AUTOMOTIVE TURBOCHARGER MARKET TO REACH USD 24.1 BILLION BY 2024 | CAGR 10.2% – FORENCIS RESEARCH

Global Automotive Turbocharger Market: Key Highlights

• According to the new market research report “Automotive Turbocharger Market by Type (Single-Turbo, Twin-Turbo, Twin-Scroll Turbo, Variable Geometry Turbo, Variable Twin Scroll Turbo, Electric Turbo), by Component (Compressor, Turbine, Center Housing), by Fuel Type (Compressed Natural Gas (CNG), Diesel, Gasoline) by End User (Passenger Vehicles, Light Duty Vehicles (LDV), Heavy Duty Vehicles (HDV)), by Region (Asia Pacific, Europe, Middle East & Africa, South America, North America) – Global Forecast (2019 to 2024)”, the global automotive turbocharger market is estimated to reach USD 24.1 Billion by 2024 at a CAGR of around 10.2% during the review period.
• Automotive turbocharger is a power-boosting device fitted to a vehicle’s engine which recovers the waste energy from the exhaust gasses and uses it to compress the air and feeds it into the engine for maintaining air to fuel ratio.
• Fuel economy, higher efficiency, increase in power and less noise are some of the advantages offered by the use of turbocharger in automotive.
• Automotive turbocharger market has affected by the COVID-19 pandemic which in turn has impacted on the production of vehicles.

Global Automotive Turbocharger Market: Key Market Dynamics

• Demand for low fuel consumption vehicles coupled with strength regulations for fuel regulations by government has expected to propel the growth of automotive turbocharger market.
• Increase in demand for gasoline engine in light-duty vehicles to drive the demand for automotive turbocharger owing to its advantages offers.
• Rising research and development activities for development of advanced automotive turbocharger has posed many opportunities.

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Global Automotive Turbocharger Market: Regional Overview

• Europe

Europe is expected to witness demand of automotive turbocharger with growing automotive industry in countries such as Germany, Italy, France, and Spain. Presence of key players such as BMW Group, DAF Trucks, Daimler, Fiat Chrysler Automobiles, and Ford may propel the demand for product. According to ACEA (European Automobile Manufacturers Association), 19.2 million vehicles where produced in the European Union.

• Asia-Pacific

Rising automotive production levels in countries such as China, India and South East Asian economies has expected to witness growth during the forecasted period. However, the contingency regarding the automotive manufacturing trends in the region post COVID-19 pandemic is expected to negatively impact the overall market growth.

Global Automotive Turbocharger Market: Key Players Overview

• BorgWarner Inc.:

BorgWarner Inc. was incorporated in 1901 and has its presence in 19 countries across the globe. The company serves light vehicles, medium & heavy duty, off highway, and aftermarket with its different products and solutions. In April 2019, the company has announced portfolio expansion in which includes 13 new turbocharger products.    

• Continental AG.:

Founded in 1871, Continental AG operates through wide range of products including tire, automotive product, and contitech products. In 2019, the company generated sales of USD 50.56 billion in 59 countries and market. In 2019, Continental AG launched world’s first ring catalyst turbocharger further boosts engine efficiency in hybrids.

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