Automotive turbochargers are turbine-driven forced induction devices that boost the efficiency and power output of internal combustion engines by channeling extra air pressure into combustion chamber. These devices are used for forcing more fuel into combustion chamber when the vehicle’s atmospheric pressure fails to facilitate desired power output for the engine. Turbochargers are weighed by car manufacturers as a viable commodity that can keep fossil fuel engines cleaner. While rising automobile production is being directly linked with global environmental deterioration, fuel economy standards are favoring the production of cars and vehicles with turbocharged engines. Recent technological developments have introduced advanced turbochargers with improved valve designs that enhance the vehicle’s performance in low-speed as well as high-speed conditions. Automotive turbochargers developed on wastegate technologies are transforming diesel engines by reducing emissions. Turbochargers are also lucrative for automobile manufacturers who are making efforts towards engine downsizing.
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Insights below will indicate the report’s forecast on global automotive turbochargers market during 2017-2022 period.
- The report predicts that four out of every ten automotive turbochargers manufactured are installed in diesel engines. Gasoline engines, on the other hand, are dominating the global automotive turbochargers revenues, and are anticipated to bring in more than US$ 10 Bn by the end of 2022.
- Through 2022, over half of the global automotive turbochargers market value will be attained by global sales of turbochargers in low price range.
- With close to two-third share, passenger cars will be dominating global automotive turbochargers revenues in 2017.
- The report reveals the aftermarkets will be largest sales outlets for automotive turbochargers in the world. In 2017, the global sales of automotive turbochargers through aftermarkets is anticipated to procure heavy revenues.
- In 2017, automotive turbochargers sold across the US and Canada raked revenues worth over US$ 5 Bn. It is pegged that North America will continue to be a lucrative region for growth of the automotive turbocharger market, and will reach a sizeable value by the end of 2022.
- The report predicts that Europe’s automotive turbochargers market will grow steadily, reflecting a moderate CAGR through 2022.
- In 2017 and beyond, more than 20% of global automotive turbochargers market value will attributed by the Asia-Pacific excluding Japan (APEJ) region, alone. The APEJ automotive turbochargers market will dominate the global market, primarily due to presence of automobile manufacturing hubs such as South Korea, China and India.
- According to the report, companies such as IHI Corporation, Robert Bosch Limited, Continental AG, Honeywell International Inc., BorgWarner Inc., Mitsubishi Heavy Industries Ltd., Turbo Energy Private Limited, Eaton Corporation PLC., THE TURBO ENGINEERS GmbH, Turbonetics Inc., Rotomaster International, and Precision Turbo & Engine Inc. are observed as key players in the global automotive turbochargers market.
It seems to be a volumes game in the automotive turbocharger market as the low-cost segment comprises more than half the automotive turbocharger market in terms of price. With a steady CAGR from 2017-2022, the low-cost segment is likely to be worth just under US$10 billion by the end of the forecast period. The mid-size segment is also quite important as it represents one-third of the revenue share and is anticipated to have a market value of double-digit billion dollars for the year 2017. Even though the high-price segment is the smallest in the automotive turbocharger market, it is critical from a profitability point of view and key stakeholders should go after this segment with all guns blazing.
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Passenger Cars Greater than LCV and HCV in Automotive Turbocharger Market
Passenger cars have the largest portion of the automotive turbocharger market with a revenue share touching 60% in 2017 that is larger than that of the LCV and HCV segment combined. Thus, it would not be surprising if major players focus all their attention on the high-profile passenger cars segment as it is estimated to be an US$11 billion market at the end of the five year study period. As a result of a well-developed road infrastructure, affluent population, and highly affordable gasoline prices, North America is the largest contributor to the passenger car segment in the automotive turbocharger market. A steady CAGR from 2017-2022 is enough to make manufacturers salivate at their prospects in this region of the automotive turbocharger market. In addition to this, passenger cars will remain the dominant vehicle segment for automotive turbochargers pertaining to customization needs of vehicle owners, which includes boosting the car’s performance.
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