LONDON--(EON: Enhanced Online News)--The global turbocharger market for commercial vehicles is expected to grow at a CAGR of over 8% during the forecast period, according to Technavio’s latest report.
“High level of political disturbances coupled with fall in oil prices posits a high risk for OEMs manufacturing their products in Iran. South Africa is the manufacturing base for OEMs in the Middle East”
In this report, Technavio covers the market outlook and growth prospects of the global turbocharger market for commercial vehicles for 2016-2020. The market is further categorized into three application segments, including HCVs, MCVs, and LCVs, of which the LCV segment dominated the market with 60% of the overall market share in 2015.
“The LCV segment is the main driver for the overall growth of the turbocharger market in commercial vehicles. OEMs are focused on downsizing their fleet to light displacement volume engines and installing turbochargers to increase fuel efficiency. Use of minivans for business purposes like mobile canteens and intercity transportation have increased the sales of LCVs,” says Praveen Kumar, a lead powertrain research expert from Technavio.
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Technavio’s research study segments the global turbocharger market for commercial vehicles market into the following regions:
The global turbocharger market for commercial vehicles is segmented across APAC, EMEA, and the Americas. In 2015, both APAC and the Americas projected equal market share of 35% and EMEA projected slightly less with 30% market share.
Turbocharger market for commercial vehicles in EMEA
The turbocharger market in commercial vehicles in EMEA reached 2.50 million units in 2015 and will reach 3.20 million units by 2020, growing at a CAGR of 5.06%. The turbocharger market in EMEA is dominated by LCVs with 88% market because of increase in demand for pickup vans with four-cylinder engines of 2 ton-3.5 ton gross weight. Turbochargers will provide the power for four-cylinder engines equivalent to v6/v8 engines with less emissions, which made OEMs increase the production of turbocharged LCVs.
“High level of political disturbances coupled with fall in oil prices posits a high risk for OEMs manufacturing their products in Iran. South Africa is the manufacturing base for OEMs in the Middle East,” says Praveen.
Turbocharger market for commercial vehicles in Americas
The turbocharger market for commercial vehicles in the Americas reached 2.95 million units in 2015 and will reach 5.11 million units by 2020, growing at a CAGR of 11.61%. The turbocharger market for commercial vehicles is dominated by the Americas because of the increase in the downsizing of fleet vehicles. In North America, all the three markets in the HCV, MCV, and LCV segment are showing positive year-over-year sales growth.
As the political situation in Brazil continues to unfold, new vehicle registration and production continue to drop. The only positive aspect of the Brazilian automotive market is export. For the full year, the assembly is expected to decrease by 6% on the back of increase in the demand for export.
Turbocharger market for commercial vehicles in APAC
The turbocharger market for commercial vehicles in APAC reached 2.95 million units in 2015 and will reach 4.24 million units by 2020, growing at a CAGR of 7.52%. The turbocharger market for commercial vehicles is dominated by the HCV segment with 75% market share followed by LCVs with 17% and MCVs with 8%. The turbocharger market in India has a penetration of 95% in the HCV segment.
Volvo is providing turbochargers in the FM, FHX, and FH truck models, which have seen tremendous growth in sales. Volvo B7RLE a turbocharger medium duty vehicle is being used across India for local transport. Volvo has a tie-up with state governed transportation bodies, and more than 90% of local state transport buses are using this engine.
The top vendors in the global turbocharger market for commercial vehicles market highlighted in the report are:
- Cummins Turbo Technologies
- Ishikawajima-Harima Heavy Industries (IHI)
- Mitsubishi Heavy Industries (MHI)
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