Sellbyville, DE -- (SBWIRE) -- 10/17/2018 -- Automotive turbocharger market from diesel will acquire highest volume share of more than 60% over the forecast timeframe. The diesel vehicles result in high carbon emissions and possess low fuel efficiency. This has resulted in high product demand, positively impacting the segment's growth. Gasoline will witness over 8% CAGR till 2024 owing to shifting focus towards the fuel.

OEMs dominated the automotive turbocharger market with over 90% share in 2016 and is likely to continue the same over the next eight years. Rising vehicle production across the globe along with mandatory norms regarding engine emissions will further support the industry dominance. Aftermarket will grow rapidly owing to high replacement needs in the engines of ageing vehicles to meet the regulatory norms.

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Surging demand for turbochargers from automobile OEMs across the globe to deliver the vehicles with enhanced fuel efficiency and lesser weight will essentially drive the industry growth. This rising demand is credited to the stringent and mandatory regulations associated with curbing the CO2 emissions. The vehicle manufacturers are continuously shifting their focus towards enhanced driving experience and regulating these emissions. This has led to high product sales, positively impacting automotive turbocharger market over the next eight years.

Automotive turbocharger market is expected to witness significant trends impacting its revenue generation. Engine downsizing is one such trend that has gained prominence among the manufacturers. It allows easy replacement of conventional engines with turbocharged engines with minimal impact on vehicle's power and fuel efficiency. Electric turbocharger is another advancement that is featured with exhaust gas driven turbine and electric motor. It has gained traction owing to its advantages such as high boost pressure and faster response. These innovations will also induce immense potential to the industry size.

VGT turbochargers are likely to witness significant growth, exhibiting over 8% CAGR from 2017 to 2024. Provision of benefits such as precise monitoring of particulate & NOx emissions, cost effectiveness as compared to the counterparts, lag time reduction, and enhanced engine efficiency will primarily drive the industry growth. Automotive turbocharger market from twin turbo will account for approximately USD 7 billion by 2024 owing to benefits including high power and acceleration.

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PCVs are anticipated to dominate automotive turbocharger market with more than 60% revenue share over the forecast timeframe. Rising production of the vehicle segment across the globe, particularly in emerging economies of Asia Pacific will primarily drive the industry growth. Rising demand from consumers for high power output and minimal loss in fuel efficiency will further support the industry dominance. Increasing domestic and international trading activities in various countries across the globe will fuel the automotive turbocharger market from HCVs.

Europe is likely to dominate the global automotive turbocharger market over the forecast timeframe. Substantial revenue generation can be attributed to presence of established industry participants coupled with stringent emission regulations across the region. Asia Pacific will exhibit more than 8% CAGR from 2017 to 2024 owing to rising demand from the countries such as China, South Korea, India, and Japan.

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Linamar, Federal-Mogul, Weifang Fuyuan, Mitsubishi Heavy Industries, IHI Corporation, Cummins Turbo Technologies, Borgwarner, and Montupet are among the noticeable participants in the automotive turbocharger market. Bosch Mahle Turbo Systems, Precision Turbo and Engine, Banks Power, Magnum Performance Turbos, and TEL are other prominent players included in the study. New product development is among the major strategies adopted by the competitors to strengthen their foothold. For instance, in April 2017, Honeywell introduced a VNT turbocharger to expand its product line.

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