The global automotive turbochargers market size is projected to have a high-paced CAGR of 9.5% during the forecast period. The current valuation of the automotive turbochargers market is US$ 14.3 Billion in 2023. The value of the automotive turbochargers market is anticipated to reach a high of US$ 35.4 Billion by the year 2033.
The global automotive turbocharger market is expected to experience significant growth in the coming years, driven by factors such as increasing vehicle production, rising demand for fuel-efficient vehicles, and government regulations aimed at reducing emissions.
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One of the primary drivers of growth in the automotive turbocharger market is the increasing demand for fuel-efficient vehicles. Turbochargers improve the fuel efficiency of vehicles by increasing engine power and reducing the load on the engine, resulting in reduced fuel consumption and emissions.
Additionally, the increasing adoption of turbochargers in gasoline-powered vehicles is expected to further drive growth in the automotive turbocharger market. Previously, turbochargers were primarily used in diesel engines, but advancements in technology have made it possible to use them in gasoline-powered engines as well.
Furthermore, government regulations aimed at reducing emissions are expected to drive the adoption of turbochargers in the automotive industry. For instance, the Corporate Average Fuel Economy (CAFE) standards in the United States mandate that automakers must achieve a certain average fuel economy across their fleets, which can be facilitated by the use of turbochargers.
The strong demand for entry-level hatchbacks in emerging nations signals a high desire for fuel-efficient vehicles. Thus the market for turbochargers is likely to rise due to their capacity to improve vehicle fuel efficiency. Engine manufacturers are downsizing engines by lowering piston displacement and the number of cylinders and using turbochargers to produce greater power and torque via the engine.
The growth of the automotive turbocharger market size favors the manufacturing of automobiles and vehicles powered by TGDI (turbocharged gasoline direct injection) engines. A new line of innovative electric turbochargers with distinctive valve designs has been created as a result of a series of advances in the automotive turbochargers industry.
However, the rising emissions created by car fuels are contributing to air pollution and the global warming catastrophe. The major automobile manufacturers are shifting their focus to more sustainable energy sources. Manufacturers are investing considerably in research to build automobiles with modern technologies and are transitioning to an electric powertrain. Hence, the rising popularity of zero-emission automobiles may have a negative impact on the market.
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Key Takeaways:
- During the forecast period, China is expected to account for a significant share of the global automotive turbochargers market. This is attributed to the demand for electric vehicles (EVs) in China growing rapidly, compelling manufacturers to develop technological advances in e-turbochargers and incorporate advantageous technology into existing models.
- The automotive turbochargers market in North America is predicted to hold the largest share, particularly in the U.S., during the projected period. This is owing to the compelling requirement to meet the EPA’s and NHTSA’s rigorous emission criteria that drive innovation in the automotive turbocharger industry in order to achieve higher fuel economy and a lower carbon footprint.
- Owing to the benefits offered by VCT, such as greater performance and fuel economy, the “variable-geometry technology” product type is expected to hold the greatest revenue through the forecast period.
- As passenger car sales are expanding in the automotive industry, accounting for 3/5th of overall sales, the “passenger car” vehicle type accounts for a significant share and is the most lucrative area for key players.
Competitive Landscape:
To boost the brand and revenue, industry participants participate in several scheduled product releases and worldwide growth. They are also increasing their footprint across multiple geographies and entering new markets, particularly in emerging nations, in order to broaden and enhance their consumer base. Market players are also introducing new inventive items into the market in response to the need to reduce carbon emissions. These factors are anticipated to expand the global automotive turbochargers market size. The following companies are key leaders in the global market for automotive turbochargers:
- Honeywell International Inc. (Garret Advancing Motion)
- BorgWarner Inc.
- IHI Corporation
- Cummins Inc.
- Bosch Mahle Turbo Systems GmbH & Co
- Eaton Corporation plc
- Weifang FuYuan Turbochargers Co. Ltd.
- Mitsubishi Heavy Industries
- Continental AG
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Recent Developments:
- In November 2020, Continental expanded its aftermarket turbocharger range. The firm sells turbochargers for a variety of luxury manufacturers, including MINI, BMW, and Volkswagen Group.
- In April 2021, BorgWarner Inc. announced the addition of three new BorgWarner turbochargers for passenger automobile applications to its product line. The new turbochargers are designed for Opel, BMW, and Peugeot.
Key Segments Profiled in the Automotive Turbochargers Market Survey
By Vehicle Type:
- Passenger Car
- LCV
- HCV
- Agricultural Machinery
- Construction Machinery
By Product Type:
- Wastegate
- Variable-geometry Technology
- Twin Turbo
By Fuel Type:
- Gasoline
- Diesel
By Actuators:
- Hydraulic
- Pneumatic
- Electric
By Sales Channel:
- OEM
- Aftermarket
By Region:
- North America
- Latin America
- Asia Pacific
- MEA
- Europe
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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