自動車用ターボチャージャーの世界市場 - 成長性、動向、将来予測
Automotive Turbocharger Market - Growth, Trends, and Forecast (2019 - 2024)
|発行||Mordor Intelligence LLP||商品コード||544378|
|出版日||ページ情報||英文 90 Pages
|自動車用ターボチャージャーの世界市場 - 成長性、動向、将来予測 Automotive Turbocharger Market - Growth, Trends, and Forecast (2019 - 2024)|
|出版日: 2019年06月01日||ページ情報: 英文 90 Pages||
The global Automotive Turbocharger market is expected to register a CAGR of ~8.5%, during the forecast period, 2019-2024.
Many car manufacturers consider turbochargers to be a viable option to keep internal combustion (IC) engines cleaner, thus, increasing the share of turbocharged vehicles every year. At the current pace, about half of the cars rolling out of production are expected to be turbocharged by 2022; thereby, influencing the automakers and the tier 1 suppliers to introduce more technologically advanced products.
Automotive emission regulation is the major factor fuelling the introduction of cleaner and low-emission vehicles among automakers. A turbocharger is a component that is driving the car industry to make engines compliant to the stringent emission standards. The emission regulation authorities, who focus on cutting down CO2 emissions, are replacing existing, naturally aspirated, engines with turbocharged engines. Though other technologies, such as EGC, SCR, etc., are focusing on emission reduction, the emission standards are getting tougher generation after generation, thus, forcing carmakers to opt for turbocharged engines. The dependence of the transportation industry on diesel engines, especially for heavy-duty performances, is a primary driver for the turbocharger market.
In 2015, Honeywell introduced Variable Nozzle Technology turbocharger, which is an advanced variable geometry turbocharger. With its advanced valve design, the turbocharger offers better performance at, both, high and low-speed conditions. Moreover, the company has also launched a two-stage diesel engine turbocharger with, both, variable geometry and wastegate technology, in order to enhance the performance, and reduce emissions from the engine.
A turbocharger is a turbine-driven forced induction device that increases the internal combustion (IC) engine efficiency and energy output by sending extra compressed-air into the combustion chamber. The Automotive Turbocharger Market study covers the penetration of turbochargers into passenger cars and commercial vehicles, latest product developments, government regulations pertaining to the use of turbochargers and market shares of players operating in the industry.
The automotive turbocharger market has been segmented by vehicle type, fuel type, sales channel type, and geography.
Diesel engines have emerged as the dominant fuel type, for car companies, as diesel engine emits low CO2 and offers great performance. But on the other hand, the diesel proportion of new registrations has been falling gradually for some time, as modern petrol powered cars are popular and have become better at delivering similar benefits, and this trend is expected to pick up pace in the forecast period.
There are a few more reasons that have propelled the market for gasoline type engine. For instance, the Volkswagen diesel emissions scandal, in 2015; Volkswagen supplied around 11 million defective diesel engine cars globally, including eight million in Europe. With diesel car sales witnessing a declining trend in the region, and the Volkswagen emission scandal resulted in a call back of all faulty vehicles, and further decline in the sales of the company's vehicles. The revelations resulted in a sharp fall in demand for diesel engine cars, which aided in the rise in demand for the gasoline engine cars.
In the United Kingdom, car buyers prefer downsized petrol engines, which emit nearly 100g/km CO2, as a feasible, efficient alternative to diesel engines. Currently, global players, such as Ford, Opel/Vauxhall, Volkswagen, and Hyundai, offers similarly downsized petrol engines, many emitting around 100g/km of CO2. Petrol powered engines are moving from naturally aspirated engines to turbocharged engines at a faster rate than ever before. It has been estimated that over the forecast period, 50% of the cars sold will have turbochargers, and similar growth is expected to continue.
The modern car industry is governed by fuel economy and efficiency, which, in turn, is driven by European Union legislation on the fuel economy and emissions targets. The Kyoto Protocol required the world to pull its 1990-level emissions back to 8% by 2012, which led to the start of the Euro I vehicle emissions standards of 1993. They covered mostly nitrous oxide and particulate emissions, which increased diesel engine vehicle sale. However, to reach EU targets on NOx, diesel engine vehicle shift to turbocharging. This, in turn, resulted in improving the efficiency of the vehicles and reducing the price of turbochargers.
Later, the EU passed updated regulations, which hindered the market for naturally aspirated engines. The regulation demanded average CO2 emission of 130g/km for every car maker for 2012-2015 models. Now, EU is directing that CO2 emissions, for each car company's fleet average, should be reduced to 95g/km, by 2020. Individual countries, like the Netherlands, made more stringent emission standards, demanding 80g/km.
High costs associated with turbochargers, along with the increasing focus on BEVs in the European market, is restraining the growth of the market in the region. However, the advent of electric turbochargers is expected to add a significant growth dimension to the market during the forecast period.
The European automotive turbocharger market is highly competitive, as some market players have a niche and better technologies. As of 2018, the European market was dominated by BorgWarner, Honeywell, and Continental Ag.
The global automotive turbocharger market is highly consolidated among the seven players - Honeywell, BorgWarner, IHI, MHI, Cummins, Bosch-Mahle, and Continental. Honeywell constitutes about 25% of the market, followed by BorgWarner, IHI, MHI, Cummins, etc. Bosch and Mahle produce turbochargers under the Bosch-Mahle joint venture.