Transparency Market Research has published a new report titled, “Automotive Turbocharger Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026”. According to the report, the global automotive turbocharger market is anticipated to surpass US$ 34 Bn by 2026, expanding at a CAGR of more than 5% during the forecast period.
The market is expanding at a significant rate, as a turbocharged engine of a vehicle offers several advantages over a conventional engine, such as lower emission of exhaust gases owing to better combustion of the air-fuel mixture in the combustion chamber, higher power, and enhanced fuel economy. Stringent emission norms are a major factor driving the automotive turbocharger market, as it helps vehicle manufacturers to comply with emission norms. Countries such as China are levying low excise duty on small engines, thus boosting the adoption of turbochargers, as automakers can deliver high power with a small engine.
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Rise in consumer demand for performance and improved fuel economy is expected to drive the automotive turbocharger market. Adoption of turbocharger enables a smaller engine to deliver greater output, thus helping in downsizing the engine and saving fuel. Increase in consumer awareness regarding emissions is also a major driver for the automotive turbocharger market. The turbocharger helps proper combustion, thus producing lower levels of particulate matter in diesel engines. Increasingly stringent norms by governments, particularly for NOx, is expected to boost the automotive turbocharger market. The automotive turbocharger market is expected to expand at a significant pace during the forecast period, as turbocharger is an effective green technology that improves fuel economy cost-effectively.