The global automotive turbocharger market is projected to reach USD 16.6 billion in 2023 and is expected to grow to USD 41.5 billion by 2033, with an anticipated CAGR of 9.6% throughout the forecast period.
Turbochargers enhance engine efficiency by compressing intake air, improving combustion and power production. This is especially crucial as governments worldwide enforce stringent emission standards, encouraging automakers to develop more fuel-efficient vehicles.
In automotive turbochargers, exhaust gas powers a turbine, which in turn drives an air compressor. This compressor forces additional oxygen into the engine’s cylinder, allowing more fuel to burn and increasing fuel efficiency. Turbochargers boost the air pressure entering the engine, thereby improving overall fuel economy.
Variable geometry (VG) turbochargers offer high supercharging efficiency across a range of engine speeds, outperforming waste gate turbochargers. This efficiency is due to the integration of variable mechanism stator vanes at the turbine rotor blade’s input nozzle.
Power Your Business Growth: Invest in Key Insights with Our Report Checkout!
Pairing mirror cycle direct injection gasoline engines with variable geometry turbochargers can significantly enhance a vehicle’s fuel efficiency. Direct injection and cooled exhaust gas recirculation improve the knocking limit, providing a solid foundation for the adoption of variable geometry turbochargers.
E-turbochargers, or electric turbochargers, are expected to gain significant popularity during the forecast period. Unlike traditional turbochargers, e-turbochargers use an electric motor to help spool up the turbocharger, reducing turbo lag. This system can generate electricity for the vehicle network, potentially reducing the alternator’s load on the engine and saving fuel.
The primary driver of increased engine performance demand is the need for higher power density and precise torque for downsizing and down-speeding, which can enhance fuel efficiency while maintaining the dynamic performance of vehicles.
Key Takeaways from the Automotive Turbocharger Market Report:
- In the historical period 2018 to 2022, the global automotive turbocharger industry expanded at a CAGR of 8.7%.
- The United States automotive turbocharger industry is expected to reach a valuation of US$ 1.8 billion by 2033.
- Germany automotive turbocharger industry is expected to top a value of USD 1.4 billion by 2033.
- By product type, the VGT segment is expected to dominate the automotive turbocharger industry with a CAGR of 9.8% from 2023 to 2033.
- China automotive turbocharger industry is anticipated to cross a valuation of USD 3.1 billion in 2033.
Competitive Landscape:
Several businesses would concentrate on increasing the range of products they offer to cater to demands of multiple vehicle segments. Offering turbochargers for a wider range of engine sizes and configurations is one way to do this. Additionally, turbochargers are being developed for alternative fuel vehicles such as electric and hydrogen-powered cars.
A select range of participants are making investments to create strategic alliances and partnerships with other businesses in the automobile sectors. Manufacturers, suppliers, and IT firms are a handful of these.
They want to create fresh and inventive products by utilizing their resources and experience. To increase their footprint, manufacturing organizations are putting even more of an emphasis on new product launches and acquisition tactics.
Leading Key Players:
- Continental AG
- Garett Motion Inc.
- Cummins Inc.
- Mitsubishi Heavy Industries Ltd.
- Toyota Industries Corporation
- Eaton Corporation Plc
- BorgWarner Inc.
- IHI Corporation
- BMTS Technology GmbH & Co. KG
- Weifang FuYuan Turbochargers Co., Ltd.
For instance,
- Cummins Inc. was entirely bought Meritor, Inc. in 2022. The latter is a well-known manufacturer of drivetrain, mobility, brakes, aftermarket, and electrical powertrain solutions for commercial vehicles & industrial industries.
- Toyota Motor Corp.’s Silicon Valley research branch acquired Renovo, a producer of automotive operating system software, in 2021. The company intends to speed the development of fully autonomous, networked vehicles.
Extensive Market Research: Complete Report and Findings
Automotive Turbocharger Market Segmentation:
By Product Type:
- Waste Gate
- VGT
- Twin Turbo
By Vehicle Type:
- Passenger Cars
- LCV
- HCV
- Agricultural Machinery
- Construction Machinery
By Fuel Type:
- Gasoline
- Diesel
By Sales Channel:
- OEM
- Aftermarket
By Actuator:
- Hydraulic
- Electric
- Pneumatic
By Region:
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
- Europe
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube