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Accelerating Sales of Automobiles to Elevate Demand for Automotive Turbocharger at a CAGR of 7.6% through 2031
In the latest study, Fact.MR provides a detailed analysis on the global automotive turbocharger market, highlight key trends and opportunities during the assessment period. The report reveals leading factors such as recent developments, challenges, and driver influencing the growth in the market across multiple segments including technology, material, engine type, vehicle, and sales channel.
NEW YORK , June 1, 2022 /PRNewswire/ -- The global automotive turbocharger market reached US$ 11.2 Bn in 2021. The sales of automotive turbochargers are expected to create an incremental opportunity of US$ 23.28 Bn by the end of 2031, expanding at a robust CAGR of 7.6% during the forecast period 2022-2031.
In the past few years, a substantial rise in production and sales of automotive vehicles such as passenger cars, sport utility vehicles (SUVs), off-roading cars, sports cars, and others are being witnessed across the globe, creating strong demand for automotive components.
For instance, according to a study by the International Energy Agency, around 35 million SUVs were reported to be sold globally in the year 2021, accounting for nearly 45% of the total passenger car sales. As automotive turbocharger is deployed in these high-performance vehicles to increase acceleration and speed, growing sales of such automobiles are anticipated to create remunerative opportunities in the global market.
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Governments and numerous environmental protection organizations implementing several regulations regarding emission control. Turbochargers help the automotive industry players in complying with regulatory rules and standards for the emission of gases such as carbon dioxide and other pollutants. Attributed to this, these turbine-driven induction devices are gaining huge popularity across the automotive industry, which is in turn, expected to bolster the sales of automotive turbochargers in the global market.
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Automotive turbocharger manufacturers are aiming at entering into collaboration, partnership, agreement, and others to improve the production automation processes and adopt unique manufacturing procedures. Some of the key companies are focusing in launching new turbochargers with high performance and reliability under high temperatures and pressures.
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More Valuable Insights on Automotive Turbocharger Market
Fact.MR in its latest study offers a detailed analysis on the global automotive turbocharger market. It also vital insights into latest trends and upcoming opportunities influencing sales of automotive turbocharger during the forecast period. It also uncovers critical forecast data for the automotive turbocharger market through detailed segmentation as follows:
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Key Questions Covered in the Automotive Turbocharger Market Report
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