LONDON--(BUSINESS WIRE)--The automotive refurbished turbochargers market is expected to grow by USD 743.44 million during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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The demand for refurbished automotive turbochargers is increasing among consumers owing to their low cost compared to new units. Refurbished turbochargers are usually stripped down, cleaned, and the faulty parts are replaced by newer ones. Also, some parts in turbochargers, such as the compressor housing, need not be replaced as they are not susceptible to regular wear and tear. Refurbished turbochargers also look similar compared to the newer ones. In addition, prominent vendors are offering warranties on refurbished turbochargers. For instance, BorgWarner offers a one-year or a 100,000-mile warranty on its automotive refurbished turbochargers. Such cost benefits are driving the growth of the global automotive refurbished turbochargers market.
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As per Technavio, the development of electric turbochargers will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Automotive Refurbished Turbochargers Market: Development of Electric Turbochargers
Prominent vendors in the market are focusing on the development of electric turbochargers that feature motors. The electric motor enables the turbocharger to rapidly spin up the turbo at low speeds. This eliminates the turbo lag issue faced by conventional turbochargers. During deceleration, these turbochargers act as generators to charge the battery. They are also less complex to pack when compared to conventional turbochargers. With the increasing regulatory pressure to deliver fuel-efficient vehicles, the demand for electric turbochargers will gain traction during the forecast period.
“The growing popularity of two-staged turbochargers and the development of turbocharged rotary engine will further boost market growth during the forecast period”, says a senior analyst at Technavio.
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Automotive Refurbished Turbochargers Market: Segmentation Analysis
This market research report segments the automotive refurbished turbochargers market by Application (Passenger cars, LCVs, and M and HCVs) and Geographic Landscape (APAC, Europe, North America, South America, and MEA).
The APAC region led the automotive refurbished turbochargers market in 2019, followed by Europe, North America, South America, and MEA respectively. During the forecast period, the APAC region is expected to register the highest incremental growth due to the growing demand for automobiles.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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