Automotive turbochargers market for PCVs accounted for a revenue share of around 60% in 2017. This growth is attributed to the increasing sales of SUVs across the globe. Shifting trend towards buying compact SUVs and crossovers owing to smaller footprint along with superior power and ruggedness are boosting the segment share till 2024.
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OEM accounted for more than 90% market share in 2017 owing to the increasing deployment of the product in vehicles across the globe. The manufacturers are developing innovative solutions including electric turbocharging that reduces engine lag and uniform power delivery, thereby provides a positive outlook for the automotive turbochargers market expansion.
Europe automotive turbochargers market will grow considerably over the study timeframe. This can be credited to the presence of major automobile companies adopting turbocharging technologies across their product portfolio.
Diesel accounted at more than 60% of the overall volume share in 2017. This dominance is attributed to the availability of multiple diesel vehicle models fitted with turbochargers across a diversified price range. Additionally, the improved fuel efficiency along with lower fuel cost compared to its counterparts strengthens the business growth. The availability of higher torque at lower RPM range along with smoother uphill driving experience plays a significant role over the study timeframe.
Automotive turbochargers market for Variable geometry turbocharger will grow considerable at around 8% CAGR over the projected timeframe owing to benefits offered compared to the other counterparts. The ability to significantly alter the aspect ratio depending on the engine requirement is further supporting the segment share over the study timeframe. Further, the combination of multiple pressure ratios at defined engine speeds supporting in improved acceleration positively influences the product adoption till 2024.
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Engine horsepower falls 3% with every 1,000 feet above sea level. For instance, in India, road conditions range from sea level to 6,000m resulting in the 18% reduction of power produced by the engine. However, the performance of automotive turbocharger improves at high altitudes owing to the increase in pressure difference in turbines and outer atmospheric pressures, in turn positively influencing the automotive turbochargers market growth.
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Installing turbochargers boosts the vehicle performance by offering an improved power output from smaller engines. It reduces the friction in engines, thereby significantly increasing the fuel economy. Industry participants are continuously engaged in R&D for developing innovative turbocharging solutions for increasing their automotive turbochargers market share. For instance, in July 2018, Ferrari applied for a patent related to the electric turbocharging technologies, that increases the turbocharging capabilities in a vehicle considerably.
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Honeywell International, Inc., IHI Corporation, Cummins, Borg Warner BMTS, and Mitsubishi Heavy Industries are among the major automotive turbochargers market participants. Other industry participants include Precision Turbo & Engine, Turbonetics, Inc., Rotomaster, The Turbo Engineers GmbH, and Turbo Energy Private Limited.