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Automotive Turbocharger Market Recent Trends,Market Growth,Top Manufacturers Analysis,Business Opportunities and Demand

Author : Ronak Bora | Published Date : 2020-08-25 

Increasing demand for medium sized vehicles with lower capacity engines and efficient performance is driving the turbocharger market share over the forecast timeframe. The automobile industry is undergoing technological advancements to provide higher power with reduced engine size. The ability of the product to reduce fuel consumption and emit lower carbon emissions will induce a positive effect on the automotive turbochargers market place.

Installing turbochargers boosts the vehicle performance by offering an improved power output from smaller engines. It reduces the friction in engines, thereby significantly increasing the fuel economy. Industry participants are continuously engaged in R&D for developing innovative turbocharging solutions for increasing their market share. For instance, in July 2018, Ferrari applied for a patent related to the electric turbocharging technologies, that increases the turbocharging capabilities in a vehicle considerably.

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Supporting government regulations are playing a major role in boosting the automotive turbocharger market place till 2024. For instance, the sub 4-meter rule in India enables automobile manufacturers to offer a wide range of cars including hatchbacks, sedans, SUVs, and crossovers under length of four meters for benefiting from reduced tax, thereby supporting the industry share over the projected timeframe.

PCVs accounted for a revenue share of around 60% in 2017. This growth is attributed to the increasing sales of SUVs across the globe. Shifting trend towards buying compact SUVs and crossovers owing to smaller footprint along with superior power and ruggedness are boosting the segment share till 2024.

Variable geometry turbochargers will grow considerable at around 8% CAGR over the projected timeframe owing to benefits offered compared to the other counterparts. The ability to significantly alter the aspect ratio depending on the engine requirement is further supporting the segment share over the study timeframe. Further, the combination of multiple pressure ratios at defined engine speeds supporting in improved acceleration positively influences the product adoption till 2024.

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Diesel accounted at more than 60% of the overall volume share in 2017. This dominance is attributed to the availability of multiple diesel vehicle models fitted with turbochargers across a diversified price range. Additionally, the improved fuel efficiency along with lower fuel cost compared to its counterparts strengthens the business growth. The availability of higher torque at lower RPM range along with smoother uphill driving experience plays a significant role over the study timeframe.

OEM accounted for more than 90% market share in 2017 owing to the increasing deployment of the product in vehicles across the globe. The manufacturers are developing innovative solutions including electric turbocharging that reduces engine lag and uniform power delivery, thereby provides a positive outlook for the industry expansion.

Europe automotive turbochargers market will grow considerably over the study timeframe. This can be credited to the presence of major automobile companies adopting turbocharging technologies across their product portfolio. For instance, Volvo is working on an innovative engine technology that combines turbocharging and supercharging technologies for providing superior power and torque.

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for fractovia and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. [email protected] | https://twitter.com/RonakBora26

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