DUBLIN--(BUSINESS WIRE)--The "Automotive Turbocharger Market by Technology (VGT, Wastegate, Electric), Material (Cast Iron, Aluminum), Ice & Hybrid Vehicle, Fuel Type, Off-Highway (Agricultural, Construction, Locomotive), Aftermarket, and Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The market in 2018 is estimated to be USD 16.87 billion and is projected to reach USD 31.61 billion by 2025, growing at a CAGR of 9.39% during the forecast period, in terms of value
The growth of the automotive turbocharger market is influenced by factors such as changing consumer preferences for greater power generating vehicles, stringent emission regulations in regions such as Europe and North America, and the upcoming regulation in Asian countries such as China and India. Some of the market restraining factors are the declining share of diesel vehicle and the increasing demand for battery electric vehicle.
The Passenger Car segment is expected to be the fastest growing market. As per International Organization of Motor Vehicle Manufacturers (OICA) the global production of passenger cars increased 20% from 2011 to 2016 from 59.9 million units to 73.4 million units. The installation of turbocharger in diesel cars is very high, whereas the installation of gasoline turbochargers is growing at a significant rate. Considering the increasing vehicle production and the increasing installation of turbochargers, passenger cars will have the fastest growth rate in the turbochargers market.
Asia Oceania is estimated to be the largest market for automotive turbochargers. The automotive industry in the Asia Oceania region has been dynamic over the past few years and has seen an increase in the annual production of passenger and commercial vehicles.
As a result, in the recent years, Asia Oceania has emerged as a hub for automobile production. With the increasing vehicle production and increasing demand for greater power generating vehicles, the demand for turbocharger will also increase in the Asia Oceania turbocharger market. These factors combined, Asia Oceania is projected to be the largest automotive turbocharger market over the forecast period.
Automotive turbocharger market consists of manufacturers such as Honeywell (US), BorgWarner (US), MHI (Japan), IHI (Japan), and Continental (Germany).
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