Electric Turbocharger Market To Reach USD 695.8 Million By 2028; Growing At A Gigantic CAGR Of 21.0% Over The Projected Period.
Global Electric Turbocharger Market to Grow at a CAGR of 21.0%, Technological Innovation in Automotive Sector Expected to Fuel Growth; Asia Pacific region is expected to see the most revenue growth with more than 23.0% CAGR during the forecast period.
Pune, India, July 20, 2020 (GLOBE NEWSWIRE) -- Global Electric Turbocharger Market To Reach USD 695.8 Million By 2028, from USD 130.81 million in 2019; growing at a gigantic CAGR of 21.0% over the projected period. Increase in need for higher capacity turbochargers, and increase in automotive aftermarket are the major reasons that will drive growth of the market.
Growing preference for electric vehicles has further helped manufacturers in developing these types of vehicles, thus driving the demand in the global Electric Turbocharger market. Increase in demand for fuel efficiency in vehicles, increase in sales of passenger cars, rise in need for performance in heavy duty vehicles, stringent government regulations towards vehicle emission are the factors expected to increase the demand for automotive turbocharger during the forecast period.
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For downsizing requirements, more (complex) turbochargers will be used to compensate for smaller engines with lower power. Shift in technology from wastegate to VGTs and electric superchargers, which will drive revenue growth for suppliers. Turbochargers are considered to be one of the key levers for reducing consumption and emissions in combustion engine and hybrid vehicles while maintaining engine performance.
Single Turbo Electric Turbocharger Held the Largest Share of the Application Segment
Based on the application, the electric turbocharger market is categorized into single-turbo, twin-turbo and other market (it includes Twin Scroll Turbo, Variable Geometry Turbo, and Variable Twin Scroll Turbo). Single turbo was estimated to account for more than 48% share in the electric turbocharger revenue in 2019 due to the large scale adoption among the passenger vehicles. Relatively low cost of single-turbo type as compared to other variant along with the low space requirement makes it an ideal choice for the passenger vehicle.
Extensive Use of Iron Cast Material in Automotive Sector Facilitating the Magnetic Material Usage
Based on the material, the electric turbocharger market is segmented into magnetic and non-magnetic material. Magnetic material was estimated to dominate the electric turbocharger market with the market share of more than 69% in 2019. The market growth is credited to the wide scale adoption of the cast iron material among the OEMs for the development of turbochargers. The shaft of the turbocharger levitates freely and so less power is required to drive the shaft with the implementation of magnetic material in the electric turbocharger, which reduces the friction to a great extent and decreases the turbo lag. There is no requirement for lubrication of bearings as they are replaced by levitation concept thus reducing space occupied, the weight, and making the turbocharger more efficient.
High Demand for Fuel Efficient Cars to boost the Passenger Vehicles Segment Growth
Based on vehicle type, electric turbocharge market is bifurcated into passenger, commercial and sports vehicle. In 2019, Passenger vehicles was the leading segment of the global electric turbocharger market, in terms of revenue, with total share of more than 45%. The growth of the market is attributed to the large scale production of the passenger vehicles across the globe. Earlier, the electric turbocharger was majorly used in the sports vehicles to enhance the horsepower of the engines. However, as the need for more fuel efficient engines is rising, the automakers started to develop electric turbocharger for the passenger vehicles. Additionally, the stringent government regulations to reduce the CO2 emission is also supporting the growth of the market. On the other hand, commercial vehicle market is estimated to gain traction during the forecast period.
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North America Leads the Global Demand for the Electric Turbocharger
North America is estimated to account for majority share in the electric turbocharger market due to the large scale production of the sports and luxury cars in the region. Western Europe follows the North America with as the second major contributor in terms of revenue.
On the other hand, Asia Pacific region is expected to see the most revenue growth with more than 23.0% CAGR during the forecast period. The market growth is attributed to downsizing trend for gasoline vehicles and strong vehicle growth respectively.
Recent Market Development in the Global Electric Turbocharger Market
Keeping in mind this growth rate, Electric Turbocharger manufacturers are making significant efforts in adopting advanced technologies largely by entering into collaboration and partnerships or developing new products that will help boost Electric Turbocharger demand.
- Gerret Motion is preparing for what may be the first production application of an electric turbocharger in 2021. After 2022, the market growth will regularize and saturates at approximately 18-17% by 2028.
Some of the leading players in the global Electric Turbocharger market are VALEO, GARRETT MOTION INC, CALNETIX TECHNOLOGIES, LLC, IHI CORPORATION, ELECTROCRAFT, INC, BMTS TECHNOLOGY (Bosch Mahle Turbosystems GmbH), TORQAMP, Alvier Mechatronics GmbH.
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The study presented here is based on a report by Quince Market Insights titled, “Electric Turbocharger Market, By Vehicle Type(Passenger, Commercial And Sports Vehicle), By Material(Magnetic And Non-Magnetic), By Application (Single-Turbo, Twin-Turbo And Other), By Region (North America, Western Europe, Eastern Europe, Asia Pacific, Middle East, and Rest of the World) – Market Size & Forecasting To 2028”
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