Global sales of automotive turbochargers are estimated to be USD 18,217.7 million in 2024 and are projected to grow to USD 45,561.7 million by 2034, reflecting a CAGR of 9.6% over the forecast period from 2024 to 2034. In 2023, the revenue generated by automotive turbochargers was reported at USD 16,622.0 million, with an anticipated year-over-year growth of 9.4% in 2024.
Turbochargers play a crucial role in enhancing engine efficiency by compressing intake air, which improves combustion and power output. This is increasingly important as governments worldwide implement stringent emission standards, prompting automakers to develop more fuel-efficient vehicles.
In automotive turbochargers, exhaust gas powers a turbine that drives an air compressor. This compressor increases the oxygen intake in the engine’s cylinders, enabling more efficient fuel combustion and improved fuel economy. By boosting the air pressure entering the engine, turbochargers enhance overall performance.
Variable geometry (VG) turbochargers are particularly efficient, providing high supercharging effectiveness across various engine speeds. Their advanced design features adjustable stator vanes at the turbine rotor blade’s input nozzle, allowing for superior performance compared to traditional waste gate turbochargers.
Combining mirror cycle direct injection gasoline engines with variable geometry turbochargers can significantly improve a vehicle’s fuel efficiency. The integration of direct injection and cooled exhaust gas recirculation raises the knocking limit, creating an ideal environment for adopting variable geometry turbochargers.
E-turbochargers, or electric turbochargers, are anticipated to gain considerable traction in the coming years. Unlike conventional turbochargers, e-turbochargers utilize an electric motor to assist in spooling up the turbocharger, thereby minimizing turbo lag. This technology can also generate electricity for the vehicle’s network, potentially alleviating the alternator’s load on the engine and conserving fuel.
The primary driver behind the growing demand for increased engine performance is the need for higher power density and precise torque, which enables engine downsizing and down-speeding. This shift not only enhances fuel efficiency but also maintains the dynamic performance of vehicles.
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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.
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
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