5 Automotive Turbocharger Market Trends Characterizing the Industry
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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.