LONDON, Oct. 10, 2017 () — The North America Turbocharger market was estimated to be at $1,802.3 million in 2014, and is expected to reach $3,024.1 million by 2019, at a CAGR of 10.9% from 2014 to 2019. The U.S. is expected to have a market share by volume of 75.0% in the North America turbocharger by 2019, progressing at a CAGR of 10.5% from 2014 to 2019. The turbocharger market in the North American region has been considered by countries including the U.S., Mexico, and Canada. The North America turbocharger market is driven by factors such as Lower Carbon Emission standards, stringent fuel efficiency norms, and engine downsizing trends while on the other hand, high cost of turbocharger and increasing trend of battery operated vehicles are restraining growth of turbocharger market. However, the most important factor deciding growth of the market is fuel efficiency. A turbocharger is powered by the exhaust gases of the engine, which is normally emitted from the vehicle unused. Turbochargers offers improved fuel economy and reduction in emissions, they also downsize the engine as the overall power of the engine increases by using turbochargers and thus reducing the total weight of vehicle.
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By vehicle type, the turbocharger market is divided into passenger cars, light commercial vehicles, and heavy commercial vehicles. The North America turbocharger market was estimated to be at 4,742.4 thousand units in 2014, and is expected to reach 7,737.7 thousand units by 2019, at a CAGR of 10.3% from 2014 to 2019.
By fuel type, the North America turbocharger market is divided into gasoline-powered and diesel fuel powered turbochargers. The North America turbocharger market was estimated to be at $1,802.3 million in 2014, and is expected to reach $3,024.1 million by 2019, at a CAGR of 10.9% from 2014 to 2019. The gasoline-powered type market for turbochargers is expected to drive the North America turbocharger market in terms of growth rate, considering the strong demand from these application segments in the developing regions.
Geographically, the North American region has been segmented into the U.S., Mexico, and Canada. The U.S. leads the regional market, where the market size is estimated to be at $1,342.9 million in 2014 to $2,280.3 million by 2019, at a CAGR of 11.2% from 2014 to 2019. Mexico and Canada are expected to grow at CAGR of 10.6% and 9.4%, respectively during the review period.
The North America turbocharger market is a competitive market with a number of market players with niche technologies. As of 2014, the North America market is estimated to be dominated by BorgWarner, Honeywell, Cummins Ltd. New product launches and partnerships, agreements, collaborations, and joint ventures are the major strategies adopted by most market players to achieve growth in North America turbocharger market.
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