Final Report will add the Impact of COVID-19 Analysis on Automotive Electric Turbocharger Industry:
The Global Automotive Electric Turbocharger Market Size is projected to reach USD 0.11 billion by the end of 2027. The rising emphasis on the adoption of electric vehicles due to increasing carbon emissions across the world will emerge in favor of market growth. According to a report published by Fortune Business Insights, titled “Automotive Electric Turbocharger Market Size, Share & Industry Analysis, By Fuel Type (Gasoline and Diesel) and By Vehicle Type (Passenger Car, Light Commercial Vehicle, and Heavy Commercial Vehicle) and Regional Forecasts, 2019-2027,” the market was worth USD 0.13 billion in 2019 and will exhibit a CAGR of 14% during the forecast period, 2019-2027.
Source:
https://www.fortunebusinessinsights.com/automotive-electric-turbocharger-market-103293
List of companies profiled in the report:
- Garrett Motion (Rolle, Switzerland) (https://www.garrettmotion.com/)
- Continental AG (Hanover, Germany) (https://www.continental.com/en)
- Aptiv PLC (Dublin, Ireland) (https://www.aptiv.com/)
- ABB (Zurich, Switzerland) (https://new.abb.com/)
- Cummins Inc. (Columbus, US) (https://www.cummins.com/)
- Ningbo Motor Industrial Co. Ltd. (Ningbo, China) (http://www.nbmotor.com/)
- Precision Turbo and Engine Inc. (Hebron, Indiana) (https://www.precisionturbo.net/)
- Robert Bosch GmbH (Gerlingen, Germany) (https://www.bosch.com/)
- Mahle (Stuttgart, Germany) (https://www.mahle.com/)
- Rotomaster International (Canada) (http://www.rotomaster.com/)
- Mitsubishi Heavy Industries. Ltd (Tokyo, Japan) (https://www.mhi.com/mitsubishi-heavy-industries-ltd-global-website)
Covid-19 Impact to Have a Negative Impact on Automotive Sales
The recent coronavirus outbreak has had a negative impact on several businesses across the world. Due to lockdowns and social distance practices, businesses have been forced to shut down manufacturing units. The Covid-19 pandemic will continue to affect the overall automotive electric turbocharger market in the coming years in a negative manner.
Automotive electric turbocharger is a primary component in any vehicle as it is directly responsible for the overall efficiency of the vehicle. The product plays a huge role in the overall efficiency of the vehicle. Recent advances in combustion engines of the vehicles have opened up a huge potential for the growth of the overall market. The high investment in technological intervention in combustion engines and electric turbochargers will enable products with high efficacy. The presence of several large scale companies will bode well for the growth of the market. The competitive market is a result of growing demand for vehicles across the world. Moreover, advances in physical structures of automotive electric turbochargers have yielded compact structures and design as well reduced the weight of the product; which will further affects the growth of the market.
Product Innovations have had a Massive Impact on Market Growth
The report encompasses several factors that have affected the growth of the overall automotive electric turbocharger market in recent years. Accounting to the massive potential held by these products, companies have shown constant efforts to invest heavily in the deployment of advanced concepts and introduce newer products. The use of modern technologies has yielded several innovative products in recent years. The report highlights a few of the major innovations of recent times and discusses the strategies adopted by major companies. In October 2019, Garrett Motion announced the launch of a new turbocharger for passenger cars. The company introduced the world’s first ever electric turbocharger; a product that it estimated to enter the market by the year 2021. The company plans to introduce the first E-turbo application in luxury and high-performance vehicles. This product will open the doors for newer innovations and ultimately influence the growth of the overall market in the coming years.
Europe Holds the Largest Market Share; Increasing Efforts taken to Reduce Carbon Emissions will Aid Growth
The report analyses the latest market trends across five major regions, including North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among all regions, the market in Europe currently holds the largest market share. The stringent norms imposed by governments in several countries across this region regarding carbon emissions will lead to a wider adoption of electric cars. This, in turn, will create several opportunities for the companies operating in this market. The presence of several large scale electric car vendors in this region will contribute to market growth. As of 2019, the market in Europe was worth 0.05 billion and this value is projected to increase at a considerable pace in the coming years. The market in Asia Pacific will hold a considerable market share in the coming years driven by the increasing urbanization and expansion in industrial sectors.
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Industry Developments:
January 2020: BorgWarner announced that it has completed the acquisition of Delphi Technologies in All-Stock Transaction. The contract is estimated to be worth approximately $3.3 Billion.
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