Asia-Pacific Automotive Turbocharger Market - Industry Analysis, Growth, Demand, Share, & Forecast To 2027

The growing number of automotive vehicles in developing economies such as China and India is expected to support the growth of the turbocharger market in the Asia-Pacific region. This expansion can be attributed to improved social-economic conditions in developing communities, as well as increased vehicle production. In addition to that, there are several strict emissions regulations imposed by the government across the region. These initiatives are anticipated to motivate manufacturers to use turbochargers as they reduce harmful carbon emissions. A majority of the population in the region are also increasingly adopting vehicles equipped with turbochargers in order to obtain an improved experience. Asia-Pacific countries such as China, Japan, South Korea, and India are estimated to be the largest vehicle producers across the globe. In 2019, these countries occupied 49% of the total vehicle production globally. Rapid urbanization in the region, combined with rising per capita income, has increased demand for higher efficiency equipment. Number of people in the Asia-Pacific region is projected to upgrade from two-wheelers to four-wheelers, which can enhance the future growth of the turbocharger market. According to the research report, "Asia-Pacific Automotive Turbocharger Market Outlook, 2027" published by Actual Market Research, the automotive turbocharger market is anticipated to grow at a CAGR of 10.34% during the forecast period. The Asia-Pacific region is the largest producer of passenger cars in the world due to the presence of leading manufacturers in the region. With the rising problems like environmental pollution and high dependence on crude oil across the region, energy conservation and emission reduction need to be implemented urgently. To overcome these threats, the automotive industry has undoubtedly become the target industry. That emergence is expected to boost the higher demand for turbochargers in this region. The Asia-Pacific automotive turbocharger market is segmented into six prominent countries, including China, Japan, India, South Korea, Indonesia, and Thailand. Among these countries, China is projected to lead the market by holding more than half of the market share in terms of value. China sold a significantly high number of vehicles in the last year and this is expected to increase in upcoming years. In 2020, China was the world’s leading car producer, with approximately 21.4 million passenger cars, claiming a 29.7% share of global vehicle production. In the same analytical year, Garrett Motion Inc., a leading automotive technology provider, announced the achievement of the delivery of its 20 millionth turbocharger produced in China. Based on rising customer demand, Garrett China has delivered more than 10 million turbos over the past four years alone, ranging from conventional turbos for diesel and gasoline-fueled engines to electric products.

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Owing to the strict government regulations in developing countries in the Asia-Pacific region, demand for turbochargers is increasing. For instance, the Chinese government implemented conventional pollutant emission limits in order to reduce the rising threat of GHG emissions. In 2018, China finalized China VI standards, which were applied to new heavy-duty diesel vehicles nationwide in two different stages. The first stage (China VI-a) was applied to gas engines in July 2019, urban HDVs in July 2020, and all new HDVs in 2021. The second stage (China VI-b) includes requirements such as anti-tempering monitoring and remote on-board diagnostics data reporting. China VI-b was applied to gas engines in January 2021 and is expected to be applied to all new HDVs by 2023. On the other hand, despite the lockdown situations, India has officially moved to tighter emission norms for motorized two-wheelers and four-wheelers. As per the BS-VI emission norms implanted by the Indian government, petrol vehicles will have to impose a 25% reduction in their nitrogen oxide emissions (NOx). Diesel engines should have hydro carbon and nitrogen oxide (HC+NOx) standards of 43%, NOx levels of 68%, and particulate matter levels of 82%. Further according to the report, Asia-Pacific automotive turbocharger market is segmented into three technology types including variable geometry turbocharger, wastegate turbocharger and electric turbocharger. Among these types, variable geometry turbocharger segment is projected to lead the market with more than 68% during the forecast period due to higher efficiency provided by the segment. According to the report, market is segregated into two fuel types for automotive turbocharger including diesel and gasoline. Asia-Pacific region is leading the production for diesel passenger engines that enhanced the consumer performance. Due to lowering fuel prices and higher safety measures, diesel fuel turbochargers are anticipated to lead the market during the forecast period. The key original equipment manufacturers in the Asia-Pacific region include Brilliance Auto, Chery automobile, Geely Automobile, Shanghai Automobile Industry Corporation and Honda Motor Co., Ltd. In 2020, Asia-Pacific region has contributed to 57% of the demand for turbochargers in terms of value. This resulted into higher market share for OEM sales channel across the region. On the other hand, aftermarket sales channel is projected to lead the higher CGAR during the forecast period. Impact of Covid-19 on Asia-Pacific automotive turbocharger Market: The Covid-19 pandemic has affected the automotive and turbocharger industry by forcing the manufactures to shut down the assembly lines by pushing the economy down. With negligible vehicle movements, there were no requirements for turbochargers to be installed into new vehicles or replace the turbochargers. However, by the increasing demand for enhanced performance and luxury cars, the market is looking to get back into a stable economic condition with estimated growth in sales projection by 2027. In addition to that, China was the fastest economy to be recovered by the Covid-19 pandemic and the country initiated the production by the end of 2020 in order to remain in the competition.

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Kripa Shah

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Major Companies present in the market: Garrett Motion Inc., Cummins Inc., Borgwarner Inc., Continental AG, Ishikawajima-Harima Heavy Industries Co., Limited, Mitsubishi Heavy Industries Limited, Turbo Energy Private Limited, Hunan Tyen Machinery Co., Ltd., Rotomaster International, BMTS Technology GmbH & Co. KG, FengchengXindongli Turbocharger Co., Limited, Bullseye Power Turbo Chargers LLC., The Turbo Engineers Gmbh, KompressorenbauBannewitz GmbH, Magnum Performance Turbos, Inc., Precision Turbo & Engine Inc. ,Turbonetics, Inc., Ningbo Motor Industrial Co., Ltd, Marelli Corporation and Banks Power Considered in this report • Geography: Asia-Pacific • Base year: 2021 • Estimated year: 2022 • Forecast year: 2027 Aspects covered in this report • Asia-Pacific Automotive Turbocharger market with its value and forecast along with its segments • Country-wise automotive turbocharger market analysis • Various drivers and challenges • On-going trends and developments • Top profiled companies • Strategic recommendation

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Countries covered in the report • China • Japan • India • South Korea • Indonesia • Thailand Types of Technology in the report: • Variable Geometry Turbocharger • Wastegate Turbocharger • Electric Turbocharger By Vehicle Type in the report: • Passenger Vehicle • Commercial Vehicle Type of Fuel in the report: • Gasoline • Diesel Type of Sales Channel in the report: • Original Equipment Manufacturer • Aftermarket The approach of the report: 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, analyzing 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. Intended audience This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to automotive 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.