Recent report published by research nester titled “Automotive Turbochargers Market: Global Demand Analysis & Opportunity Outlook 2024” delivers detailed overview of the automotive turbochargers market in terms of market segmentation by technology, by fuel, by vehicle, end user and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
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The global market of automotive turbochargers is anticipated to flourish at compound annual growth rate of 10.2% over the forecast period. The growth of the automotive turbochargers market is driven by the improved stringency in the emission norms taken by government in different regions to promote the use of low emission and high efficiency vehicles. These factors are anticipated to fuel the growth of automotive turbochargers market over the forecast period.
The automotive turbochargers market has been segmented by technology into variable geometry turbocharger, waste gate and twin turbo, out of which, the variable geometry turbocharger (also known as VGT) is estimated to have largest demand in overall automotive turbochargers market owing to its ability to eliminate turbo lag. The variable geometry turbocharger segment is anticipated to reach more than 13 million units by the end of 2024. This factor is expected to boom the automotive turbochargers market by noteworthy revenue by the end of 2024.
In the regional segment, North America and Europe are the most prominent regions to hold major market share in terms of revenue in overall automotive turbochargers market. Stringent regulatory polices associated with auto emission are expected to drive the automotive turbochargers market in Europe region. Further, North America is the second largest region owing to strict carbon regulation by National Highway Traffic Safety Administration (NHTSA) which further drives OEM’s to manufacture turbochargers with respect to engine downsizing. Additionally, the world’s largest automotive industry in China is anticipated to drive the Asia Pacific market of automotive turbochargers with lucrative growth.
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Growing Population to Expand the Market
Factors such as rise in global population and rapid industrialization are anticipated to drive the demand for energy which will further fuel the growth of fuel efficient vehicles. These factors are expected to benefit the expansion of automotive turbochargers market. Further, the strict regulations taken by the government to control fuel emission are believed to supplement the growth of the automotive turbochargers market across the globe.
