Albany, NY -- (SBWire) -- 04/20/2019 --The automotive turbocharger market is expected to surpass the value of US$ 34 Bn by 2026, expanding at a CAGR of more than 5% during the forecast period. The market is expected to expand significantly during the forecast period owing to the rising penetration of automotive turbochargers in vehicles.
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The automotive turbocharger market is primarily driven by stringent emission norms across the globe. Rise in demand for vehicles with higher power output, coupled with stringent emission limits, has prompted manufacturers to install automotive turbochargers in their vehicles. Lower excise duty on smaller engines has compelled manufacturers to move toward engine downsizing, which can be achieved with the installation of turbochargers. On the other hand, adoption of turbocharger enables a smaller engine to deliver high power along with lower emission and higher fuel-economy, which is considered to be a key driver of the automotive turbocharger market. Engine downsizing also reduces the sprung mass on the vehicle, which enhances the fuel economy and performance of the vehicle.
Automotive turbochargers are commonly utilized in diesel vehicles; however, the penetration of automotive turbochargers has risen significantly in gasoline vehicles in the last few years. Furthermore, the market for diesel vehicles is contracting due to higher exhaust emissions from diesel engines, as compared to that from gasoline engines. Therefore, the gasoline engine segment of the automotive turbocharger is anticipated to be more lucrative than the diesel engine segment during the forecast period.
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Production of diesel vehicles is anticipated to decline due to an expected ban on diesel vehicles in a few major cities that are experiencing high air pollution due to vehicle emissions, such as New Delhi, Frankfurt, Madrid, and Athens. Some regions such as North America, Latin America, and a few sub-regions of Asia Pacific have higher number of gasoline vehicles, which has contributed to the gasoline engine segment to hold a major share of the market. The gasoline engine segment is likely to expand at a significant pace during the forecast period.
Rising investments and expansion of research and development centers for development of automotive turbochargers have led to the development of e-turbochargers, which are considered as the future of turbochargers for the automotive industry. The e-turbocharger was developed to overcome turbo lag that is experienced in conventional turbochargers by eliminating the dependency of compressor on exhaust of the engine. Penetration of e-turbochargers has been rising at a significant pace in the last few years. Previously, e-turbochargers were only utilized in premium vehicles; however, they are presently being employed in medium segment vehicles.
Automotive Turbocharger Market Is Expected to Surpass US$ 34 Bn by 2026 : CAGR of More Than 5%
Automotive Turbocharger Market is projected to expand at a CAGR of more than 5% during forecast period between 2018 to 2026 and expected to surpass US$ 34 Bn by 2026.