February 8,2023/Industry News Global/ -- The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Automotive Turbocharger Market.
Automotive Turbocharger Market report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
Automotive turbocharger market was estimated at USD 12 Billion in 2021 and is likely to grow at a CAGR of 10.44% from 2022-2028 to reach USD 24.28 Billion in 2028.
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Drivers
The key market drivers are:
• expected rebound in vehicle production,
• emission and fuel efficiency regulations,
• Increasing penetration / installation rates of turbochargers in the gasoline engine powered vehicles is the driving force of the market during the forecast period.
The fuel efficiency and environment emission regulations in many developed and developing countries are putting pressure on automakers to either reduce the vehicle weight or downsize the engine to achieve the targets. The automakers are downsizing engines to meet the stringent global fuel economy and emission regulations and customer demand for better performing vehicles. Turbochargers help downsized engines improve fuel economy by 20% to 40% as compared to larger, naturally aspirated engines.
Regional Insights
Asia-Pacific is likely to remain the largest market share of 11% CAGR for automotive turbochargers in the next five years, driven by demand in emerging economies, such as China and India. European market is likely to witness a market share of around 51.11% in 2021. This region owns the world’s largest turbo diesel fleet and the highest turbocharger installation rates worldwide.
• China is the world’s fastest growing automotive market and is projected to increase the turbocharger installation rates in its new vehicles from current 25% to 47% in the year 2028. This will lead to almost twofold increase in the demand of turbochargers in China in a span of five years.
• North America is another growing market for turbochargers, driven by the demand for light weighting and engine downsizing in new vehicles to meet the CAFÉ standards.
• Most of the major turbocharger manufacturers have already set up their manufacturing plants in China to tap the regional growth potential. India, Japan, and South Korea have also joined the row and are projected to increase installation rates of turbochargers in the new vehicles. Apart from China, significant demand of turbochargers is expected to be generated from these countries in the next five years.
Features of the Report
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
The Automotive Turbocharger Market analysis report discusses the following heads in great detail:
• Market structure: Overview, industry life cycle analysis, supply chain analysis
• COVID-19 Impact Assessment
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
• Market trend and forecast analysis
• Market segment trend and forecast
• Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
• Attractive market segments and associated growth opportunities
• Emerging trends
• Strategic growth opportunities for the existing and new players
• Key success factors
About Stratview Research
Stratview Research is a trusted brand globally, providing high quality research and strategic insights that help companies worldwide in effective decision making. It is a global market intelligence firm providing a wide range of services including syndicated market reports, custom research, and sourcing intelligence across industries, such as Advanced Materials, Aerospace & Defense, Automotive & Mass Transportation, Consumer Goods, Construction & Equipment, Electronics and Semiconductors, Energy & Utility, Healthcare & Life Sciences, and Oil & Gas.
Contact: Stratview Research
E-mail: [email protected]
Direct: +1-313-307-4176
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