Albany, NY -- (SBWire) -- 04/04/2018 --In a highly consolidated global automotive turbochargers market, top five players namely, BorgWarner Inc., Mitsubishi Heavy Industries Ltd., Honeywell International Inc., Cummins Inc., and IHI Corporation held over 66% share in the overall market in 2015. Of them, BorgWarner exhibits clear dominance with the company holding 19.8% share in 2015. Strategic alliances and joint business ventures remains the focus of the company to enhance its technological capabilities. This is also aiding to expand geographical presence and serve a larger customer base.

Substantial efforts for R&D for new product development remains long-term growth strategy of top companies in the automotive turbochargers market. Apart from this, key companies are striving to establish production plant in emerging economies for cost advantage.

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As per a research report by Transparency Market Research, the global automotive turbochargers market is likely to be worth US$20.35 bn by the end of 2024, clocking 9.9% CAGR between 2017 and 2024. The opportunities in the market were worth US$10.48 bn in 2017. On the basis of vehicle type, passenger vehicles segment currently leads the market with the segment anticipated to register the leading growth rate over the forecast period. In terms of fuel type, diesel engine segment is estimated to continue its dominance through 2024 in terms of revenue. Geography-wise, Asia Pacific is predicted to emerge attractive due to rising environmental considerations and efforts to curb emissions in emerging economies.

Benefits of Fuel Efficiency finds Adoption in Gasoline Powered Vehicles

First and foremost, rising trend of engine downsizing is driving the automotive turbochargers market. The use of smaller engine in vehicles helps reduce emission of harmful waste gases. Engine downsizing also helps improve vehicle's fuel efficiency as higher power outputs can be attained. This is because smaller engine cylinder consume less fuel intake at the time of combustion.

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Penetration of turbochargers in gasoline engines is a significant factor boosting the automotive turbochargers market. From their erstwhile use in diesel engines, turbochargers are increasingly finding adoption in gasoline powered engines to increase fuel efficiency and curb emissions. With the rise in demand for powerful and fuel-efficient gasoline-powered vehicles, the demand for turbochargers is set to rise in the years ahead.

Increasing emissions norms in place especially in emerging economies is favoring the automotive turbochargers market. For example, emission standards laid down by various agencies such as EPA in North America and Bharat Stage Emission Standards in India have necessitated vehicle manufacturers to equip vehicles with new technologies such as turbochargers to comply with emission standards. This is because turbochargers help downsize a vehicle's engine, which in turn consumes less fuel leading to reduced emissions.

Additionally, the Corporate Average Fuel Economy (CAF?‰) Standards in place that determine the average fuel economy exhibited by a vehicle is aiding the turbochargers market. As per the CAF?‰ Standards, every single auto manufacturer needs to manufacture a variety of trucks and cars that collectively provide a minimum number of miles per gallon.

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Rising Popularity of Electric Vehicles Slows Growth

At present, electric and hybrid vehicles are increasingly becoming popular due to fuel efficiency and zero emission attributes. As a result, the demand for turbochargers is facing a hit. Adoption of hybrid vehicles is witnessing an upswing due to lower carbon deposits in the engine during combustion which is lacking in gasoline-powered vehicles. Thus, with increasing uptake of electric vehicles, the demand for automotive turbochargers is set to decline as electric vehicles do not require turbochargers.

The mounting pressure from governments to switch to renewable energy vehicles is a roadblock to the growth of automotive turbochargers market. At the same time, manufacturers of turbochargers face growth challenges due to turbo lag.