Market Research Future (MRFR) has launched a new release on the global COVID-19 impact on Automotive Turbocharger Market. The report presents a thorough overview of the global COVID-19 impact on Automotive Turbocharger Market on the back of a detailed analysis of the market’s historical growth trajectory and leading segments. The market’s historical growth trajectory is assessed in detail in the report in order to understand the major factors underlying the market’s growth in the study period.
Growth of the automotive sector remains the prime driver of the global automotive turbocharge market. Latest data released by Market Research Future (MRFR) reveals that the global COVID-19 impact on Automotive Turbocharger Market is set to capture 7.6% CAGR during the assessment period (2017-2025). The global GDP has witnessed a steady growth in recent years, which emerging economies in APAC, the Middle East, Africa, and Latin America becoming new investment destination for the automotive sector. Vehicle sales in these regions have increased significantly over time. Such factors indicate towards a positive growth trajectory for the COVID-19 impact on Automotive Turbocharger Market on a global level.
Automotive turbochargers are a common automotive component, which has a tremendous market worldwide. They are integrated in both passenger and commercial vehicles. The primary objective of installing a turbocharger is to improve the performance of vehicle by supplying more air to engine. Turbochargers are a must-have feature in high-performance vehicles.
The global COVID-19 impact on Automotive Turbocharger Market is expected to be influence by industry trends such as adoption of energy-efficient solutions and emergence of electric and hybrid cars. Introduction of stricter emission regulations is prompting car makers to shift toward environmentally sustainable options.
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Global COVID-19 impact on Automotive Turbocharger Market: Regional Analysis
Asia Pacific is the largest market for automotive turbocharger and is expected to remain highly attractive during the forecast period. Asia Pacific continue to post tremendous demand for automotive, which makes it a major destination for market players. While China’s dominance in automotive manufacturing remains unchallenged, other countries such as India, Vietnam are also focusing towards bolstering domestic production. Macroeconomic factors such as increased per capita income, rising standard of living and expanding consumer population has augured well for the automotive sector in the region.
Asia Pacific (APAC) is followed by Europe and North America. Market is expected to witness a steady growth owing to its matured status in the region. In North America, increased emphasis is being placed to boost domestic manufacturing.