(MENAFN - iCrowdNewsWire) iCrowdNewswire - Apr 15, 2019
" 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 automotive turbocharger 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.
Turbochargers find an indispensable application in off-highway vehicles, such as construction vehicles, agricultural tractors, and locomotive, given the enhancement in power and performance, which is expected from these vehicles. Agricultural tractor application is expected to have the largest market, in terms of volume, over the forecast period.
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The construction of a turbocharger involves the use of various materials such as cast iron, stainless steel, and aluminum. The increase in demand for overall turbocharger market coupled with the requirement for lightweight turbochargers will drive the market for lightweight materials like aluminum and titanium for turbocharger application. Cast iron is estimated to have the largest market over the forecast period due to its benefits such as higher resistance to heat and its capacity to withstand high levels of pressure.
A 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.
The turbocharger technologies considered are VGT/VNT, wastegate, and electric turbocharger, which can enhance fuel efficiency and achieve better torque and power generation with less emission. VGT is expected to be the fastest growing market, by technology, and is estimated to grow due to its benefits such as high efficiency and reduced turbo lag over other types of a turbocharger.
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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The Asia Oceania market is estimated to account for the largest share, by value, in 2018. The growth is attributed to the improving socio-economic condition in emerging economies such as China, India, Indonesia, and Thailand. To achieve the upcoming emissions limits, OEMs will have to install turbochargers in vehicles. As Asia Oceania is dominated by small cars production, OEMs are focusing on engine downsizing with turbocharger application. Hence, post-2020, the installation rate of turbochargers for passenger cars in Asia is projected to grow dramatically.
Automotive turbocharger market is dominated by manufacturers such as Honeywell (US), BorgWarner (US), MHI (Japan), IHI (Japan), and Continental (Germany).
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