The global electric supercharger market is expected to grow at a compound annual growth rate (CAGR) of around 15.8% during the forecast period 2020 to 2027.
Rapid adoption of advanced electronic components and systems for example automotive electric supercharger mainly in the modern vehicles accounts as a key factor that anticipated to propel the market growth for electric supercharger during the analysis period. With rapid pace in the technological advancements and developments in the automotive industry, electric supercharger expected to gain utmost importance in the automotive vehicles during the upcoming years. It applies hybrid technology for supplying enough pressurized air to the engine’s intake charge that leads to enhanced engine performance this in turn estimated to prosper the electric supercharger market growth during the analysis period.
This technology anticipated to offer alluring opportunities for modernization in the automotive industries owing to its numerous benefits that include cost effectiveness, durability, and ease of installation in a variety of vehicles. On the other hand, inefficient electric supercharger projected to be a major factor that restricts the growth of electric supercharger during the forecast timeframe. Nonetheless, rising adoption of electric and hybrid vehicles along with government support to promote their adoption expected to create enormous growth outlook during the forecast period.
Product Type Insights
The 48V electric supercharger estimated to hold a significant value share in the global electric supercharger market. Ease of installation in the rising number of mild-hybrid and hybrid vehicles along with its cost-effectiveness expected to spur the demand for electric superchargers in the 48V segment. Furthermore, enhanced fuel economy, improved performance, and durability of the electric supercharger are the other most important factors that propels the growth of the segment in the overall market.
In addition, the segment expected to emission rate of carbon together with other harmful gases effectively from a vehicle that accounts for its rapid adoption in the Mild Hybrid Electric Vehicles (MHEV) and Hybrid Electric Vehicles (HEV). Reducing CO2 emission is of the utmost importance in any vehicle, thereby 48V technology proved as a boon for the automotive industry in regulating the carbon emission.
Vehicle Type Insights
Based on vehicle type, the global market for electric supercharger is studied for passenger vehicles and commercial vehicles. Among them, passenger vehicles held the major value share accounting for nearly 75% in the year 2019. High production and sales of passenger vehicles attributed as the prime factor that drives the growth of the segment. Rising demand for personal mode of transportation to cut the time of travelling along with rising purchasing power of consumers expected to contribute prominently towards the significant growth of the passenger vehicle segment.
In addition, rising adoption of electric and battery-powered vehicles projected to spur the demand of passenger vehicles over the forecast timeframe. Most of the countries including developed as well as developing are inclined towards creating awareness among people for the adoption of electric vehicle. This helps the government to control the rate of carbon emission from a vehicle and accordingly in maintaining the air quality as per the standards set by the international regulatory bodies.
On the other side, commercial vehicles expected to gain prominent traction over the analysis time-period. This is mainly attributed to the growth in e-commerce and retail sector along with significant rise in the logistics & transportation business. Prominent growth in the industrial sectors increases their warehouse system, thereby triggers the growth of logistics for transporting goods and materials.
Europe and North America examined as the prominent regions in terms of revenue in the global electric supercharger market. The growth of the regions is mainly attributed to the rapid advancements in the technology, especially in the United States, Canada, France, Germany, the Netherlands, Italy, and the U.K. The automotive electric supercharger market is directly dependent on the sale and production of electric and hybrid vehicles. In addition, significant demand of luxury and premium vehicles in the region due to high disposable income along with rising expense of consumers on their comfort & safety is the other key factor that impels the growth of the regions.
The Asia Pacific emerged as the most opportunistic market for the electric supercharger because of high adoption rate of electric vehicles along with boom in the demand for electric automotive parts & components that leads to an increased production of vehicles together with the automotive electric superchargers, particularly in India, Japan, China, and South Korea. Furthermore, favorable government policies along with regulations such as incentives on the purchase of electric cars likely to propels the growth of the market in the forthcoming years.
Key Companies & Market Share Insights
The global electric supercharger industry is nascent and concentrated with few players operating in the market. However, the number of entrants in the market is likely to grow over the forecast timeframe owing to significant adoption of technology in premium & luxury cars along with hybrid electric vehicles. The industry participants majorly focus on the research & development to maintain their competitive edge.
Some of the prominent players in the electric supercharger market include:
Segments Covered in the Report
This research study comprises complete valuation of the market revenue with the help of widespread quantitative and qualitative insights, and prognoses of the market. This report presents breakdown of market into forthcoming and niche segments. Additionally, this research study gauges market revenue growth and its drift at global, regional, and country from 2016 to 2027. This report includes market division and its revenue assessment by categorizing it depending on product type, vehicle type, and region:
By Product Type
By Vehicle Type
By Regional Outlook
No cookie-cutter, only authentic analysis – take the 1st step to become an Precedence client