“The APAC turbocharger market was valued at an estimated $4,080.1 million in 2014, and is expected to reach $6,780.6 million by 2019, at a CAGR of 10.7% from 2014 to 2019. China is expected to have a market share of 63.0% in the APAC turbocharger market by 2019, progressing at a CAGR of 11.0% from 2014 to 2019. The turbocharger market in the APAC region is segregated into countries such as China, India, Japan, and South Korea. Factors driving the market for turbochargers in Asia-Pacific include rising vehicle production, upcoming emission norms, and growing diesel vehicles.
The turbocharger market is segmented by vehicle type into passenger car, LCV, and HCV. The passenger car turbocharger market dominates over LCV and HCV segments and it is projected to grow at a CAGR of 11.3% from a market size of $3,067.9 million in 2014 to $5,237.1 million by 2019
Geographically, the Asia-Pacific region for the turbocharger market is divided into countries such as China, Japan, India, and South Korea. The China turbocharger market was valued at $2,533.1 million in 2014, and is expected to reach $4,270.1 million by 2019, at a CAGR of 11.0% from 2014 to 2019. India is expected to grow at CAGR of 10.7% during the forecast period.
The APAC turbocharger market is a competitive market, with a number of large market players with advanced technologies. As of 2014, the APAC turbocharger market is estimated to be dominated by IHI Corporation, Mitsubishi Heavy Industries Ltd, and Honeywell International Inc. New product launches and expansions are major strategies adopted by most of the market players to achieve growth in Asia-Pacific turbocharger market.
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