“Global Automotive Turbocharger Market, by Engine (Diesel Engine, Gasoline Engine), by Vehicle (Light Vehicle, Heavy Vehicle), By Sales Channel (Original Equipment Manufacturer {OEM}, Aftermarket), as well as by Region – Global Forecast 2020 to 2029.”, which offers a comprehensive view of the global automotive turbocharger market through systematic segmentation, covering every aspect of this target market. The 5-year (2020–2025) cumulative revenue of this market is projected to be over USD $28,059.7 Mn, and is estimated to increase significantly over the latter part of the forecast period.
A turbocharger, colloquially known as a turbo, is a turbine-driven, forced induction device that increases an internal combustion engine’s efficiency and power output by forcing extra compressed air into the combustion chamber.
As a direct result of increasing global populations, especially in recent years, there has been an exponential surge in the demand for various types of vehicles, either for commercial or private use, which has resulted in the anticipated increase in the sales of turbos among other mechanical components, thereby boosting the revenue growth of the global automotive turbocharger market in the process. Moreover, the steady increase in disposable incomes of individuals from across the globe, more so among those belonging to various emerging economies, is also a factor that has led to greater spending capabilities among various demographics of the world’s population. This is a contributing ingredient that is expected to further augment the revenue growth of the global automotive turbocharger market in the years to come. Furthermore, as more individuals and organizations (private or otherwise) gradually make the transition towards the use of electric vehicles out of concern for the environment or for any other given reason, the introduction of advanced innovations such as electrically-assisted turbocharger, is another major factor that is expected to play a critical role in fueling the revenue growth of the global automotive turbocharger market over the next decade, and in doing so, is expected to aid in edging the projected revenue of this industry to USD $40,783.2 Mn by 2030, at a CAGR of 10.0%.
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