By 2032, the automotive turbo compounding systems market is anticipated to be worth USD 4,535.6 Million. It is expected that the market for automotive turbo compounding systems is likely be worth USD 2,953.4 Million in 2022. It is expected to register at a CAGR of 4.5% during the forecast period.
Attributes | Details |
---|---|
Automotive Turbo Compounding Systems Market CAGR (2022 to 2032) | 4.5% |
Automotive Turbo Compounding Systems Market Size (2022) | USD 2,953.4 Million |
Automotive Turbo Compounding Systems Market Size (2032) | USD 4,535.6 Million |
The demand for applications over heavy vehicle engines and motorsport racing engines worldwide is what primarily drives the automotive turbo compounding systems market.
Due to the increasing demand for more advanced and efficient engines for heavy vehicle engines, motorsport and racing engines, and gensets, the global market for automotive turbo compounding systems has grown recently.
Over the forecast period, there is an expectation that the global turbo compounding system market will experience significant growth due to the increasing demand for power from various application sectors.
As the environment is becoming more aware of the need to reduce or eliminate the amount of carbon dioxide in the environment, the global market for Automotive Turbo Compounding Systems is expected to see robust growth throughout the forecast period.
There is a strong expectation that the strict government guidelines relating to outflow control will fuel the demand for Automotive Turbo Compounding Systems in the near future. A major driving force for the worldwide market for turbo-compounding systems is the expanding use of systems on passenger and commercial vehicles. The reason for this is that they can use energy from waste in other ways.
The global turbo compounding system market is categorized based on product type and application. The market for Automotive Turbo Compounding Systems can be sub-segmented into electrical Automotive Turbo Compounding Systems and mechanical Automotive Turbo Compounding Systems.
A leading sub-segment of the turbo compounding market is electrical Automotive Turbo Compounding Systems, as the electrical system enhances the performance of the turbo generator.
Based on application, it is further broken down into heavy vehicle engines, motorsport/racing engines, and generators. Among all sub-segments within the motorsport/racing engines market, the motorsport/racing engines sub-segment is expected to witness robust growth due to its increased utilization in a wide range of racing cars.
Stringent government emission regulations and an increase in the demand for fuel-efficient commercial vehicles are likely to boost the growth of this segment. As a result of the rise in the adoption of electric turbo-compounding in racing cars to enhance the performance of these vehicles over the forecast period, it is also expected that the racing car segment will show good growth in the market over the forecast period.
On account of the high technological adoption rate in this region, it is anticipated that North America will be the leading region in the global market for Automotive Turbo Compounding Systems.
The Asia-Pacific region is expected to be the fastest-growing region throughout the forecast period. There is a high likelihood of turbo compounding system market growth during the period due to the extensive usage of this system in power generation.
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The growing environmental concern to reduce the amount of carbon dioxide in the atmosphere is a significant growth factor for the global automotive turbo compounding systems market over the forecast period. Due to the stringent government regulations governing pollution control, demand for automotive turbo compounding systems is expected to rise.
The growing demand for automotive turbo compounding systems is driving the global automotive turbo compounding systems market. The increasing use of these systems in passenger and commercial vehicles to harvest energy from waste is a significant growth driver for the global market for automotive turbo compounding systems.
The global market for automotive turbo compounding systems market is hampered by the high cost of the associated turbo compounding equipment. A turbo compounding system is also used in limited automobiles.
As a result, restricting the adoption of automotive turbo compounding systems may act as a global market inhibitor for these systems. Furthermore, the growing preference for electric vehicles (EVs) has an impact on the automotive market and, as a result, automotive turbo compounding systems. Further, government officials have expressed particular concern about the rising levels of vehicle emissions produced by conventional fuel-powered vehicles.
Rising Adoption of Advanced Technology in Automotive to Bode Well for the Market
North America and Europe accounted for a sizable portion of the global industry due to their higher rates of technological adoption. The automotive turbo compounding systems market growth in this region is anticipated to be fueled by the increasing rate of adoption of advanced technology.
The automotive turbo compounding systems market players' presence in these regions is probably going to encourage market growth for automotive turbo compounding systems in this region.
Asia Pacific is anticipated to experience rapid market growth throughout the forecast period. The use of these systems as generator sets is anticipated to hasten automotive turbo compounding systems market expansion in this area. The market is expected to grow over the course of the projection period as a result of the rising demand for heavy commercial vehicles from the expanding construction and logistics sectors.
The presence of OEMs in the automotive industry has led to a highly consolidated market for automotive turbo compounding systems. Through the launch of new products, joint ventures, and partnerships with significant industry players, key market players are expanding their regional and global production networks.
In August 2019, AB Volvo debuted a better turbo-compound engine in its VNL models. With this, fuel economy can be improved by up to 3% more than with the 13-liter, compound turbocharged engine known as the D13TC. To lessen its negative effects on the environment and the climate, this development was made.
