OTTAWA, Dec. 17, 2020 (GLOBE NEWSWIRE) -- The global electric supercharger market is expected to grow at a compound annual growth rate (CAGR) of around 15.8% during the forecast period 2020 to 2027.
An electric supercharger particularly used in automobiles refers to a supercharger that offers a way to control the emission of a vehicle despite of enhancing the performance. The automotive electric supercharger permits complete combustion for a cleaner running engine along with better mileage, by increasing the flow of oxygen into an engine, and thus eliminates the partially burnt fuel. The electric supercharger for automotive application utilizes an electrically powered forced air system that contains an electric motor to provide pressure to the intake air. Few vehicles that include Tesla Motor’s model-S, BMW i8, Chevrolet S-10 EV, Nissan Leaf, and Toyota Rav4 EV employ an automotive electric super charger.
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Growth Factors
With the advent of advanced electronic devices that incorporates Artificial Intelligence (AI), Machine Learning, and Internet of Things (IoT) for the automotive application are likely to boost the demand for electric supercharger in the forthcoming years. Rapid advancements as well as developments in technology have paved the way for advanced automotive electronic devices. To support these advanced electronic devices battery system of a vehicle should be sufficient, this in turn propels the demand for electric supercharger particularly in the automobile application.
In addition, increasing adoption of electric and hybrid vehicles is the other most prominent factor that augments the market size of the electric supercharger. Several countries have shifted their inclination towards the adoption of electric and battery-powered vehicles in order to curtail the rising rate of carbon emission. As per a survey, transportation sector contribute nearly 23% of the overall carbon emission. Thus, several nations have issued strict regulations pertaining to CO2 emission, thereby triggering the demand for electric vehicles and therefore propelling the market growth of electric supercharger.
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Regional Snapshots
North America and Europe are expected to be the front-runner in the global electric supercharger market. Technological advancements along with supportive infrastructure for the hybrid and electric vehicles in the region attributed as the prime factors that triggers the market growth of the regions. In addition, high purchasing power of consumers coupled with increased rate of awareness related to environmental concerns among the public are the other important factors that boosts the demand for electric supercharger in the regions.
Furthermore, the growth of this market is mainly supported by the high enthusiasm for racing cars in these regions. Other prominent factors contributing towards the positive growth of the automotive supercharger market in North America and European regions are increasing fuel efficiency norms, the rising trend of engine downsizing, and high disposable incomes that have prominently increased the demand for high-end or premium cars. The United States estimated to be the most prominent market in North America.
On the other hand, the Asia Pacific seeks lucrative growth opportunity over the forecast timeframe owing to increasing concern of environmental pollution particularly from the automotive industry and rising purchasing power of consumers in the region. China, India, Japan, Korea, Singapore, and Malaysia are some of the prominent countries of Asia Pacific region that encountered prominent growth in the demand for electric components and parts of an automobile, thereby fuelling the growth of electric supercharger in the region.
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Report Highlights
- Europe and North America examined as the prominent regions in terms of revenue in the global market attributed to the rapid advancements in the technology
- The Asia Pacific emerged as the most opportunistic market for the electric supercharger because of high adoption rate of electric vehicles
- Based on vehicle type, passenger vehicles held the major value share accounting for nearly 75% in the year 2019 due to high production and sales of passenger vehicles
- Commercial vehicles expected to gain prominent traction over the analysis time-period attributed to the growth in e-commerce and retail sector
- The 48V electric supercharger estimated to hold a significant value share in the global market owing to ease of installation in the rising number of mild-hybrid& hybrid vehicles along with its cost-effectiveness
Key Players & Strategies
The global electric supercharger market is at its nascent phase, thus seeks concentration in the operating players. Research & Development (R&D) is the prime focus of every player operating in the market to enhance their product offering and maintain their competitive hold in the global market. In addition, the technology is very new and emerging thus requires high cost for establishing a definite footprint on a worldwide scale; consequently, offer tough challenge for any new player to enter in the market.
Some of the key players operating in the market are Ford Motor Company, Robert Bosch GmbH, Valeo, Duryea Technologies, Continental AG, and Aeristech Ltd. among others.
Market Segmentation
By Product Type
- 48V Electric Super Charger
- 24V Electric Super Charger
- 12V Electric Super Charger
By Vehicle Type
- Passenger Vehicles
- Commercial Vehicles
By Regional Outlook
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of the World
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