PUNE, India, October 13, 2015 /PRNewswire/ --

The report "Turbocharger Market by Vehicle Type (On-Highway (Passenger Car, LCV, & HCV), Off-Highway (Agricultural Tractors & Construction Vehicles)), Locomotive, Technology (VGT/VMT & Wastegate), Fuel Type (Gasoline & Diesel), & by Region - Forecast to 2020",  The global market in terms of value for on-highway Turbocharger is estimated to be USD 13.6 Billion in 2015 and is projected to grow to USD 22.1 Billion by 2020, at a CAGR of 10.21% for the period 2015-2020.

Browse 75 market data Tables and 61 Figures spread through 185 Pages and in-depth TOC on "Turbocharger Market"

http://www.marketsandmarkets.com/Market-Reports/turbochargers-market-919.html

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The market report studies in detail the Turbocharger Market in volume ('000 units) and value (USD million). It analyses the opportunities of growth and market potential during the forecast period. The report also identifies the drivers, restraints, challenges, competitive landscape, and other influential aspects of the Turbocharger Market. Key market players of this industry, along with their growth strategies and recent developments have also been observed.

Asia-Oceania: Largest Turbocharger Market 

The Asia-Oceania region comprises countries such as China, India, Japan, and South Korea, some of which are the fastest growing economies in the world. Almost all major OEMs have set up their production and R&D facilities in this region to exploit market opportunities. A powerful engine that provides fuel economy and reduced emissions is the observed demand trend for end-users, which is driving the on-highway Turbocharger Market. It is estimated that by 2020 China will be one of the largest market for turbochargers in this region.

China has been the leading automobile producer for the last five years and it is estimated that a similar trend will be witnessed in the future. Owing to the economic development in the country and proximity to emerging countries in the Asia-Oceania and European regions, China has presented many opportunities to international as well as domestic OEMs. It also has the world's fastest-growing consumer market owing to rise in disposable income, which has prompted the premium automobile manufacturers to set up their operations in China through joint ventures. The trend regarding turbocharging vehicles was started by Volkswagen in China, and now many automotive manufacturers are using it to downsize their engines as the fuel prices in the country are aligning with global prices and the emission norms are getting stricter.

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IHI Corporation (Japan) and Mitsubishi Heavy Industries Ltd. (Japan) are major players headquartered in Asia-Oceania region. Apart from these, global OEMs such as Cummins Inc. and Honeywell Turbo Technologies have set up their manufacturing and R&D facilities here.

VGT/VNT: Adoption rate is expected to increase by 2020 

Variable Geometry Turbochargers (VGT), also known as Variable Nozzle Turbine (VNT), are a group of turbochargers designed to facilitate the change of the effective aspect ratio, also called A/R ratio, in accordance to any change in engine speed conditions. The turbochargers are equipped with small movable vanes that direct the exhaust gas flow onto the turbine blades. The vehicles equipped with VGT/VNT turbochargers provide better fuel efficiency and lesser emissions as compared to vehicles equipped with wastegate turbochargers.

The emission norms are stricter in the European region, which is a diesel vehicles dominated automobile market. Thus, by virtue of its efficiency in reducing emissions, VGT/VNT technology is more prevalent this region. However, the emission norms are getting stricter around the globe the demand for VGT/VNT turbochargers is projected to grow significantly in diesel powered vehicles. At the same time, gasoline engines are also increasingly adopting turbochargers. This has led to a better growth in the adoption of VGT/VNT technology in gasoline engines as compared to the conventional economic wastegate technology. The regional adoption varies based on the status of emission norms and preference towards fuel efficiency. Asia-Oceania is estimated to be the fastest-growing market by volume, followed by North America for VGT/VNT from 2015 to 2020.

Key players of on-highway Turbocharger Market in Asia-Oceania region include IHI Corporation and Mitsubishi Heavy Industries Ltd. The North American market for turbochargers is dominated by Honeywell International Inc., Cummins Inc., and BorgWarner Inc.

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