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AUTOMOTIVE TURBOCHARGER MARKET TO EXCEED $24bn by 2024

2018-05-18 08:49:26

AUTOMOTIVE TURBOCHARGER MARKET TO EXCEED $24bn by 2024


 Automotive Tubocharger Market size is estimated to surpass USD 24 billion by 2024; according to a new research report by Global Market Insights, Inc.

  Rising product demand from OEMs to offer light weight and fuel-efficient vehicles coupled with stringent regulations regarding CO2 emissions will primarily drive the industry over the forecast timeframe. Industry participants are focusing towards controlling these emissions and offering enhanced driving experience. This has resulted in high production of turbochargers, further escalating the revenue generation. However, rising implementation of electric vehicles will pose a challenge before industry participants.

  VGT turbochargers will grow rapidly, exhibiting more than 8% CAGR from 2017 to 2024. These turbochargers are responsible for precise controlling of NOx and particulate emissions. Moreover, shifting preference can be credited to the provision of multiple benefits such as increasing the engine efficiency, reduction in lag time, and cost effectiveness than the counterparts. Twin turbo will be valued at around USD 7 billion till 2024 owing to its advantages such as superior acceleration and power.

  Substantial increase in vehicle production has led to increased turbocharger demand owing to these mandatory norms. This has further resulted in higher frequency of replacement of traditional engines with turbocharged engines, impacting the industry positively. Rising trading and industrialization activities, especially in developing countries has opened numerous opportunities for the industry players. Regular technological advancements assist in the incorporation of turbochargers into the engines and enable the small-sized engines to offer higher power relative to their size. These innovations are likely to induce immense potential to the automotive turbocharger market size from 2017 to 2024.

 

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