The demand for diesel vehicles and upcoming emission norms in countries such as India and China are driving demand for turbocharged engines. OEMs are more focused on reducing vehicle emissions to meet the prescribed emission norms. Turbochargers utilize built-up exhaust, which help minimize fuel consumption as well as aid downsizing of engines. The Asia-Pacific automotive industry is one of the largest and accounts 45% of the market share in vehicle manufacturing.
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The use of turbocharger ensures the complete burning of vehicle fuel. It utilizes exhaust gases, which otherwise would be very harmful when released. It also aids in meeting changing emission norms and offers increased fuel efficiency.
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The demand for turbochargers is largely dependent on vehicle production; in developing countries such as India, China, and South Korea, the vehicle production is growing, which in turn, would push the demand for turbocharged vehicles. China has the highest vehicle production is in the Asia-Pacific countries, followed by India, and South Korea. The turbocharger market in these emerging countries is primarily driven by various economic developments, growing GDP, and rising purchasing power parity. The Asia-Pacific region has been perceived as a major automotive hub with immense growth opportunities following land availability and cheap labor.
The Asia-Pacific turbocharger market is segmented on the basis of fuel type, vehicle type, and country. By fuel type, the market is segmented into gasoline and diesel powered vehicles. The demand for turbochargers differs, on the basis of fuel type. The applications of turbocharger can be seen in passenger cars, LCVs, and HCVs. By country, the turbocharger market is categorized into China, Japan, South Korea, and India, following the vehicle production and demand in these countries.
