Automotive Turbocharger Market Worth $18.4 Billion by 2025 - Exclusive Report by MarketsandMarkets

CHICAGO, July 1, 2020 /PRNewswire/ --According to the new market research report "Automotive Turbocharger Market By Technology (VGT, Wastegate, Electric), Material (Cast Iron, Aluminum), Component, Fuel Type, Application (Agriculture, Construction), Vehicle (Passenger Car, LCV, Truck & Bus), Aftermarket, Region - Global Forecast To 2025", published by MarketsandMarkets, the global Automotive Turbocharger Market size is projected to grow at a CAGR of 10.5% over the forecast period, to reach USD 18.4 billion by 2025 from USD 11.1 billion in 2020.

Factors such as decreased emission limits in new emission regulations, fuel shift towards gasoline passenger cars & especially towards GDI engines and focused technological advancements in electric turbocharger technology for mild-hybrid vehicles are projected to create a potential demand for automotive turbochargers in the coming years.

Browse in-depth TOC on "Automotive Turbocharger Market"

249 – Tables
62 – Figures
242 – Pages

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The wastegate turbocharger type is estimated to hold the largest share in the market

Wastegate turbochargers are expected to hold the largest share (in terms of volume) in 2020, of the total turbochargers market. Wastegate turbochargers, being more economical than VGT type, Asia Oceania is estimated to showcase the most significant demand for this type of turbocharges, as the region prefers economic passenger cars (especially in countries such as China and India). However, the developed areas of the world are mostly using the advanced & comparatively expensive VGT type. Currently, the installation rate for VGT is lower in Asia. However, owing to its better efficiency (than wastegate turbos) and new emission regulations, which are expected to be introduced in India and China in the coming years, the demand for VGT is likely to increase in Asian countries post-2020.

Passenger car is estimated to be the fastest-growing segment in the Automotive Turbocharger Market

The passenger car segment is expected as the largest market for automotive turbochargers as it contributes to more than 50% of the global vehicle production. COVID-19 will have a major impact on the production of passenger cars in 2020. Passenger car production, which hit 74 million in 2019, will observe a decline of 15% in 2020. Efforts from various automakers to start vehicle production would help in a steady recovery post-2020. For instance, automakers in China, such as Volkswagen, Nissan, Hyundai, and Honda, have announced the reopening of their plants in the country. In Europe, Toyota, Volkswagen, and Audi have resumed operations.