Europe automotive turbochargers market to garner significant returns by 2024, rising environmental consciousness and stringent emission laws to augment the industry landscape
Publisher : Fractovia | Published Date : 2018-04-18Request Sample
With automakers rapidly chasing fuel economy standards that are growing increasingly stringent by the day, automotive turbochargers market is expected to gain commendable traction over 2018-2024. Given how effectively turbochargers enable automobile manufacturers to use smaller engines without compromising on the horsepower, major automakers are turning to produce more models with turbocharger engines, stimulating automotive turbochargers industry share. Cadillac launching its twin-turbo V-8 engine in its CT6 V-Sport is a recent instance validating the aforesaid fact.
U.S. Automotive Turbocharger Market, By Technology, 2017 & 2024 (USD Million)
Speaking along similar lines, it is prudent to mention that automotive behemoth Porsche had also recently brought forth the Turbo version of the Panamera with 550 horsepower to automotive turbochargers market. It is thus rather evident that turbochargers would bring about a paradigm shift in engine technology used in the automotive industry. Hailed as a potential competitor to the electric vehicle sector, it would seem as if automotive turbochargers industry is here to stay.
How environmental considerations & the advantages of turbochargers will benefit automotive turbochargers industry outlook
Environmental concerns have led to automotive manufacturers striving to innovate novel methods of trying to bring down CO2 levels caused by automotive fumes. This has, on one hand, given rise to a completely new breed of automobiles – the acclaimed EVs. On the other hand, internal combustion engine vehicles have been increasingly modified to weigh less and be more fuel efficient. Turbochargers have indeed been a game changer in the automotive industry in this case, as far as mileage has been concerned. They have in fact proved themselves to be a green technology where wasted energy is harvested to enhance engine performance without any added pollution, stimulating automotive turbochargers market trends.
As per statistics, turbochargers can raise fuel efficiency by 45% - this alone has led to major European automobile owners opting for this component. A diesel engine fitted with a turbocharger can apparently go 40% further and a gasoline engine 20% further on a liter of fuel. Demonstrating an instance, Ford claimed that the turbocharged 2012 Ford Explorer gets about 23 miles per gallon compared to 20 miles per gallon for the naturally aspirated version. The increasing considerations related to fuel efficiency maintenance will thus increase the adoption of these products, augmenting the commercial graph of automotive turbochargers market.
A succinct gist of Europe automotive turbochargers industry trends
Region wise, it would be prudent to mention that emission laws have made a remarkable contribution to the growth of the automotive turbochargers market. Europe, has evidenced a rise in the stringency of emission laws, on account of which Europe held the largest share of automotive turbochargers market in 2017.
Powered by the extensive penetration of passenger cars in the continent in tandem with the presence of a stringent regulatory landscape to retain an analysis on automotive emissions, Europe automotive turbochargers market is expected to traverse alongside a profitable growth graph over 2018-2024. Indeed, the regional industry trends are also expected to gain momentum pertaining to the presence of prominent automobile manufacturers such as VQ, Volvo, BMW, Mercedes Benz, and Audi in the continent.
OEMs participating in the enhancement of automotive turbochargers industry
OEMs are renowned to use turbochargers for creating some of the most fuel-efficient vehicles across major geographies. For instance, the turbocharger fitted 2011 Chevy Cruz of US delivers a 42 mpg on the highway – supposedly a leading rating by the EPA. In Europe, the turbocharged 2010 Volkswagen Polo held the position for the most fuel-efficient car in the world with world’s first turbo gasoline-electric hybrid BMW X6 ActiveHybrid.
Thus, with OEMs upgrading their vehicles to not only meet regulatory standards but also to remain at par with their competitors, they are expected to emerge as a viable avenue for automotive turbochargers industry in the years ahead.
Competitive outlook of the automotive turbochargers industry
It would be prudent to mention that the automotive turbochargers market has a highly competitive landscape with well renowned names such as Honeywell, Federal-Mogul, BorgWarner, Mitsubishi Heavy Industries, Cummins Turbo Technologies, Weifang Fuyuan, Montupet, and IHI Corporation. Quite expectedly, these giants are constantly vying with each other to achieve market prominence. The steep competition has prompted a rise in investments in research and development, bringing about advanced technological innovations that would stimulate automotive turbochargers industry. Say for instance, it has been observed that the quality of construction materials has a huge impact on turbocharger efficiency. On these grounds, companies use super strong, light alloys made with a mixture of aluminum and titanium to create turbo components.
With the automotive industry growing at an unprecedented rate, transport has emerged as one of the chief contributors of the increasing levels of green house gases in the atmosphere. On these grounds, regulatory bodies responsible for the planet’s sustainable have been stringently tightening their norms that automotive manufacturers are mandated to adhere to. Held together with a legislative structure in place in addition to catering to a growing populace of environmentally conscious consumers, automotive turbochargers market size has been forecast to surpass USD 24.5 billion by 2024.
