Image via Charles Siritho/Flickr CC

Global Market Insights, Inc., estimates
automotive turbocharger market size to exhibit a CAGR of 9% over
2017-2024, reportedly driven by the escalating demand for turbocharging
technologies to deliver fuel-efficient vehicles. A strict regulatory
landscape regarding carbon emission control will also contribute toward
the expansion of this business.

Five trends characterizing automotive turbocharger market:

  • OEMs are anticipated to account for close to 90% of the overall automotive turbocharger market
    share by 2024. The growth will be driven by the expansive vehicle
    production across the globe that will upswing the demand for
    turbochargers for enhancing performance, reducing vehicle weight, and
    maintaining fuel economy.
  • Powered by the automotive industry
    expansion across South Korea, Japan, China, and India, APAC automotive
    turbocharger market share will register a CAGR greater than 8% CAGR over
    2017-2024. The rising enforcement of regulations regarding
    fuel-efficient automobiles on the road will also augment the regional
    growth.
  • Industry experts speculate that diesel
    will emerge as a prime fuel contributing toward the growth of
    automotive turbocharger market as diesel powered vehicles demand
    high-grade turbocharging technologies due to low efficiency. Diesel is
    forecast to account for the maximum volume of 60% in automotive
    turbocharger industry share by 2024.
  • Automotive turbocharger market share
    from VGT turbochargers will apparently witness a growth rate of 8% over
    2017-2024, driven by the extensive requirement to control NOx and
    particulate emissions.
  • The aftermarket will emerge as a
    lucrative distribution channel for automotive turbocharger market.
    Fueled by the high demand for replacing internal engine components in
    older vehicles and rising requirement for lightweight automobiles,
    automotive turbocharger industry share from aftermarket will record a
    CAGR of 9% over 2017-2024, as per analysts.

The competitive spectrum of automotive turbocharger market seemingly includes popular big shots such as Cummins
Turbo Technologies, Honeywell, BorgWarner, Linamar, Federal-Mogul, and
Mitsubishi Heavy Industries. Business expansion and novel product
development are two prominent growth strategies adopted by these
biggies.