The global automotive turbocharger market size is set to gain momentum from the increasing initiatives by various manufacturers to downsize engines. They are doing so by lowering the number of cylinders and piston displacement. This information is given by Fortune Business Insights™ in a new report, titled, “Automotive Turbocharger Market Size, Share & Industry Analysis, By Technology Type (Variable Geometry Turbocharger, Wastegate Turbocharger, and Electric Turbocharger), By Fuel Type (Gasoline and Diesel), By Vehicle Type (Passenger Car, Light Commercial Vehicle, and Heavy Commercial Vehicle) and Regional Forecasts, 2019-2026.” The report further states that the automotive turbocharger market size was USD 8.20 billion in 2018 and is projected to reach USD 10.10 billion by 2026, thereby exhibiting a CAGR of 2.89% during the forecast period.
An Overview of the Impact of COVID-19 on this Market:
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Highlights of the Report:
- Extensive analysis of the automotive turbocharger market trends, growth drivers, barriers, opportunities, and challenges.
- List of all the segments present in the market.
- Competitive landscape consisting of investments, new agreements, contracts, collaborations, new orders, novel product launches, and mergers and acquisitions.
- Details about the regions and their current positions in the market.
Drivers & Restraints:
Rapid Urbanization Worldwide to Drive Growth
A few of the most significant factors accelerating the automotive turbocharger market growth are improvements in the standard of living, rapid urbanization, ongoing developments of road infrastructures, and growing industrialization. These are coupled with the increasing disposable income of the masses across the globe. Additionally, consumers nowadays are shifting rapidly towards those vehicles that would provide low emission of carbon in the atmosphere and would be economical in terms of fuel. It is therefore, propelling many reputed automotive manufacturers to invest hefty amounts of money in the research and development activities for equipping vehicles with cutting-edge technologies. However, the rising preference of the masses for electric vehicles may obstruct growth.
Browse Summary of This Research Insights Enabled with TOC: https://www.fortunebusinessinsights.com/automotive-turbocharger-market-102663
Wastegate Turbocharger Segment to Lead Backed by its Possession of Many Benefits
In terms of technology type, the market is segregated into the electric turbocharger, wastegate turbocharger, and variable geometry turbocharger. Out of these, the wastegate turbocharger segment held 40.5% automotive turbocharger market share in 2018. It is likely to lead throughout the forecast period. This growth is attributable to their ability to deliver maximum engine power and generate more torque. They are also cost-effective as compared to the variable geometry turbochargers. They are capable of effectively controlling the sudden boost levels in engines.
Key Players Focus on Unveiling Novel Products to Gain Competitive Edge
The market houses numerous manufacturers that are presently focusing on research and development activities to launch unique products in the market. It is aiding them in strengthening their position in the market and intensifying competition.
Fortune Business Insights™ lists out all the companies operating in the automotive turbocharger market. They are as follows:
- Garrett Motion
- Continental GT
- Aptiv PLC
- Cummins Inc.
- Ningbo Motor Industrial Co. Ltd.
- Precision Turbo and Engine Inc.
- Robert Bosch GmbH
- Rotomaster International
- Mitsubishi Heavy Industries. Ltd
- IHI Corporation
- Kompressorenabau Bannewitz GmbH
- Fuyuan Turbocharger Co, Ltd
- Marelli Corporation
- Turbo Dynamics
Increasing Number of Passenger Cars to Favor Growth in Asia Pacific
Based on geography, the market is divided into Asia Pacific, Europe, North America, and the rest of the world. Amongst these, Asia Pacific is anticipated to procure the highest share in the coming years fueled by the rising number of passenger cars in this region. In the emerging economies, such as China and India, the production and sales of automotive is upsurging. It is also set to contribute to market growth.
North America generated USD 2.62 billion in terms of automotive turbocharger market revenue in 2018. It is projected to grow astonishingly because of the higher usage of state-of-the-art technologies.
Quick Buy – Turbocharger Market Research Report: https://www.fortunebusinessinsights.com/checkout-page/102663
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