The Europe turbocharger market was valued at $5,045.9million in 2014, and is expected to reach $7,956.2 million by 2019, at a CAGR of 9.5% from 2014 to 2019. Germany is expected to have a market share of 34.1% in the Europe turbocharger market by 2019 by volume, progressing at a CAGR of 10.4% from 2014 to 2019. The turbocharger market in the European region is segregated into countries including Germany, France, the U.K., Spain, Italy, and Turkey. The Europe turbocharger market is driven by factors such as stringent emission and fuel-efficiency norms, and downsizing of engine while on the other hand and high costs associated with the turbochargers and increasing focus on Battery-operated Electric Vehicles (BEVs) are restraining growth in the turbocharger market. The most important factor deciding the growth of the market is fuel-efficiency. A turbocharger is powered by the exhaust gases of the engine, which would normally just leave the engine and vehicle unused. Turbochargers offers improved fuel-economy and reduction in emissions, they also downsize the engine, thus reducing the total weight of the vehicle.
By vehicle type, the turbocharger market has been divided into passenger cars, Light commercial Vehicles, and Heavy Commercial Vehicles. The Europe turbocharger market was valued at an estimated 14,142.7 thousand units in 2014, and is expected to reach 20,853.2 thousand units by 2019, at a CAGR of 8.1% from 2014 to 2019.
By fuel type, the Europe turbocharger market is divided into gasoline and diesel fuel turbocharger. Initially, the diesel engines were mainly used in heavy vehicles, but these have now gained predominant shares in other vehicle segments as well, due to the recent developments in diesel powertrains. Depleting resources have pushed the demand for diesel-powered vehicles to higher levels. Another aspect driving demand is the closing gap between the performance figures of diesel and gasoline powered vehicles. These vehicles not only provide good performance, but also provide higher fuel-efficiency, which makes them more economical than their gasoline counterparts. The demand for these vehicles is rising in almost all major markets, making this a highly opportunistic market. Hence, the diesel-fuel type turbocharger market is expected to drive the Europe turbocharger market in terms of growth rate, considering the strong demand from these application segments in the developing regions.
Germany leads the Europe turbochargers market, which is expected to grow from $1652.0 million in 2014 to $2712.7 million by 2019, at a CAGR of 10.4% from 2014 to 2019. France and the U.K. are expected to grow at CAGR of 8.8% and 12.1%, respectively.
The Europe turbocharger market is a competitive one, with a number of market players with niche technologies. As of 2014, the Europe market is estimated to be dominated by BorgWarner, Honeywell, and Continental Ltd. New product launches and partnerships, agreements, collaborations, and joint ventures are the major strategies adopted by most market players to achieve growth in Europe turbocharger market.