Automotive Turbocharger Market worth $31.6 billion by 2025
The report "Automotive Turbocharger Market by Technology (VGT, Wastegate, Electric), Material (Cast Iron, Aluminum), ICE & Hybrid Vehicle, Fuel Type, Off-Highway (Agricultural, Construction, Locomotive), Aftermarket, and Region - Global Forecast to 2025". The market, by value, is estimated to be USD 16.87 billion in 2018 and is projected to reach USD 31.61 billion by 2025, at a CAGR of 9.39% from 2018 to 2025. The growth of the global market is influenced by factors such as the changing consumer preferences for greater power generating vehicles, stringent emission regulations in regions such as Europe and North America, and the upcoming regulation in Asian countries such as China and India.
Electric turbocharger market is expected to have the fastest growth in automotive turbocharger market, by technology
Electric turbochargers are turbochargers using an electric motor to overcome the time lag of the exhaust gas-driven turbine. An electric turbocharger is a new technology and can be operational only with 48-volt architecture. Cars based on 48-volt architecture are expected to get commercialized by 2020 as per MarketsandMarkets analysis. There are many developments going on across the world. For instance, DENSO has announced it will invest approximately USD 1.6 billion from 2018 to late 2020 – to support its aggressive development and production of electrified automotive products, systems and technologies.
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Major players profiled in the report are:
Honeywell (US), BorgWarner (US), MHI (Japan), IHI (Japan), and Continental (Germany).
Hybrid vehicle is expected to be the largest market for automotive turbocharger over the forecast period. The global eco-friendly vehicle market is booming due to the increasing concern over global warming and air pollution and the government support to reduce air pollution. Growth in the application of turbocharger in HEV & PHEV will be widely seen in North America and Europe due to their willingness to adopt state-of-the-art technology and strict emissions norms.
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Gasoline turbocharger market is expected to be the fastest growing market. The turbocharger market for diesel vehicles is matured, and the market for gasoline turbochargers is growing at a rapid rate. However, in the current scenario, the penetration of turbocharged diesel vehicles is more than that of gasoline turbocharged vehicles. The upcoming emission norms in China and India, which are expected to be equivalent to Euro 6, will boost the market for gasoline turbocharged vehicles.
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Target Audience of Automotive Turbocharger Market
- Manufacturers of turbochargers
- Raw material suppliers for turbochargers
- The automobile industry as an end-use industry and regional automotive associations
- Traders, distributors, and suppliers of turbochargers
- Turbocharger component suppliers
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