Considerable Growth Foreseen In The Global Automotive Turbocharger Market With The Growing Demand
The global automotive turbocharger market can be segmented on the basis of vehicle, technology and region. The market on the basis of vehicle can further be classified into PCV, LCV, and HCV. On the basis of technology, the global automotive turbocharger market can be bifurcated into VGT/VNT, Wastegate, and Twin Turbo. The global automotive turbocharger market can be differentiated on the basis of region into North America, Europe, Asia Pacific, Latin America and Middle East and Africa.
Growing engine downsizing requirements, rising penetration of electric vehicles, escalating usage of zero emission vehicles and favorable government regulations have boosted the growth of the global automotive turbocharger market. It is expected that the global automotive turbocharger market will grow at a CAGR of 10%, reaching the significant market size of almost USD 25 billion by the year 2026.
Here are some more points to help explain further about the global automotive turbocharger market:
- With respect to the segmentation of the global automotive turbocharger market on the basis of vehicle, the sub- segment of PCV is expected to dominate the market in the forecast period mentioned above.
- Heavy commercial vehicles segment is also anticipated to contribute significant market share by 2026.
- The market will be dominated by VGT/VNT sub-segment of the technology based segmentation of the global automotive turbocharger market during the forecast period.
- Wastegate turbo segment is anticipated to grow at significant CAGR over the forecast period.
- North America market is likely to expand at noteworthy CAGR due to growth in the automotive industry, increase in the implementation of new technologies, growing deployment of electric vehicles, and strategic initiatives adopted by the government.
- Considerable growth is expected by the Asia- Pacific market as well.
- Europe is anticipated to grow at highest growth rate during the forecast period owing to the growing usage of traveler vehicles together with the improvement of engine performance.
- The key players operating in this market include BorgWarner, Honeywell International Inc., BMTS Technology, Banks Power, Mitsubishi Heavy Industries, Linamar Corporation, Rotomaste and IHI Corporation.
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