The global passenger vehicle turbocharger market is anticipated to grow at a considerable CAGR 4% during the forecast period (2022-2028). The turbocharger also known as “Turbo” is a turbine-driven component of the engine that provides an enhancement in internal combustion by increasing the supply of air in the engine. The major factor attributing to the growth of the global passenger vehicle turbocharger market includes the increasing application of turbochargers due to several benefits provided by turbochargers. These benefits include a significant increase in horsepower, allowing small engines to deliver more power, enhancement in fuel economy, and increased efficiency of engines, among others. Furthermore, several governmental norms regarding emissions are increasing the adoption of turbochargers. For instance, according to China’s 13th five-year plan for economic and social development, the automotive manufacturer is required to state the pollutant emitted by the vehicle and must not exceed the emission standards. Thus, increasing the use of turbochargers in passenger vehicles.
The application of turbochargers in passenger vehicles is also increasing due to the increasing number of motor vehicle production and sales across the globe. According to the 2021 Production Statistics report published by the International Organization of Motor Vehicle Manufacturers (OICA), around 80 million motor vehicles were produced across the globe in 2021. Among these, around 23 million commercial vehicles including commercial cars were manufactured and around 57 million passenger cars were produced in 2021. Thus, contributing to the growth of the global passenger vehicles turbocharger market.
The market players are also contributing significantly to the growth of the market by the adoption of various strategies including mergers and acquisitions, geographical expansion, partnerships, collaborations, and new product launches, to stay competitive in the market. For instance, in April 2021, BrogWarner Inc. extended its product portfolio of turbochargers for passenger vehicles. BrogWarner Inc. added three new turbochargers for three automotive manufacturers including Opel, BMW, and Peugeot.
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Market Coverage
- The market number available for – 2021-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered-
- By Fuel Type
- By Sales Channel
- Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
- Competitive Landscape- Honeywell Imternational Inc., BrogWarner Inc., Continental AG, Robert Bosch GmbH, and Cummins Inc., among others.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
- Deviation from the pre-COVID-19 forecast
- Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
A full report of Global Passenger Vehicle Turbocharger Market is available at: https://orionmarketreports.com/global-passenger-vehicle-turbocharger-market/110325/
Global Passenger Vehicle Turbocharger Market Report by Segment
By Fuel Type
- Diesel
- Gasoline
By Sales Channel
- OEM
- Aftermarket
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