The global automotive turbocharger market size was USD 8.20 billion in 2018 and is projected to reach USD 10.10 billion by 2026, exhibiting a CAGR of 2.89% during the forecast period.
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Turbochargers are considered to be a vital automotive component in today’s time as they increase the efficiency of the engine. The System uses exhaust gas from the engine during the combustion to drive the turbine. This turbine drives the compressor wheel with the help of a shaft. The compressor wheel draws the outside air, compresses it, and sends the compressed air to the engine. This compressed-air burns the fuel more efficiently for greater power and saves fuel.
The automotive turbochargers mainly consist of three types, namely, variable geometry turbocharger, wastegate turbocharger, and electric turbochargers. Engine downsizing has become the most lucrative aspect in the automotive industry. The use of small engines in automobiles is gaining popularity in the market as it helps in controlling the fuel emission efficiently. Turbochargers are helping the automotive industry to meet the government’s standards and regulations regarding the emission of exhaust gases such as carbon dioxide and other harmful gases from the vehicle. Turbochargers are considered to be more economical and environmentally friendly. Prominent manufacturers are investing heavily in research to adopt advanced technology and develop designs and mechanisms of automotive turbochargers to improve the complete performance of the engine and reduce fuel consumption. Moreover, the increasing number of sales and production of vehicles is creating high demand in the market of automotive turbocharge.
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Downsizing of Engines is Accelerating the Automotive Turbocharger Market
Automotive engine downsizing has been a prevalent trend in the automotive industry in recent years. The automotive turbocharger system enhances the output power of engines without any change in the piston displacement. This factor leads to the downsizing of engines with better fuel efficiency and greater performance. Manufacturing companies are downsizing engines by reducing piston displacement and the number of cylinders, and are integrating turbochargers which would provide more power and torque through the engine. The rising popularity of engine downsizing in automobiles is penetrating the growth of the automotive turbocharger market. Engine downsizing will contribute to enhanced safety, low cost, high durability, and greater fuel efficiency. It is estimated to boost the market growth of these turbochargers during the forecast period.
Stringent Emission Regulations for Improving Fuel Efficiency is Expected to Drive Growth
A significant factor fueling the growth of the market is the improved fuel efficiency of vehicles via the adoption of automotive turbochargers.It will boost the internal combustion and power output of engines by letting more air intake to the combustion engine of powertrains. These turbochargers provide high efficiency and are environment friendly as they offer high engine power without increasing the piston displacement. Moreover, optimum utilization of resources, minimal waste production, and greater efficiency are the foremost factors that