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The rising development of megacities has led to an increase in the growth of the construction, mining, and logistics sector, and this has led to a rise in the usage of commercial vehicles. Furthermore, this high usage of commercial vehicles has increased the CO2 emission affecting the environment. Therefore, there has been an implementation of stringent government emission regulations to reduce CO2. This factor is expected to majorly drive the growth of the turbo-compounding system market over the forecast period. Also, the rising demand for fuel-efficient vehicles in hauling operations is likely to boost the market for the turbo-compounding system. The turbo-compounding system help to achieve reduced emissions, improved efficiency, and also optimum power output. The turbo-compounding system also offers a better driving experience and reaction to the engine. During long-distance traffic, over the large fuel consumption can be saved bu the use of the turbo-compounding system. The design of the turbo-compounding is highly integrated and compact.
Key Market Driver -
The rising demand for the low emission vehicles is expected to drive the growth of the market.
Key Market Restraint -
The high cost of this system and limited application is expected to be hamper the growth of the market.
The rising demand for fuel-efficient and low emission commercial vehicles is also expected to drive the market for the turbo-compounding system. The turbo-compounding system is also expected to deploy in passenger cars and light commercial vehicles in the future. The high cost of the turbo-compounding system and also limited application of this system for heavy commercial vehicles and racing cars are expected to restrain the growth of this market over the forecast period.
The global automotive turbo-compounding system market has been segmented into product type, vehicle type, and region. By product type, the global automotive turbo-compounding system market is segmented into the mechanical turbo-compounding and electric turbo-compounding system. The electric turbo-compounding system is expected to show exponential growth in the market over the forecast period owing to its capabilities, such as increased power density with improved fuel efficiency compared to the mechanical turbo-compounding system. This system also avoids issues with backpressure and even complexities of the continuously variable transmission. The mechanical turbo-compounding system is also expected to show steady growth in the market over the forecast period. By vehicle type, further, the market has been segmented into racing cars and heavy commercial vehicles. The heavy commercial vehicle segment is expected to dominate the market over the forecast period. The rising stringent government emission regulations and also increasing demand for the fuel-efficient commercial vehicles is likely to propel the growth of this segment in the market. The racing car segment is also expected to show good growth in the market over the forecast period owing to the rise in the adoption of the electric turbo-compounding in racing cars to enhance the performance of the vehicle.
Some of the major companies that are present in the automotive turbo compounding system market include Voith GmbH & Co. KGaA, AB Volvo, MITEC Automotive AG, among others.
Geographically, the automotive turbo compounding system market is segmented into North America, Europe, Asia Pacific, and the rest of the world. North America and Europe are expected to show exponential growth in this market over the forecast period. The increasing adoption rate of the advanced technologies in this region is expected to propel the growth of this market in this region. Also, the presence of the market players in these regions are likely to drive the market’s growth in this region.
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Asia-Pacific is also expected to show good growth in the automotive turbo compounding system market over the forecast period. Owing to the rising growth of the construction and logistics sector, leading to increasing demand for heavy commercial vehicles, which in turn, is expected to drive the market’s growth in this region over the forecast period.
By Product type
By Vehicle Type
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