Fior Markets launched a study titled “Automotive Turbocharger Market by Material (Cast Iron, Aluminum, Stainless Steel), Technology, Fuel, Vehicle Type, Application (Agriculture Tractors, Construction Equipment, Locomotive),Region” and Global Forecast 2019-2026.
The global automotive turbocharger market is expected to grow from USD 17.14 billion in 2018 to USD 32.43 billion by 2026 at a CAGR of 9.48% during the forecast period from 2019-2026. Demand for automotive turbochargers, government stringency in emission & fuel efficiency regulations, growing demand for commercial vehicles, and improved engine performance and fuel efficiency are the major trends for the demand of the market.
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Cast Iron segment registered highest market share of 52.48% in 2018 and is anticipated to dominate market in forecast period
Material segment includes cast iron, aluminum, and stainless steel. The cast iron segment registered highest market share of 52.48% in 2018 and is anticipated to dominate market in forecast period owing to increasing demand of lightweight turbochargers and its advantages such as higher resistance to heat and capacity to withstand high levels of pressure.
Variable geometry turbocharger (VGT)/variable nozzle turbocharger (VNT) segmentis anticipated to hold highest market size around USD 12.81 billion in 2025
Technology segment covers variable geometry turbocharger (VGT)/variable nozzle turbocharger (VNT), watergate turbocharger, and electric turbocharger. The variable geometry turbocharger (VGT)/variable nozzle turbocharger (VNT) segment is anticipated to hold highest market size around USD 12.81 billion in 2025due to the high efficiency provided by it. Also it helps to reduce turbo lag over other types of turbocharger to accomplish better torque and power generation with less emission.
Gasolinesegment registered highest market size around USD 9.12 billion in 2018
Fuel segment is categorized into gasoline and diesel. The gasoline segment registered highest market size around USD 9.12 billion in 2018owing to high penetration of turbocharged diesel vehicles. In addition, the upcoming emission rules in countries such as China and India to adopt the gasoline turbocharged vehicles has boosted gasoline segment growth.
Agriculture tractors segment is expected to hold the largest share of 41.16% during the forecastperiod
Application segment is segmented into agriculture tractors, construction equipment, and locomotive. The agriculture tractors segment is expected to hold the largest share of 41.16% during the forecast period. The turbochargers in agricultural tractors enables the machinery manufacturers to accommodate greater power without increasing the size of the engine. Furthermore, the constant increasing consumption worldwide is promoting to increase the agricultural production which is further enhancing the use of agricultural tractors.
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Regional Segmentation Analysis:
The market is analysed on the basis of five regions namely North America, Europe, Asia Pacific, South America, and Middle East and Africa. Asia Pacific region dominated the global automotive turbocharger market with revenue around USD 7.08 billion in 2018.Asia Pacific is fastest growing region due to the increasing usage of passenger cars, increase the turbocharger installation rates in new vehicles, development of gasoline turbocharged engines, and stringent fuel economy and emission standards
The major players of market include are Honeywell International Inc., Delphi Technologies, MAHLE GmbH, IHI Corporation, BorgWarner, Robert Bosch GmbH,Cummins Inc., EatonCorporation, Mitsubishi Heavy Industries Ltd., Cardone Industries, Precision Turbo & Engine, and Continental AG. For instance, in 2017, Honeywell launched Garrett G Series turbochargers, which are developed with latest technologies in design, aerodynamics and materials to meet the aftermarket demand.
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