According to the latest market research study released by Technavio, the global turbocharger market for commercial vehicles is expected to grow at a CAGR of more than 8% during the forecast period 2016-2020.
This market research report by Technavio provides an in-depth analysis of the market in terms of revenue and emerging market trends. The report also includes an up-to-date analysis and forecasts for various market segments and all geographical regions.
Click here to request a free sample of this report
Technavio research analysts categorize the global turbocharger market for commercial vehicles based on application:
Global turbocharger market for commercial vehicles share by application 2015
|
LCV |
60% |
|
HCV |
36% |
|
MCV |
4% |
Source: Technavio
Global turbocharger market for LCVs
The LCV segment is the main driver for the overall growth of the turbocharger market in commercial vehicles. The manufacturers in the automotive market are focusing on downsizing their fleet to light displacement volume engines which will lead to the growth of the market. The installation of turbochargers will increase the fuel efficiency in vehicles. The benefit of better engine efficiency and good fuel performance will help in the growth of this market segment.
“The use of minivans for business purposes like mobile canteens and intercity transportation will increase the sales of LCVs in the market. The growing production of LCVs in Europe and the Americas will contribute to the revenues in the market. Leading vendors in the market are focusing on developing turbocharged engines to increase their consumer base and sustain the competition in the market,” says Abhishek Sharma, a lead analyst at Technavio for research on the powertrain.
Global turbocharger market for HCVs
The global turbocharger market in the HCV segment is driven by stringent emission norms on commercial vehicles. The vendors in the market are investing in technological advancements like twin turbo and variable geometry turbocharger to overcome turbo lag which will result in the growth of this market segment. Some of the vendors are developing overhead catenary operated trucks with engines that have their manufactured turbochargers to sustain the competition in the market. The demand for heavy-duty commercial vehicles in APAC is mainly because of the growth in infrastructure projects and an increase in shipments of heavy engineering materials. The major heavy-duty OEMs in the US have their product line of turbochargers which will help in the development of this market segment during the forecast period.
Global turbocharger market for MCVs
The increasing production of medium duty buses due to the incremental growth for the use of buses in schools and colleges will increase the sales of MCVs in the global market. The leading vendors like Daimler, Volvo, DAF, Volkswagen, and Scania contribute the highest revenues in this market segment. The increase in tourism in various APAC countries will also lead to a growing demand for MCVs in this region during the forecast period. Recently, in India, Volvo launched turbocharged B7RLE model used for intercity transportation, and the company is planning to launch PRO 1049 model in the country by 2017.
The top leading vendors operating in the global turbocharger market for commercial vehicles are:
- BorgWarner
- Cummins Turbo Technologies
- Honeywell
- Ishikawajima-Harima Heavy Industries
- Mitsubishi Heavy Industries
Other prominent vendors in the market include Bosch Mahle Turbo Systems, Gale Banks Engineering, Magnum Performance Turbos, Precision Turbo and Engine, and Turbo Energy.
A more detailed analysis is available in the Technavio report titled, ‘Global Turbocharger Market for Commercial Vehicles 2016-2020’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Diesel Engine Market 2016-2020
- Global Commercial Vehicle Driver State Monitoring System Market 2016-2020
- Global Selective Catalytic Reduction Market for Diesel Commercial Vehicles 2016-2020
To read more press releases- click here.
For any assistance or query, please contact our media team at:
media@technavio.com
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com
