Analysis of Turbocharger Actuators Market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
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.
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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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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 vehicles 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.
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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.
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.
Some of the leading manufacturers and suppliers include
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.
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
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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