocharger industry during the forecast period.
The need for passenger vehicles is increasing with the rise in the population rate of the countries. Based on type, the market of the automotive turbocharger is further segmented into gasoline, diesel, and new energy engine. Among these, the segment of gasoline is going to be leading in the automotive turbocharger market trends due to its value and volume. There has been a significant increase in the demand for passenger vehicles which is adding to the automotive turbocharger market growth of the gasoline segment.
Regional Overview -
Geographically, the automotive turbocharger market size is segmented into five major regions. They are the Asia-Pacific, North America, Latin America, Europe, and the Middle East, and Africa. Among these, the Asia Pacific region is expected to lead the automotive turbocharger market during the forecast period. Due to the large population of China and India, the demand for cars is increasing, which in turn is increasing the production of cars. The rise in disposable income, strict regulations in vehicle emission, and high demand for diesel passenger cars in India are boosting up the growth of the market. North America is also expected to hold the second position in the automotive turbocharger market share due to the growing demand for passenger vehicles and the adoption of turbochargers in the engines.
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Automotive Turbocharger Market TOC -
1 Executive Summary
2 Introduction
2.1 Definition 15
2.2 Scope Of Study 15
2.3 Assumptions 15
2.4 Market Structure 16
3 Research Methodology
3.1 Research Process 17
3.2 Primary Research 17
3.3 Secondary Research 18
3.4 Market Size Estimation 18
3.5 Forecast Model 20
4 Market Dynamics
4.1 Drivers 21
4.1.1 Continuous Growth In Global Automotive Industry 21
4.1.2 Sales Of Vehicle, 2012-2020 22
4.1.3 Stringent Vehicle Emission Regulations 22
4.2 Restraint 22
4.2.1 Availability Of Cheap Conventional Technologies 22
4.3 Opportunities 22
4.3.1 Increased Investment In Turbocharger Development Technologies 22
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