Growing demand for engine downsizing, fuel economy and emission control owing to variable technology segments to steer up the revenue to 69.4% by 2028.
DUBAI, UAE / ACCESSWIRE / September 7, 2020 / The automotive turbochargers market is expected to reach US$ 22,777.0 MN by 2027 as a part of which North America is expected to witness a growing trend of engine downsizing and a surge in demand for gasoline turbochargers. Due to increasing installation and adoption of automotive turbochargers, China and North America might show a rising demand graph.
According to the FMI Analyst,“Among the others, electric segment will not outsell but might dominate the market and will hold a considerable share by 2028. This is because the manufacturers are now focussing on better utilization of resources, raw materials and decreasing waste production to enhance revenue generation.”
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Automotive Turbochargers Market – Key Highlights
- On the basis of product type, variable-geometry technology and twin-turbo attracts maximum attention with CAGR expected to expand at 9.3%.
- On the basis of region, though North America and China will experience steer growth in demand yet Western Europe will still dominate the turbocharger market.
- 83% of the market share expected to be covered by key players like Honeywell and IHI Corporation.
- Due to rising demand of gasoline turbochargers, North America might witness a trend of engine downsizing for lighter trucks and cars.
Automotive Turbochargers Market – Driving Factors
- Advanced use in automotive turbochargers and essential installation across diesel and high performance spark ignition will steer the growth in near future.
- Demand is getting a better spotlight due to eco-friendly technology and improved efficiency.
- Owing to growing energy extraction from four-cylinder, demand for twin-turbo technology is also rising.
- Demand for gasoline turbocharges is steering due to escalating demand of light trucks and car passengers.
Automotive Turbochargers Market – Key Restraints
- Entering in the market can cause difficulties as major players cover most of the market thereby causing loss to minor industries.
- Affording good quality turbochargers is a major challenge in this industry.
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Expected Impact on Market by Coronavirus Outbreak
Social distancing measures and lockdown has caused minimal contact thereby closing up the industries and reducing profits. Work from home facilities might have increased efficiency among the individuals but the work pressure has increased lately. The manufacturers in North America are planning to launch new technologies and turbocharged engines.
Key players of the market includes Honeywell International Inc. (Garret Advancing Motion), BorgWarner Inc., IHI Corporation, Cummins Inc., Bosch Mahle Turbo Systems GmbH & Co. Product innovations and developing strong relationships with car manufacturers are two important strategies. These strategies focus on driving the market revenue.
For an instance Honeywell International Inc. developed latest aerodynamics technology to meet the aftermarket channel.
More on the Report
The report analyses market on basis of segmentation by vehicle type (Passenger car, LCV, HCV etc.), product type (waste-gate, variable geometry technology, twin turbo), fuel type (gasoline, diesel) and others on region and sales channel.
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