Research and Markets - Global Automotive Variable Geometry Turbocharger Market to Grow at a CAGR of 21.49% by 2021: Key Vendors are BorgWarner, Cummins, Honeywell International, IHI & Mitsubishi Heavy Industries
The global automotive VGT market to grow at a CAGR of 21.49% during the period 2017-2021.
The report, Global Automotive VGT Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
Consumers worldwide are purchasing diesel vehicles as they are becoming more aware of the fuel efficiency of these vehicles. Diesel vehicles are 25%-30% more fuel-efficient than gasoline vehicles. Most of the modern diesel engines sold by OEMs are turbocharged. The demand for turbo diesel applications is increasing in the global market owing to the stringent emission norms that are necessitating OEMs to produce fuel-efficient vehicles.
For instance, the new federal fuel efficiency standards in the US expect an average mileage requirement of 54.5 miles per gallon by 2025. This will likely help in driving the sales of diesel cars during the forecast period. In the US, the sales of passenger cars installed with turbo diesel engines are expected to increase by approximately 22% by 2020.
According to the report, fuel prices have a huge impact on the demand and sale of automobiles. Therefore, consumers prefer fuel-efficient vehicles. The increased adoption of advanced technologies such as gasoline direct injection engines and turbochargers helps in boosting the fuel efficiency of vehicles. Therefore, consumers are opting for vehicles installed with turbochargers. Subsequently, OEMs are opting for fine tuning turbochargers to meet consumers' demands.