Selbyville, Delaware, Jan. 08, 2019 (GLOBE NEWSWIRE) --
The turbochargers market in automobile is set to grow from USD 13 billion in 2017 to over USD 24 billion by 2024, according to a latest Global Market Insights, Inc. report. Increasing demand for high performance and fuel-efficient vehicles coupled with strict emission regulations will primarily drive the turbocharger market size in automobile. Vehicles equipped with these products can reduce the carbon emission by up to 20% and 15% for diesel and gasoline-powered engines respectively. Enabling vehicle manufacturers for compliance with the emission norms will provide strong industry growth prospects over the forecast period.
Gasoline segment will witness highest growth and is expected to account for over 32% turbochargers market share in automobile by 2024. This is attributed to the high RPM generation and efficient fuel combustion in vehicles. Moreover, owing to high flammability of gasoline over diesel, system design contributes low space footprints. Thus, it contributes to the compact combustion chambers along with smaller engine components providing better fuel efficiency.
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Aftermarket distribution channel in turbocharger market for automobile industry is expected to witness growth at around 11% over the forecast timeframe. Aftermarket channels primarily cater to the replacement of damaged or failed engine components and customized consumer requirements. Increasing average fleet age across major economies will fuel the replacement and maintenance requirements.
Engine downsizing is the major trend that have gained significant emphasis among the automotive industry participants. A V8 engine can easily be replaced with V6 engine and a V6 engine can be replaced by V4 equipped with a turbocharger. Engine replacements do not impact on fuel economy, efficiency, and power of the vehicle. Ability of the downsized engine to provide 20% increase in vehicle efficiency will fuel the turbocharger market growth in automobile.
Production and sales of passenger vehicles in Europe and emerging economies in Asia Pacific are increasing owing to domestic and international demands. Some of the major automobile manufacturers in Europe include Volkswagen, Ford, Honda, Opel/Vauxhall, Mazda Motor, Chevrolet, Audi, BMW, Mercedes-Benz, Peugeot, and Renault, have witnessed initiatives for expanding their vehicle production. Considerable increase in vehicle production and sales in conjunction with the requirement for compliance with future government norms will propel the turbochargers market size in automobile through the forecast period.
Engine horsepower falls 3% with every 1,000 feet above sea level. For instance, in India, road conditions range from sea level to 6,000m resulting in the 18% reduction of power produced by the engine. However, the performance of automotive turbocharger improves at high altitudes owing to the increase in pressure difference in turbines and outer atmospheric pressures, in turn positively influencing the industry growth.
Browse key industry insights spread across 360 pages with 593 market data tables & 17 figures & charts from the report, “Automotive Turbocharger Market Size By Vehicle (PCV, LCV, HCV), By Technology (VGT/VNT, Wastegate, Twin Turbo), By Fuel (Gasoline, Diesel), By Distribution Channel (OEM, Aftermarket) Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Spain, Russia, Poland, Netherlands, China, Japan, India, South Korea, Australia, Thailand, Brazil, Mexico, Argentina, Saudi Arabia, UAE, South Africa), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2018 – 2024” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/automotive-turbocharger-market
Limitations associated with existing turbocharge systems that include turbo lag, limited boost threshold, reduced traction are among the major system drawbacks, negatively affecting the consumer inclination. Moreover, proliferation of electric vehicles featuring electric motors and battery powered systems with low maintenance cost and longer product life are expected to hamper the turbochargers market size in automobile through the forecast period.
PCV’s hold dominance and is expected to witness highest gains over the forecast timeframe. Increasing production and sales of premium passenger vehicles owing to a surging demand for luxury vehicles in China, the U.S., Germany, UK, and Brazil are stimulating turbocharger market share in automobile.
VGT/VNT technology accounted for the largest turbocharger market share in automobile in 2017. It is extensively used in commercial & off-highway vehicles and passenger vehicles for boosting the internal engine combustion performance. Increasing adoption of customized vehicles for recreational activities, motorsport events and military operations will positively influence the requirement of technologically-advanced solutions.
Europe held the largest automotive turbochargers market share and is projected to continue its dominance over the study timeframe. High penetration of passenger cars in conjunction with the stringent regulations to keep the automotive emissions in check are expected to be among the prominent factors contribute to the regional growth. Moreover, significant presence of major automotive manufacturers such as Mercedes Benz, BMW, Audi, Volvo, and Volkswagen will drive the industry growth through the forecast period.
Honeywell International, Inc., IHI Corporation, Cummins, Borg Warner BMTS, and Mitsubishi Heavy Industries are among the major turbocharger market participants in automobile. Other industry participants include Precision Turbo & Engine, Turbonetics, Inc., Rotomaster, The Turbo Engineers GmbH, and Turbo Energy Private Limited.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.