DUBLIN--(BUSINESS WIRE)--The "Automotive Turbocharger Market by Technology (VGT, Wastegate, Electric), Material (Cast Iron, Aluminum), Fuel Type, Application (Agriculture, Construction), Vehicle (Passenger Car, LCV, Truck & Bus), Aftermarket and Region - Global Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The automotive turbocharger market is projected to reach USD 19.2 billion by 2026 from USD 11.8 billion in 2021, at a CAGR of 10.2% during the forecast period.
Asia Pacific region is expected to be the largest market. The growth can be attributed to the improving socio-economic conditions in emerging economies such as China, India, Indonesia, and Thailand. The increased vehicle production and upcoming stringent emission norms in China and India will boost the automotive turbocharger market. Wastegate turbocharger technology is expected to be the largest segment by technology, while electric turbochargers will be the fastest-growing market in the coming years.
Globally, the gasoline segment is expected to be the fastest-growing segment during the forecast period.
The usage of turbochargers in gasoline engines is projected to increase at a high rate owing to the decline in the price of turbocharged gasoline engine technology and new emission regulations. These factors will encourage OEMs to increase the usage of turbochargers in gasoline passenger cars.
Asia Pacific is projected to be the largest regional market
Asia Pacific is the largest producer of passenger cars in the world, owing to the presence of leading automotive manufacturers in the region. Major automobile-producing countries in Asia Pacific are China, Japan, India, and South Korea. Asia Pacific is also the largest market for automotive turbochargers owing to the stringent emission norms implemented in this region. China VI-a, with its limits lower than Euro VI, was implemented in 2019 for gas engines, and China VI-b is set to be implemented in 2021. India's BS-VI norms were implemented in 2020 (skipping BS V norms).
Market Dynamics
Drivers
- Decrease in Nox Emission Limits in Upcoming Emission Regulations
- Increased Demand for Passenger Cars with Gasoline Engines
Restraints
- Higher Maintenance Costs and More Cooling Oil Requirements
- Decrease in Vehicle Production in the Last Few Years
Opportunities
- Development of Electric Turbochargers
Challenges
- Turbo Lag
- Durable, Temperature Resistant, Economical Materials for Turbochargers
Companies Mentioned
- Garrett Motion Inc. (Honeywell)
- Continental Ag
- Borgwarner Inc.
- Mitsubishi Heavy Industries
- Ihi Corporation
- Bmts Technology
- Cummins Inc.
- Abb
- Tel
- Delphi Technologies (Borgwarner)
- Rotomaster International
- Precision Turbo & Engine Inc.
- Turbonetics Inc.
- Turbo International
- Kompressorenbau Bannewitz GmbH
- Turbo Dynamics Ltd.
- Cimos
- Marelli Corporation
- Weifang Fuyuan Turbocharger Co., Ltd.
- Hunan Tyen Machinery Co., Ltd.
- Ningbo Motor Industrial Co., Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/ro6u0p
