Turbocharger Actuators Market Forecast and CAGR
According to the latest research from Fact.MR, turbocharger actuators market is projected to grow steadily between 2021 and 2031 at a CAGR of 8% to 10%. Though due to COVID-19 pandemic the overall sales were hampered and the demand drastically declined during 2020. However, it is estimated that the market will show positive growth from 2021 onwards.
Growth contributors include more reductions in emission limits and increases in fuel efficiency limits in upcoming legislation, as well as the transition of light-duty vehicles to direct gasoline engines, all of which are expected to boost the demand in the coming years.
What is Driving Demand for Turbocharger Actuators?
Various governments around the world have taken significant steps to reduce emissions and nonrenewable energy dependence. The use of a turbocharger actuators decreases the cylinder displacement capacity, lowering the amount of fuel needed for the same performance and, as a result, lowering the vehicle's exhaust emissions. The push for the adoption of turbocharger actuators technology has accelerated as a result of these factors.
Since there is no turbo lag, electric turbocharger actuators have more power and better fuel economy. It has a number of advantages and presents less technological challenges. It also reduces the need for maintenance and cooling oil. Because of the numerous advantages that electric turbocharger actuators has to offer, as well as the growing demand for improved fuel efficiency and power production, it will see increased market penetration in the coming years.
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Rising Demand for Gasoline Engines in Light-duty Vehicles would Drive the Demand for Turbocharger Actuators
The increasing demand for gasoline powered light duty vehicles have enhanced the sales of turbocharger actuators. The demand has increases as a result of the introduction of TGDI (Turbocharged Gasoline Direct Injection) in gasoline vehicles, and stricter emission standards will continue to drive the market.
OEMs are moving toward CNG or alternative fuel vehicles, also in heavy commercial vehicles, as pollution regulations become more stringent. While the use of alternative fuel vehicles is still minimal, advantages such as improved fuel efficiency, cleaner energy, and lower costs than conventional fuels are expected to boost demand in the near future, which will enhance the demand in coming years.
North America Demand Outlook of Turbocharger Actuators
North America is among the prominent automotive production and sales hub, with a strong presence of all key automotive manufacturers. Due to the region's strict emission regulations, North America is expected to be one of the largest market for turbocharger actuators. US vehicle production is expected to increase gradually which will further expand the market.
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Europe Turbocharger Actuators Market Outlook
With the increasing demand for gasoline engines from light trucks and passenger cars, the demand in Europe is expected to see a pattern of engine downsizing, resulting in increased demand for gasoline turbocharger actuators. UK is expected to enforce strict carbon emission and fuel efficiency regulations on car manufacturers as electrification and the production of gasoline turbocharged engines become more widespread, which will further expand the market.
Who are the Key Manufacturers and Suppliers of Turbocharger Actuators?
Some of the leading manufacturers and suppliers include
- Mitsubishi Electric Corp
- Mahle GmbH
- Eagle Industry
- Turbo Developments Ltd.
- Shengyi Industry
- Continental AG
- Delphi Technologies
- Denso Corp
- Qingdao Lanress Autotech Co. Ltd.
- Ecmovo Ltd.
- Garett (Honeywell)
A variety of manufacturers are prioritizing product launches, product approvals, and other organic growth initiatives including patents and events. In the sector, acquisitions, as well as collaborations and alliances, were seen as inorganic growth strategies. Market participants have been able to grow their industry and customer base as a result of these efforts.
An Adaptive Approach to Modern-day Research Needs
Turbocharger Actuators Market Report Highlights:
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company
- Electric Turbo Actuators
- Pneumatic Turbo Actuator
- Hydraulic Turbo Actuator
- Manual Turbo Actuator
By Vehicle Type
- Passenger Car
- Commercial Vehicle
- Light Commercial Vehicle
- Heavy Commercial Vehicle
- North America (U.S., Canada)
- Latin America (Mexico, Brazil)
- Europe (Germany, Italy, France, U.K, Spain, Poland, Russia)
- South Asia and Pacific (India, ASEAN, ANZ)
- East Asia (China , Japan, South Korea)
- Middle East and Africa (GCC Countries, South Africa, Northern Africa)
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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