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March 2, 2021

Home / Global Automotive Turbocharger Market Boost Due to Increasing Production and Sales of Light and Heavy Commercial Vehicles

Global Automotive Turbocharger Market Boost Due to Increasing Production and Sales of Light and Heavy Commercial Vehicles

Anurag Sharma

Last updated on:March 2, 2021 Market.us

Automotive turbochargers are widely used in automobiles, coupled with increasing awareness among individuals pertaining to fuel efficiency are major factors influencing the growth of automotive turbocharger market. Stringent emission regulations by government authorities is expected to raise demand for automotive turbocharger in the near future. However, declining demand for diesel vehicles is expected to hamper growth of the global automotive turbocharger market to certain extent. In addition, increasing demand for electrically assisted turbocharger is expected to create lucrative opportunities in the next coming years. Moreover, increasing investments for R&D activities by manufacturers owing to safety concern and low carbon emissions is an ongoing trend observed in the target market in the near future.

“Automotive Turbocharger Market: Types, Applications, Growth Rates and Shares, and Global Forecast: 2020 – 2029” is the title of one of the recently produced reports by research team at Market.US. The global automotive turbocharger market is expected to reach a value of approximately US$ 31 Billion in 2029, from a value of around US$ 16 Billion in 2019. The global market is projected to register 9.2% CAGR. The market has been segmented on basis of engine, vehicle type, sales channel, and region/ country.

Increasing purchase of heavy as well as light commercial vehicles, clubbed with stringent government regulations associated with vehicle fuel efficiency and emissions are among major factors driving demand for automotive turbocharger and in turn drive market growth. According to the data released by China’s Ministry of Ecology and Environment, vehicles affected by the China VI standard account for over 90% of particulate matter emissions and nearly 70% of NOX emissions from China’s on-road transportation fleet.

Infographics Automotive Turbocharger Market

Emphasis on technology advancements including electrically-powered turbocharger with integrated electric motors for enhanced equipment performance and improved fuel efficiency is projected to create revenue opportunities for players functioning in the target market. In May 2019, the US-based BorgWarner, Inc. presented lineup of its electrification technologies and displayed its 48V solutions such as P2 hybrid modules, eBooster (electrically driven compressor) and eTurbo (electrically assisted turbocharger). Regulatory authorities that focus on reducing emissions have made statutes and regulations which in turn increase demand for turbocharged engines in order to replace existing and naturally aspirated engines.

In June 2018, China released the China VI emission standard for new heavy-duty vehicles, which is equivalent to, or in some aspects even more stringent, than the Euro VI emission standard. The China VI standard intends to force diesel particulate filters (DPF) on all new diesel heavy-duty vehicles introduced to the market after July 2021. This will transition all new heavy-duty vehicles in China to soot-free emission levels. In February 2016, the Indian Ministry of Road Transport and Highways (MoRTH) issued a draft notification of Bharat Stage (BS) VI emission standards for all major on-road vehicle categories in India. As proposed, the BS VI standards will go into effect for all vehicles in these categories manufactured on or after April 1, 2020.

The global automotive turbocharger market has been segmented on basis of engine, vehicle, sales channel, and region/ country. Among engine segments, diesel segment is estimated to register major share, whereas gasoline segment is projected to grow at a rapid rate in the near future. This is attributed to the implementation of Euro VI equivalent standards, China VI and Bharat Stage VI emission norms that promotes to develop advanced systems. Based on vehicle segments, light commercial vehicle segment accounts for highest revenue share owing to increasing adoption of passenger cars, coupled with high spending capacity of individuals. Based on sales channel segments, the original equipment manufacturer segment holds major share in terms of revenue owing to growing demand for the product by major automotive manufacturers. Based on the region, Asia Pacific market is estimated to account for highest revenue share and is projected to dominate the automotive turbocharger market in the near future, followed by Europe and North America respectively. This is attributable to inclining demand for automobiles, rapid urbanization, coupled with increasing disposable income, increasing investments in R&D activities in various countries.

Major players profiled in the final report include Garrett Motion Inc., BorgWarner Inc., Cummins Inc., IHI Corporation, Mitsubishi Heavy Industries, Ltd., Continental Aktiengesellschaft, Bosch Mahle Turbo Systems GmbH & Co. (BMTS), Precision Turbo & Engine Rebuilders, Inc., Easyland Automotive Corporation (Jrone), Turbo Energy Private Limited (TEL), Refone Auto Power Co. Ltd., Ningbo GP Turbocharger Co. Ltd., Rotomaster International, Tonglint Industries Co., Ltd., and Hunan Tyen Machinery Co., Ltd.

Anurag Sharma

Anurag Sharma

He has been helping in business of varied scales, with key strategic decisions. He is a specialist in healthcare, medical devices, and life-science, and has accurately predicted the trends in the market. Anurag is a fervent traveller, and is passionate in exploring untouched places and locations. In his free time, he loves to introspect and plan ahead.

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