Market Research Report
South Korea Automotive Turbocharger Market Overview, 2027
|South Korea Automotive Turbocharger Market Overview, 2027|
Published: June 2, 2022
Bonafide Research & Marketing Pvt. Ltd.
Content info: 49 Pages
Delivery time: 1-2 business days
South Korea's automobile industry is the fifth largest producer of passenger cars in the world. With increase in the demand of the diesel and gasoline engine cars the emission level of carbon content also increase into the environment. The factor like the improvement of improve engine performance and fuel efficiency, rules and regulation of government and engine downsizing for the reduction of vehicle weight led to the growth of automotive turbocharger market in South Korea. Turbocharger is the small turbine that is located between the engine and the exhaust. A turbo forces more air into engine's cylinder which add with the fuel and causes a big bang in the cylinder and big bang means a high power is created. It also regulates the fuel consumption ratio. In South Korea the market of turbocharger due to increase in the demand of gasoline engine automobile market. Various segments of turbocharger are present in South Korea.
According to the report title "South Korea Automotive Turbocharger Market Overview, 2027" publish by Bonafide Research, automotive turbocharger market of the country South Korea is expected to grow at CAGR around 9.3% value market size by the end of forecast period. In South Korea the automotive turbocharger are increasing because of the installation of the turbocharger by the automobile company. Many firm in South Korea are manufacturing the turbocharger and supply it to the people through dealership or through online market. According to the report the different segments of the turbocharger are present in South Korea and people select the turbocharger which supports the vehicles engine and also on the basis of capacity of the vehicle. The automobile companies make an order for the different types of turbocharger according to demand of the customer and also on the basis of types of car they manufacture. Technology played an important role in any industry especially in automobile because the people demand something new from the market and they are more attractive towards the thing which is different from existing one because everyone wants change in their product. In South Korea on the basis of technology type there are three types of turbocharger are present that are Variable Geometry turbocharger (VGT), Wastegate turbocharger and Electric Turbocharger. Out of this three the market of the VGT is much higher than the other two the main reason behind this is VGT provide the better air-fuel ratio and during acceleration the turbocharger provides high torque to the engine. It works according to the condition of engine and improve its efficiency at a maximum level. The market share of VGT is forecasted that it will be over 70% by 2027.
On the basis of vehicle type there are two types of turbocharger available Passenger Vehicle Turbocharger and Commercial Vehicle turbocharger. In South Korean market the passenger vehicle are in demand among and due to which the turbocharger installed in it are also having a large demand by the automobile companies. The market share of the passenger vehicle turbocharger is higher than the commercial vehicle turbocharger due to its availability and it provide an efficient power to the engine of the light weight vehicles like cars and small vans. It is expected that the passenger vehicle turbocharger market attractiveness will be higher during the forecasted period.
In South Korea on the basis of fuel type there are two types of turbocharger are present the Diesel fuel turbocharger and Gasoline fuel turbocharger. Among the two the market share of the diesel fuel turbocharger is higher. The diesel fuel turbocharger mostly used in the commercial vehicles and it have a high demand also. The main reason for its popularity among the people is its 33% to 35% more fuel efficiency than the gasoline fuel turbocharger. Diesel fuel turbocharger having capacity to provide high torque to the engine of heavy trucks and buses to maintain its engine efficiency on road. The CAGR of diesel fuel turbocharger during the forecasted period is expected to much higher than the past.
On the basis of the sales channel there are two types of the turbocharger in South Korea one is Original equipment Manufacturer (OEM) turbocharger and another one is Aftermarket turbocharger. The market share of the OEM is much higher than the Aftermarket turbocharger because of the superior quality of turbocharger provided by the OEM to the automaker and also to the dealer. The material used by the OEM turbocharger for the manufacturing of the turbocharger is of best quality and different alloy materials are also used. OEM turbocharger life cycle is more and available at authorised dealership only. Non popularity of Aftermarket turbocharger is its inferior quality. It does not provide the guaranteed for the turbocharger and the material used for its manufacturing are very cheap and low quality. The growth of OEM turbocharger will be more vigorous by 2027.
In South Korea for the growth of the automotive turbocharger affected by many factors, one is the government and people focus for the protection of environment, high demand for the automobile, advanced technology and easy availability of funding for new entrant firm. Growing market of EV and the drawbacks of turbocharger like turbo lag, the heating problem and government norms for the use of gasoline and diesel engine vehicle are the big challenges for the growth of the automotive turbocharger market.
STX Metal is a core company of Korea's STX Group, one of that country's leading business conglomerates. It supplies turbochargers and engine parts to STX Engine Co., Ltd. and STX Heavy Industries Co., Ltd. IHI Corporation jointly produce vehicle engine turbochargers with an affiliate of the Hyundai Automotive Group. The joint venture will start production in the first half of 2015 in response to increasing global demand. IHI will hold 49% and Hyundai 51% and they will operate a new plant in Seosan, in western South Korea, to make turbochargers for Hyundai and Kia models.
Covid-19 affect the South Korean automobile market very adversely. Due to the lockdown among the various region there was a lack of raw material for the assembly part of the vehicle. The automotive turbocharger market also affected due to the lack of proper supply chain system of the automobile company, shortage of the labour and other professional worker are also takes place during lock down.
This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third party sources such as press releases, annual report of companies, analysing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources.
This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to turbocharger industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.
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