Automotive Refurbished Turbochargers Market size is set to grow by USD 147.5 million from 2024-2028, affordability of refurbished turbochargers compared with new replacement turbochargers boost the market, Technavio

NEW YORK, June 19, 2024 /PRNewswire/ -- The global automotive refurbished turbochargers market size is estimated to grow by USD 147.5 million from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  3.2%  during the forecast period. Affordability of refurbished turbochargers compared with new replacement turbochargers is driving market growth, with a trend towards development of electric turbochargers. However, increasing adoption of low-cost counterfeit turbochargers by end-users poses a challenge. Key market players include AET Engineering Ltd., BBB Industries LLC, BorgWarner Inc., Cardone Industries Inc., Caterpillar Inc., Continental AG, Cummins Inc., Garrett Motion Inc., IHI Corp., Komatsu Ltd., MAHLE GmbH, Mitsubishi Heavy Industries Ltd., MTA Turbochargers, Recoturbo Ltd., REMANTE GROUP s.r.o., Schouw and Co., Standard Motor Products Inc., Turboworks Ltd., Zex Toronto, and ZF Friedrichshafen AG.

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Market Driver

The automotive refurbished turbochargers market is experiencing significant growth due to the increasing adoption of electric turbochargers. Electric turbochargers, which integrate electric motors and turbochargers, offer several advantages. They address the turbo lag issue, act as generators during deceleration, and contribute to energy recuperation. These benefits make electric turbochargers ideal for hybrid vehicles, which are becoming increasingly popular. Additionally, electric turbochargers are less complex to pack, enabling automotive OEMs to design modern vehicles. Their potential to improve fuel efficiency by up to 10% aligns with regulatory pressure to deliver fuel-efficient vehicles. According to Technavio, the development of electric turbochargers will continue to be a key trend in the market, creating opportunities for manufacturers to offer refurbished electric turbochargers. 

The Automotive Refurbished Turbochargers market is experiencing significant growth. Tech-savvy consumers prefer refurbished turbochargers due to their cost-effectiveness and eco-friendliness. Many automotive repair shops and parts suppliers are capitalizing on this trend by offering high-quality refurbished turbochargers. These components are thoroughly inspected, repaired, and tested to ensure optimal performance. Some key players in this market include tech-focused companies and traditional automotive parts suppliers. The use of advanced technologies like CNC machining and electronic testing equipment enables these players to offer reliable and efficient refurbished turbochargers. Additionally, the increasing popularity of older vehicle models and the growing concern for reducing carbon footprint are driving the demand for refurbished turbochargers. 

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Market Challenges

• The Asian market relies heavily on China for the acquisition of electronic products and components in the automotive sector. Chinese vendors provide affordable alternatives to refurbished turbochargers, but these counterfeit versions lack manufacturing oversight and safety measures. Despite their lower cost, which is approximately one-tenth that of refurbished turbochargers, these counterfeit products pose a risk to engine and vehicle components. Established vendors must promote the advantages of high-quality refurbished turbochargers and combat the circulation of counterfeit versions to ensure market growth.
• The Automotive Refurbished Turbochargers market faces several challenges. Technological changes and increasing competition require continuous improvement and innovation. Compatibility with various vehicle models and makes is a significant challenge. Additionally, ensuring the quality and durability of refurbished turbochargers is crucial to meet customer expectations. Cost-effectiveness and quick turnaround time are also essential factors in this market. Regulations and certifications add to the complexity, requiring adherence to strict standards. Lastly, maintaining a steady supply of used turbochargers for refurbishment is a constant challenge. Addressing these challenges requires a strategic approach, effective supply chain management, and a focus on research and development.

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Segment Overview 

This automotive refurbished turbochargers market report extensively covers market segmentation by  

1. Application 
• 1.1 Passenger cars
• 1.2 Light commercial vehicles
• 1.3 Medium and heavy commercial vehicles
2. Fuel Type
• 2.1 Gasoline
• 2.2 Diesel
• 2.3 Alternate fuel/CNG
3. Geography 
• 3.1 APAC
• 3.2 Europe
• 3.3 North America
• 3.4 Middle East and Africa
• 3.5 South America

1.1 Passenger cars-  The Automotive Refurbished Turbochargers Market involves the restoration and sale of used turbochargers for various vehicle makes and models. This market caters to the demand for cost-effective alternatives to new turbochargers, providing significant cost savings for automotive repair and maintenance services. Refurbished turbochargers undergo thorough inspection, cleaning, and repair processes to ensure optimal performance and reliability. This market continues to grow due to increasing vehicle age and the rising trend towards sustainable and cost-effective solutions in the automotive industry.

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Research Analysis

The Automotive Refurbished Turbochargers Market encompasses the remanufacturing and sale of turbochargers for Passenger cars and light commercial vehicles. This market caters to the needs of vehicle owners seeking engine performance enhancement, particularly in relation to fuel economy and emissions regulations. Automotive Original Equipment Manufacturers (OEMs) have responded by offering technological features such as electric turbochargers and two-staged turbochargers. However, the affordability of these alternatives has led to the growing popularity of refurbished turbochargers from multiple sources. Stringent regulations on fuel types, including gasoline, diesel, and compressed natural gas, necessitate continuous improvement in fuel economy. The prime reasons for the market's expansion include the reliability of refurbished turbochargers and the availability of data from industry analysis and vendor landscape studies.

Market Research Overview

The Automotive Refurbished Turbochargers Market refers to the industry dedicated to the restoration and sale of used turbochargers for various automotive applications. These components are essential for improving engine performance and fuel efficiency. The refurbishing process involves the repair and replacement of worn-out parts, ensuring the turbochargers meet original equipment manufacturer (OEM) specifications. The market caters to the growing demand for cost-effective solutions in the automotive sector, particularly in regions with high vehicle usage and aging fleets. The use of advanced technologies and techniques in refurbishing contributes to the market's growth, enabling the extension of turbocharger life and reducing the need for frequent replacements. Additionally, the increasing popularity of diesel vehicles and the implementation of stringent emission norms further boost the market's growth.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Application
• Passenger Cars
• Light Commercial Vehicles
• Medium And Heavy Commercial Vehicles
• Fuel Type
• Gasoline
• Diesel
• Alternate Fuel/CNG
• Geography
• APAC
• Europe
• North America
• Middle East And Africa
• South America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio

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