According to Ameco Research Analyst, the global Automotive Turbocharger Market size would reach more than USD 37,220 Million by 2030, growing at a CAGR of over 10% over the forecast period.
A turbocharger is a device that is installed in a vehicle's engine to improve overall economy and performance. This is one of the reasons why many automakers opt to turbocharge their automobiles. One of the most significant drawbacks of turbochargers is that they do not deliver a quick power boost when you press the accelerator pedal. The turbine takes a second to get up to speed before producing a boost. When you step on the gas, the car lags for a moment before lunging ahead once the turbo gets going. At high elevations, where the air is less thick, a turbocharger can also aid. At high elevations, normal engines will have less power because the engine will receive a lesser mass of air for each piston stroke. A turbocharged engine may also lose power, but the loss will be less significant because the turbocharger will have an easier time pumping thinner air. There are several reasons for the fall in diesel engine growth. Some of these are increasing fuel prices, global warming, and diesel car prices that are higher than petrol vehicle pricing. Diesel car sales have slowed in nations such as India, South Korea, and Indonesia, while demand for petrol engines has surged.
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COVID-19 Impact on the Global Automotive Turbocharger Market
In light of the current COVID-19 outbreak, numerous industries' operations have either been momentarily halted or are operating with a moderate staff due to government-imposed lockdowns and limitations. This is no different in the global automotive turbocharger market, which is likely to have a substantial negative influence on revenue growth in the future years. Because there were basically no vehicular movements, there were no new needs for spare turbochargers to be changed in existing vehicles or new turbochargers to be installed in new vehicles. Furthermore, the constant rise in demand for zero-emission or electric vehicles is a factor that will limit this industry's future market growth potential.
Market Dynamics
The increased fuel efficiency of automobiles due to the use of automotive turbochargers is a crucial element driving market expansion. It will increase engine internal combustion and power output by allowing more air into the combustion engine of powertrains. These turbochargers are efficient and environmentally beneficial since they increase engine power without increasing piston displacement. Furthermore, optimal resource usage, reduced waste production, and increased efficiency are the primary drivers driving the growth of the automotive turbocharger market.
Increasing adoption of electric turbochargers is one of the automotive turbocharger market trends that is also expanding the market share. Electric turbochargers are becoming more popular due to their main advantages over their conventional counterparts. Electric turbochargers use the alternator to create power, minimizing turbo lag and improving fuel efficiency. Traditional turbochargers generate torque at low engine speeds, which expands the turbine wheel space and puts pressure on the engine. Electronic turbochargers, on the other hand, add nearly two inches to the length of a turbocharger, allowing for larger turbines.
The worldwide automotive industry is transitioning from traditional gasoline vehicles to electric vehicles. The rising emissions from automobile fuels are contributing to air pollution and the global warming catastrophe. The major automobile manufacturers are shifting their focus to more sustainable energy sources. Manufacturers are investing considerably in research to build automobiles with modern technologies and are transitioning to an electric powertrain. The growing preference for zero-emission automobiles may have a negative impact on the market.
Global Automotive Turbocharger Market Classification
The automotive turbocharger market is divided into five categories: vehicle, fuel, technology, distribution channel, and geography. The vehicle segment is categorized into passenger vehicles, HCV, and LCV. Among vehicles, the passenger vehicles segment accounted for the majority of the share in 2021. The fuel segment is split into diesel and gasoline. Out of them, the diesel segment accounted for the majority of the share in 2021. The technology segment is divided into wastegate, VGT/VNT, and twin-turbo. The VGT/VNT segment accounted for the largest market share in 2021. Furthermore, the distribution channel segment is categorized into OEM and aftermarket. Among them, the OEM distribution channel accumulated a significant amount of share during the forecast period 2022 – 2030.
Regional Stance
North America, Asia-Pacific, Latin America, Europe, and the Middle East & Africa (MEA) are the regional categorization of the global Automotive Turbocharger market. The Asia-Pacific region is one of the leading segments in the global automotive turbocharger market. Rising automobile production in China and India, a big population base, growing demand for diesel vehicles, economic developments and forthcoming pollution requirements, and an increase in disposable income are some of the primary reasons driving the worldwide automotive turbocharger industry. In China, consumer demand for passenger automobiles is primarily driven by fuel efficiency, higher engine power, and easy navigation to facilitate driving in difficult terrain. Automotive turbochargers are expected to increase in demand and sales in China over the forecast period because they use less fuel and improve engine performance in passenger automobiles. Europe held a considerable market position in the worldwide automobile turbocharger industry. The modern automobile business is guided by fuel economy and efficiency, which are influenced by EU laws on fuel economy and emissions standards.
Major Players
The top players offered in the report include vendors Banks Power, BorgWarner, BMTS Technology, Cummins, Inc., Magnum Performance Turbos, Honeywell International Inc., Linamar Corporation, IHI Corporation, Mitsubishi Heavy Industries, and Rotomaste.
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