Automotive Turbochargers Market to Register 9%+ Growth to 2024 | Honeywell, Cummins Inc., Borgwarner Inc., Mitsubishi Heavy Industries, and 12 Other Companies Profiled

SELLBYVILLE, Del., Oct. 10, 2018 /PRNewswire-PRWeb/ -- Automotive turbochargers market from diesel will acquire highest volume share of more than 60% over the forecast timeframe. The diesel vehicles result in high carbon emissions and possess low fuel efficiency. This has resulted in high product demand, positively impacting the segments growth. Gasoline will witness over 8% CAGR till 2024 owing to shifting focus towards the fuel.

PCVs are anticipated to dominate automotive turbochargers market with more than 60% revenue share over the forecast timeframe. Rising production of the vehicle segment across the globe, particularly in emerging economies of Asia Pacific will primarily drive the industry growth. Rising demand from consumers for high power output and minimal loss in fuel efficiency will further support the industry dominance. Increasing domestic and international trading activities in various countries across the globe will fuel the automotive turbocharger market from HCVs.

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VGT turbochargers are likely to witness significant growth, exhibiting over 8% CAGR from 2017 to 2024. Provision of benefits such as precise monitoring of particulate & NOx emissions, cost effectiveness as compared to the counterparts, lag time reduction, and enhanced engine efficiency will primarily drive the industry growth. Automotive turbochargers market from twin turbo will account for approximately USD 7 billion by 2024 owing to benefits including high power and acceleration.

OEMs dominated the automotive turbochargers market with over 90% share in 2016 and is likely to continue the same over the next eight years. Rising vehicle production across the globe along with mandatory norms regarding engine emissions will further support the industry dominance. Aftermarket will grow rapidly owing to high replacement needs in the engines of ageing vehicles to meet the regulatory norms.

Automotive turbochargers market is expected to witness significant trends impacting its revenue generation to reach USD 24 billion by 2024. Engine downsizing is one such trend that has gained prominence among the manufacturers. It allows easy replacement of conventional engines with turbocharged engines with minimal impact on vehicles power and fuel efficiency. Electric turbocharger is another advancement that is featured with exhaust gas driven turbine and electric motor. It has gained traction owing to its advantages such as high boost pressure and faster response. These innovations will also induce immense potential to the industry.

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Europe is likely to dominate the global automotive turbochargers market over the forecast timeframe. Substantial revenue generation can be attributed to presence of established industry participants coupled with stringent emission regulations across the region. Asia Pacific will exhibit more than 8% CAGR from 2017 to 2024 owing to rising demand from the countries such as China, South Korea, India, and Japan.

Linamar, Federal-Mogul, Weifang Fuyuan, Mitsubishi Heavy Industries, IHI Corporation, Cummins Turbo Technologies, Borgwarner, and Montupet are among the noticeable participants in the automotive turbocharger market. Bosch Mahle Turbo Systems, Precision Turbo and Engine, Banks Power, Magnum Performance Turbos, and TEL are other prominent players included in the study. New product development is among the major strategies adopted by the competitors to strengthen their foothold.

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