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Global COVID-19 impact on Automotive Turbocharger Market, Share, Growth, Analysis Forecast to 2025

May 18th 2020 at 10:47 AM

Market Segmentation

Growth of the automotive sector remains the prime driver of the global automotive turbocharge market. Latest data released by Market Research Future (MRFR) reveals that the global COVID-19 impact on Automotive Turbocharger Market is set to capture 7.6% CAGR during the assessment period (2017-2025). The global GDP has witnessed a steady growth in recent years, which emerging economies in APAC, the Middle East, Africa, and Latin America becoming new investment destination for the automotive sector. Vehicle sales in these regions have increased significantly over time. Such factors indicate towards a positive growth trajectory for the COVID-19 impact on Automotive Turbocharger Market on a global level.

Automotive turbochargers are a common automotive component, which has a tremendous market worldwide. They are integrated in both passenger and commercial vehicles. The primary objective of installing a turbocharger is to improve the performance of vehicle by supplying more air to engine. Turbochargers are a must-have feature in high-performance vehicles.

The global COVID-19 impact on Automotive Turbocharger Market is expected to be influence by industry trends such as adoption of energy-efficient solutions and emergence of electric and hybrid cars. Introduction of stricter emission regulations is prompting car makers to shift toward environmentally sustainable options.

Global COVID-19 impact on Automotive Turbocharger Market: Segmental Analysis

The segmental analysis of the market has been conducted based on application, and type.

Based on application, the market has been segmented into commercial and passenger. The passenger segment currently holds the predominant share of the global automotive turbocharger in terms of value. The segment’s growth can be linked with the increased sales for passenger cars in emerging economies such as India, Brazil, and China. Whereas, the commercial segment is expected to demonstrate a relatively higher growth during the forecast period. Increased use of commercial vehicles for goods and public transportation.

On the basis of type, the market has been segmented into new energy engine, diesel and gasoline. In 2018, the gasoline segment accounted for lion’s share of the market and this trend is expected to continue throughout the assessment period. Gasoline engine remains the first choice for passenger car makers however, increased environmental consciousness is likely to have ramification of the segment’s market value in the future.

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Global COVID-19 impact on Automotive Turbocharger Market: Regional Analysis

Asia Pacific is the largest market for automotive turbocharger and is expected to remain highly attractive during the forecast period. Asia Pacific continue to post tremendous demand for automotive, which makes it a major destination for market players. While China’s dominance in automotive manufacturing remains unchallenged, other countries such as India, Vietnam are also focusing towards bolstering domestic production. Macroeconomic factors such as increased per capita income, rising standard of living and expanding consumer population has augured well for the automotive sector in the region.

Asia Pacific (APAC) is followed by Europe and North America. Market is expected to witness a steady growth owing to its matured status in the region. In North America, increased emphasis is being placed to boost domestic manufacturing. Sales of vehicles have remained healthy in the US, Mexico and Canada. Improved economic activities in the region has reinstated investor confidence. Such factors are supporting the market growth in North America. In Europe, BREXIT and increase protectionist stance keeps investor at their toes. However, any major deviation in the Europe automotive industry remains unlikely during the forecast period.

Global COVID-19 impact on Automotive Turbocharger Market: Competition Analysis

Some of the leading companies operating in the market include BorgWarner Inc. (US), IHI Corporation (Japan), Cummins, Inc. (the US), Bullseye Power, LLC (US), Fengcheng Xindongli Turbocharger Co., Ltd (China), Honeywell International Inc. (US), Precision Turbo and Engine (US), Continental AG (Germany), Bosch Mahle (Germany), and Mitsubishi Heavy Industries, Ltd (Japan).

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