PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1064976
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1064976
The global Automotive Variable Geometry Turbocharger market was valued at USD 6.87 billion in 2020, growing with 9.8% CAGR during the forecast period, 2021-2027.
A variable turbocharger is designed to have a higher air-fuel ratio and higher peak torque at low engine speeds. The variable turbocharger will increase vehicle acceleration and engine pressure differential control, which can be used to control the flow of exhaust gas recirculation (EGR) in a diesel engine.
Market Dynamics
The implementation of stringent emission regulations for enhancing fuel efficiency is predicted to boost up the demand for the automotive variable geometry turbocharger market throughout the forecast period. The turbocharger is used to reinforce the inner combustion and energy output of engines by growing the density of air intake to the combustion engine of powertrains. These turbochargers provide excessive performance and are environment friendly as they offer excessive engine energy without increasing piston displacement. Moreover, the less usage of the resources, minimal waste production, and greater efficiency are some of the vital factors that drive the automotive variable geometry turbocharger market during the forecast period.
Segment Analysis
Based on fuel type, the automotive variable geometry turbocharger market is segmented into diesel, gasoline, and others. The gasoline segment is expected to grow at the highest CAGR during the forecast period. The growth in the segment is attributed to the strict emission regulations and turbocharged gasoline direct engines (TGDI) have been widely used in gasoline vehicles.
Based on vehicle type, the automotive variable geometry turbocharger market is segmented into passenger cars, light commercial vehicles, and heavy commercial vehicles. The passenger car segment is expected to hold the major market share during the forecast period owing to the increasing rules and regulations regarding carbon emission across the globe. For instance, in 2019, the Supreme Court of India issued new Bharat Stage VI (BS-VI) emission standards, effectively prohibiting the selling of vehicles fitted with BS-IV engines. The government's introduction of such regulations has allowed manufacturers to use automotive turbochargers in passenger vehicles and heavy-duty vehicles.
Regional Analysis
Based on region, the global automotive variable geometry turbocharger market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Asia Pacific is predicted to grow at the highest CAGR during the forecast period attributable to the growing automobile production in the countries such as China, India, and others. However, due to the COVID-19 pandemic, the overall production of the automotive industry is negatively impacted. For instance, in keeping with the Society of Indian Automobile Manufacturers (SIAM), the overall production of automobiles in the FY 2020-21 is anticipated at around 22,652,108 units in comparison to 26,353,293 units in 2019-20. Moreover, China ruled the automotive turbocharger market throughout the region because of the mass production level in the countries. China is a fast recovered country from the pandemic and restarts manufacturing. Therefore, this is predicted to witness higher demand for the automotive variable geometry turbocharger market during the forecast period.
COVID-19 Analysis
The COVID-19 pandemic significantly impacted various industries such as oil & gas, manufacturing, retail, and others due to the lockdown imposed by governments across the globe to limit the spread of the virus. Moreover, the disruption in the supply chain of the product and services is the main cause that affects the market growth during a pandemic. Similarly, the COVID-19 pandemic significantly impacted the growth of the automotive variable geometry turbocharger market due to the decline in automotive sales. For instance, according to the International Organization of Motor Vehicle Manufacturers, global auto production in 2020 was severely hit by the COVID-19 crisis with a 16% drop in world auto production. However, post-pandemic the market gained momentum at a rapid pace with increasing demand for vehicles.
Competitive Landscape
The key players operating in the market adopted various strategies such as merger & acquisition, product launch, investment, consolidation, and others to gain maximum market share. Recently, in October 2020, BorgWarner Inc. (U.S.) acquired Delphi Technologies (UK). With this acquisition, the company is even better positioned with a more complete portfolio of industry-leading propulsion merchandise and systems throughout combustion, hybrid, and electric-powered vehicles. Moreover, in June 2021, Garrett Motion Inc. (Switzerland) introduced that it plans to enlarge and modernize its existing manufacturing facility in Wuhan, China, to fulfill growing consumer demand.
Key features of the study:
This proposed research study on the Automotive Variable Geometry Turbocharger market provides market size (US$ million), compound annual growth rate (CAGR %) and forecast estimation (2021-2027), considering 2020 as the base year
The research report elucidates potential growth opportunities across different segments/countries and explains an attractive investment proposition matrix for the Automotive Variable Geometry Turbocharger market
The overall report identifies new investment opportunities, challenges faced by established players, and growth factors to sustain in the Automotive Variable Geometry Turbocharger market
The impact of COVID-19 on Automotive Variable Geometry Turbocharger market size, forecast, CAGR, and market dynamics are discussed in detail under the research scope. Detailed insight on the Automotive Variable Geometry Turbocharger market post-COVID will also be covered.
In order to give the users of this report a comprehensive view of the Automotive Variable Geometry Turbocharger market, we have also included a competitive landscape and key innovator analysis for the Automotive Variable Geometry Turbocharger market.
The study encompasses a growth prospect mapping analysis, wherein all the industry segments are benchmarked based on their market size, growth rate and attractiveness.
The report offers detailed company profiling featuring major market participants which will help users to understand their financial information and strategic initiatives of players operating in the Automotive Variable Geometry Turbocharger market.
In addition, the report also unveils the important acquisitions & mergers, collaborations & joint ventures, new launches, research & development, regional expansion of major participants involved in the market on a global as well as regional level.
The global Automotive Variable Geometry Turbocharger market report primarily caters to various stakeholders in this industry including suppliers, investors, new entrants, distributors, and financial analysts
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
GLOBAL AUTOMOTIVE VARIABLE GEOMETRY TURBOCHARGER MARKET KEY PLAYERS
Honeywell International Inc.
Continental AG
BorgWarner Inc.
MITSUBISHI HEAVY INDUSTRIES, LTD.
IHI America
BMTS TECHNOLOGY
Cummins Inc.
ABB
Delphi Auto Parts
Rotomaster International
Precision Turbo & Engine
Turbonetics, Inc.
Kompressorenbau Bannewitz GmbH
Turbo Dynamics
Weifang FuYuan Turbochargers Co.
GLOBAL AUTOMOTIVE VARIABLE GEOMETRY TURBOCHARGER MARKET, BY FUEL TYPE
Diesel
Gasoline
Others
GLOBAL AUTOMOTIVE VARIABLE GEOMETRY TURBOCHARGER MARKET, BY VEHICLE TYPE
Passenger Car
Light Commercial Vehicle
Heavy Commercial Vehicle
GLOBAL AUTOMOTIVE VARIABLE GEOMETRY TURBOCHARGER MARKET, BY REGION
North America
The U.S.
Canada
Europe
Germany
France
Italy
Spain
United Kingdom
Rest of Europe
Asia Pacific
India
China
South Korea
Japan
Singapore
Rest of APAC
Latin America
Brazil
Mexico
Argentina
Rest of LATAM
The Middle East and Africa
Saudi Arabia
United Arab Emirates
Rest of MEA