Rising Strides for Emission Control to be in Favor of Automotive Turbochargers Market
ROCKVILLE, MARYLAND, UNITED STATES, September 29, 2021 /EINPresswire.com/ — Turbochargers are steadily permeating the automotive sector, weighed by manufacturers as a tool to curtail environmental pollution by enhancing fuel efficiency. Emphasis on maintaining the cleanliness of fossil fuel engines continues to influence the use of automotive turbochargers in vehicles. Fact.MR foresees that the demand for automotive turbochargers is projected to expand at a CAGR of 4.7% in terms of value during the period of forecast, 2017-2022. Sales of automotive turbochargers worldwide are likely to cross a valuation of US$19,000 Mn, says Fact.MR.
Increasing fuel prices have largely impacted sales of vehicles across the globe. This is likely to fuel the adoption of automotive turbochargers on the back of high fuel efficiency. Original equipment manufacturers have initiated fine-tuning of the automotive turbochargers in a bid to cater to the growing demand from customers. This has resulted in an upswing in automotive turbocharger sales, in turn pushing the growth of the automotive turbocharger market.
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The tug-of-war between diesel and gasoline engines with respect to the adoption of automotive turbochargers prevails owing to government subsidies favoring market preferences or a particular fuel, says Fact.MR. However, demand for automotive turbochargers in gasoline engines is likely to be on an upswing with the increasing inclination of people toward the fuel, particularly in the United States. The higher inclination toward gasoline engines can be attributed to the additional cost required to make diesel vehicles compliant with emission regulations. Sales of the automotive turbochargers in vehicles with gasoline engines are estimated to touch US$ 11,000 Mn by end of the year of assessment, says the report.
Aftermarket continues to remain a lucrative sales channel for automotive turbochargers on the back of increasing product popularity coupled with the growing need for replacements in a bid to comply with strict engine emission norms. On the contrary, rising production of vehicles along with increasing demand for reduced vehicle weight is expected to steadily push sales of the automotive turbocharger through OEM (original equipment manufacturers) channel during the period of forecast, 2017-2022. According to Fact.MR report, sales of the automotive turbocharger through aftermarket channel are estimated to surpass US$ 12,000 Mn by end of the assessment period.
Sales of the automotive turbochargers are expected to remain concentrated in the developed countries of North America, particularly the United States. The growth of the North America automotive turbocharger market is largely fuelled by an increasing preference for gasoline. Moreover, strict government regulations against emissions coupled with a significant increase in sales of commercial and passenger vehicles have further pushed the demand for automotive turbochargers in the region, making it an attractive market for automotive turbocharger manufacturers. Asia Pacific excluding Japan (APEJ) is also projected to showcase high lucrativeness on the back of rising vehicle production. The presence of vehicle manufacturers in APEJ has influenced the demand and sales of an automotive turbocharger. Moreover, the use of automotive turbochargers in petrol engines – an upcoming trend – has significantly enhanced fuel economy in emerging countries of China and India in the APEJ region. This factor is likely to spur the demand for automotive turbochargers in the coming years.
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With rising technological advancements in the automotive space, manufacturers of automotive turbochargers have initiated the development of advanced products by carrying out innovations in designs. For instance, recent technological advancement includes the use of variable nozzle technology in automotive turbochargers. In 2017, Honeywell International Inc. has introduced its advanced variable geometry automotive turbocharger using this technology. It also introduced a two-stage diesel engine automotive turbocharger that features wastegate technology and variable geometry that significantly curbs emissions and enhances vehicle performance.
Sales of electric vehicles are likely to touch two million by end of 2018. Steadily increasing preference for electric vehicles coupled with government support for electric vehicle promotion is expected to have a negative impact on the sales of automotive turbochargers. Moreover, surplus consumption of oil during overheating of the automotive turbochargers can significantly confine the growth of the automotive turbocharger market.
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