Automotive Turbo Compounding Systems market analysis from 2017 to 2021 revealed a historical growth rate of around 4.1% CAGR, with the market expansion being fueled by rising demand for efficient technological solutions and the general expansion of the automotive industry as consumers increased spending due to rising disposable incomes.
The COVID-19 pandemic's initial recessionary downturns resulted in an interrupted supply chain, decreased demand and sales, manufacturing shut downs or delayed deliveries, shattering expectations for growth in the automotive industry. All of these things affected both the demand for turbo-compounding systems and automobiles during the pandemic.
However, production activities and the supply chain resumed with significant demand in 2022 with the decreased percentage of COVID spread and flattening of infection curves. As a result, the market demand forecast for Automotive Turbo Compounding Systems by FMI projects a CAGR of 4.5% by 2032.
A significant growth factor for the global market for turbo-compounding systems over the forecast period is the growing environmental concern to reduce the amount of carbon dioxide in the atmosphere. The demand for the turbo-compounding system is expected to increase because of the severe government regulations surrounding pollution control.
The global market for Automotive Turbo Compounding Systems is also being driven by the rising demand for effective technological solutions. A significant growth driver for the global market for turbo-compounding systems is the rising use of these systems in passenger and commercial vehicles to harness the energy from waste.
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The global market for Automotive Turbo Compounding Systems is, however, significantly hampered by the high cost of the related turbo compounding equipment. In limited automobiles, a turbo compounding system is also used. Therefore, restricting the use of Automotive Turbo Compounding Systems might serve as a market inhibitor for these systems globally.
Additionaly, the increasing preference toward electric vehicles (EVs) somehow affects the automotive market and accordingly the turbocompounding systems. Government officials have been particularly concerned about the rising vehicle emissions produced by conventional fuel-based vehicles.
The market for Automotive Turbo Compounding Systems can be segmented geographically into many key areas, including North America, Latin America, Western and Eastern Europe, Asia-Pacific, Japan, the Middle East, and Africa.
Due to the higher rate of technological adoption in North America and Europe, these two continents accounted for a significant portion of the global turbo compounding industry. The rising rate of advanced technology adoption in this area is anticipated to fuel the market's expansion there. Additionally, the market players' presence in these areas is likely to fuel market expansion in this area.
Over the duration of the forecast, Asia-Pacific is anticipated to exhibit strong growth in the automotive turbo-compounding system market. It is projected that the use of these systems as generator sets will accelerate market expansion in this region.
Over the course of the projection period, the market in this area is anticipated to rise as a result of the expanding construction and logistics sectors' increased demand for heavy commercial vehicles.
Key players operating in the Automotive Turbo Compounding Systems market include Bowman Power Group, John Deere, Caterpillar, Voith Turbo GmbH & Co. KG, Mitec Automotive AG, AB Volvo, and others.
The turbocompounding systems market is highly consolidated as a result of the presence of OEMs in the automotive sector. Key market players are enhancing their regional and worldwide product networks through the introduction of new products, joint ventures, and partnerships with significant industry players.
In August 2019, AB Volvo introduced a better turbo-compound engine in VNL models. With this, fuel efficiency can be increased by up to 3% more than with the D13TC, the 13-liter turbocharged compound engine that is already available. This development was made in an effort to reduce its impact on the environment and the climate.
Attribute | Details |
---|---|
Growth Rate | CAGR of 4.5% from 2022 to 2032 |
Base Year for Estimation | 2021 |
Historical Data | 2017 to 2021 |
Forecast Period | 2022 to 2032 |
Quantitative Units | Revenue in USD Million, Volume in Units and CAGR from 2022 to 2032 |
Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis |
Segments Covered | Product Type, Application, Region |
Regions Covered | North America; Latin America; Europe; East Asia; South Asia & Pacific; Middle East and Africa |
Key Countries Covered | USA, Canada, Mexico, Brazil, Germany, Italy, France, UK, Spain, Benelux, Russia, China, Japan, South Korea, India, ASEAN, ANZ, GCC Countries, Turkey, South Africa, North Africa |
Key Companies Profiled | Bowman Power Group; John Deere; Caterpillar; Voith Turbo GmbH & Co KG; Mitec Automotive AG; AB Volvo; others |
In 2021, the value of the Automotive Turbo Compounding Systems Market reached over USD 2,241.6 Million.
During the forecast period, the Automotive Turbo Compounding Systems Market is estimated to expand at a CAGR of 4.5% during 2022-2032.
The Automotive Turbo Compounding Systems Market is projected to reach USD 4,535.6 Million by the end of 2032.
North America region is projected to lead the Automotive Turbo Compounding Systems market in the forecast period.
The key players operating in the Automotive Turbo Compounding Systems market are Bowman Power Group, John Deere, Caterpillar, Voith Turbo GmbH & Co KG, Mitec Automotive AG, AB Volvo.
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