CHICAGO, Nov. 16, 2021 /PRNewswire/ — According to the new market research report “Automotive Turbocharger Market by Technology (VGT, Wastegate, Electric), Material (Cast Iron, Aluminum), Fuel Type, Application (Agriculture, Construction), Vehicle (Passenger Car, LCV, Truck & Bus), Aftermarket and Region – Global Forecast to 2026″, published by MarketsandMarkets™, the Automotive Turbocharger Market is projected to reach USD 19.2 billion by 2026 from USD 11.8 billion in 2021, at a CAGR of 10.2%.
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Decrease in NOx emission limits in upcoming emission norms, increasing demand of passenger cars with gasoline engines are expected to drive the Automotive Turbocharger Market.
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Gasoline segment is expected to be the largest segment during the forecast period
The usage of turbochargers in gasoline engines is projected to increase at a high rate owing to the decline in the price of turbocharged gasoline engine technology and new emission regulations. These factors will encourage OEMs to increase the usage of turbochargers in gasoline passenger cars.
The electric turbocharger segment by technology is expected to be the fastest-growing market
The electric turbocharger has high potential and can be used in both light-duty as well as commercial vehicles that run on fuels such as gasoline, diesel, and CNG. The demand for electric turbochargers with 48V mild hybrid and full hybrid technology is expected to grow in the coming years. Asia Pacific will be the largest market, followed by Europe and North America. The 48V hybrid technology, which makes internal combustion engines significantly more efficient at relatively low costs, is a better option in terms of costs and emissions. These advantages would drive the demand for electric turbochargers.
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Asia Pacific is estimated to be the dominant regional market
Asia Pacific is the largest producer of passenger cars in the world, owing to the presence of leading automotive manufacturers in the region. Major automobile-producing countries in Asia Pacific are China, Japan, India, and South Korea. Asia Pacific is also the largest market for automotive turbochargers owing to the stringent emission norms implemented in this region. China VI-a, with its limits lower than Euro VI, was implemented in 2019 for gas engines, and China VI-b is set to be implemented in 2021. India’s BS-VI norms were implemented in 2020 (skipping BS V norms).
Garrett Motion Inc. (US), Continental AG (Germany), BorgWarner Inc. (US), Mitsubishi Heavy Industries (Japan), and IHI Corporation (Japan) are the leading manufacturers of automotive turbocharger in the global market. These companies adopted new product development, and expansion strategies to gain traction in the Automotive Turbocharger Market.
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Read More:Automotive Turbocharger Market worth $19.2 billion by 2026