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Extensive insights into the Growth of Automotive Turbochargers Market amidst COVID-19

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Automotive Turbochargers market Overview

A turbocharger is a device used to enhance the power yield of an engine. It is a type of forced induction system that compresses the air flowing into the engine which helps to increase more air flow into a cylinder. This results in more fuel addition, which in turn further increases the power output of the engine per stroke. A turbocharger delivers many advantages to vehicles, such as increased power output, high power to weight ratio, efficiency, and reduction in engine weight. With the advent in technology, and with rising demand for powerful vehicles, automotive turbochargers are anticipated to observe robust growth in the next few years.

Market Size and Forecast

The global automotive turbochargers market is anticipated to grow at a CAGR of 10.2% over the forecast period. The growth of the turbochargers market is driven by the increased stringency in the emission norms taken by government. Initiatives taken by government of various countries have helped to promote the use of low emission and high efficiency vehicles that in turn has fostered the growth of the automotive turbochargers market.

The most prominent regional markets in automotive turbochargers include Europe and North America. The former is expected to dominate the automotive turbochargers market over the forecast period. The key factors aiding the growth include stringent regulatory polices associated with auto emission.

Turbochargers

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North America is the second largest region due to strict carbon regulation by National Highway Traffic Safety Administration (NHTSA). These regulations force OEMs to look for innovations to achieve engine downsizing.

In Asia-Pacific, China is the most lucrative market for turbochargers as it owns the world’s largest automotive industry and turbo chargers are majorly used in automobiles. Increased vehicle production and rising installation rate of turbochargers is anticipated to drive the China market.

Market Segmentation

Our in-depth analysis segmented the automotive turbochargers market in the following segments:

By Technology

Variable geometry turbocharger
Wastegate
Twin turbo

By Fuel

Diesel
Gasoline

By Vehicle

Passenger cars
Light commercial vehicle
Heavy commercial vehicle
Sports cars
Off-Highway vehicle

By End-user

OEMs
Aftermarket

By Region

Global automotive turbochargers Market is further classified on the basis of region as follows:

North America (United States, Canada), Market size, Y-O-Y growth Market size, Y-O-Y growth & Opportunity Analysis, Future forecast & Opportunity Analysis
Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX (Belgium, Netherlands, Luxembourg), NORDIC (Norway, Denmark, Sweden, Finland), Poland, Russia, Rest of Europe), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis

Growth Drivers and Challenges

Rising adoption of engine downsizing and increasing emission and fuel efficiency is expected to spur the growth of automotive turbochargers market.

The rise in global population and rapid industrialization will lead to an exponential increase in demand for energy, especially from the developing countries and emerging economies. Further, stringent regulations taken by government towards fuel emission and rising demand for fuel efficient vehicles are expected to grow automotive turbocharger market. Multi-stage boosting for diesel engines is another key innovation to help auto makers achieve greater engine performance, without breaching fuel economy regulations.

However, automotive turbochargers are expensive and prone to overheating, which are considered as the major factor for hindering the global market. Moreover, some turbocharger applications, especially with larger turbo, reaching the boost threshold can provide an almost instantaneous surge in power, which could compromise tyre traction or cause some instability of the car.