As per a recent study by ESOMAR-certified firm Future Market Insights (FMI), the global automotive turbochargers market will be valued at US$ 9.6 Bn in 2021, exhibiting robust growth at 8.8% CAGR between 2021 and 2031.
Tightening restrictions to curb harmful greenhouse gas emissions across various countries, coupled with growing consumer demand for high-performance passenger cars are chief factors fostering sales in the global automotive turbocharger markets.
E-turbochargers are gaining traction in the automotive industry, thereby encouraging manufacturers to focus on product development and innovations regarding e-turbochargers for their incorporation in hybrid vehicles, which is driving the market growth.
Additionally, increasing adoption of electric and hybrid vehicles in developed countries such as the U.S., the U.K., and Germany, along with growing applications of variable geometry technology in turbochargers is promoting sales in the market.
In developing countries such as China, India, South Korea, and Brazil, automotive turbochargers market growth can be attributed to growing consumer preference for high-performance and fuel-efficient passenger cars, creating lucrative opportunities for leading manufacturers in the market.
Key Takeaways from FMI’s Automotive Turbochargers Market Study
- In terms of product type, variable geometry technology will remain dominant over the forecast period.
- Passenger cars will lead the vehicle type segment, accounting for 3/5th of the total sales.
- The U.S. is anticipated to remain the largest market for automotive turbochargers sales.
- China will emerge as a lucrative market, owing to tough emission control regulations.
- Germany will lead the expansion of automotive turbochargers market in Europe throughout the assessment period.
- South Korea and Japan will account for 6% of the total automotive turbochargers market share.
“Technological advancements in automotive turbochargers that support fuel efficiency and optimal performance, coupled with increasing automotive sales will broaden growth prospects for players operating in the market,” says the FMI analyst.
Garret Advancing Motion (formerly Honeywell), BorgWarner Inc., IHI Corporation, Cummins Inc., Bosch Mahle Turbo Systems GmbH & Co, Eaton Corporation plc, Weifang FuYuan Turbochargers Co., Ltd., Mitsubishi Heavy Industries, Continental AG, and Toyota Industries Corporation are some leading manufacturers operating in the automotive turbochargers market.
As per FMI’s analysis, the global automotive turbochargers market is dominated by top 5 players, including Garret Advancing Motion (formerly Honeywell), BorgWarner Inc., IHI Corporation, Mitsubishi Heavy Industries, and Cummins Inc., accounting for nearly 85% of the market share.
Key players are striving to strengthen their foothold in the market by emphasizing on various inorganic strategies that include site expansion, new product launches, increased research and development, and strategic collaborations. For instance:
- In May 2021, BorgWarner entered into a global agreement to supply its electronic turbochargers to OEMs for hybrid electric vehicles. This agreement will provide a significant boost to ongoing research and development in the automotive turbochargers market.
- In June 2021, Cummins Inc announced the expansion of its production facility to two new locations in North Carolina and South Carolina which is expected to be completed by the end of 2021. The expansion will allow the company to remanufacture and develop new turbocharger products, improving cost competitiveness simultaneously.
For Information On The Research Approach Used In The Report, Ask Analyst @ https://www.futuremarketinsights.com/ask-question/rep-gb-135
More Insights on the Automotive Turbochargers Market
In its latest report, FMI offers an unbiased analysis of the global automotive turbochargers market, providing historical data for the period of 2016-2020 and forecast statistics for the period of 2021-2031. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of fuel type (gasoline and diesel), vehicle type (passenger car, LCV, HCV, agricultural machinery, and construction machinery), product type (wastegate, variable-geometry technology and twin-turbo), sales channel (OEMs and aftermarket), actuator type (hydraulic, pneumonic and electric) and across seven regions. (North America, Latin America, Eastern Europe, Western Europe, Asia Pacific excluding Japan (APEJ), Japan, and Middle East & Africa).