The latest study from Expert Market Research, named “Global Automotive Turbocharger Market Share, Size, Growth, Analysis, Report and Forecast 2023-2028,” provides a detailed analysis of the global Automotive Turbocharger market. The report evaluates the market based on its segments, including fuel type, vehicle type, various technologies used, major components and regions.
The research explores the effects of the most recent market trends on the total market. Along with analyzing the market using the SWOT and Porter’s Five Forces models, it also evaluates the market dynamics, covering the important demand and price indicators.
Automotive Turbocharger Market Share, Size, Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Historical Market Size (2022): USD 11 billion
• Forecast CAGR (2023-2028): 10%
• Forecast Market Size (2028): USD 20 billion
Due to rising vehicle manufacturing in nations like China, India, and other Southeast Asian economies, the Asia Pacific area makes up a sizeable portion of the automotive turbocharger market. China accounts for a sizeable portion of the region’s total demand for turbochargers due to the country’s high vehicle production rates. The industry is expanding quickly because of the increasing demand for automobile turbochargers among original equipment manufacturers (OEMs).
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The implementation of various government rules on vehicle emissions is expected to cause a significant increase in the North American automotive turbocharger market. The demand for automobile turbochargers is rising as regulatory organizations like the Environmental Protection Agency (EPA) of the United States are imposing rigorous emission rules for on-road vehicles. According to EPA regulations, automobile manufacturers must develop cleaner, more fuel-efficient engines, which is fostering the automotive turbocharger industry’s expansion. In the meantime, Europe holds a sizeable portion of the market due to the widespread presence of top automakers in nations like Germany, France, Italy, and Spain, which is significantly boosting the market’s expansion.
Automotive Turbocharger Industry Definition and Major Segments
A turbine-driven induction device called an automotive turbocharger boosts the performance and efficiency of internal combustion engines. If the atmospheric pressure within a vehicle is unable to maintain the required output, the device is normally employed to guide additional fuel into the combustion chamber. Turbochargers are viewed by automakers as a feasible product for maintaining the cleanliness of fossil fuel engines.
Based on fuel type, the market can be broadly divided into:
Based on vehicle type, the market includes:
• Passenger Cars
• Light Commercial Vehicles
• Heavy Commercial Vehicles
The various technologies of automotive turbocharger in the market are:
- Variable Geometry Turbocharger (VGT)
- Wastegate Turbocharger
- Electric Turbocharger
- Twin Turbocharger
- Two Stage Series Turbocharger
- Two Stage Parallel Turbocharger
- Twin Scroll Turbocharger
- Free-Floating Turbocharger
- Double Axle Turbocharger
The major components of automotive turbocharger in the market are:
On the Basis of region, the market can be divided into:
• North America
• Asia Pacific
• Latin America
• The Middle East and Africa
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Automotive Turbocharger Market Trends
The market for automotive turbochargers is being driven by the implementation of numerous strict rules to reduce emissions and the reliance on non-renewable energy sources in the automobile industry. As more stringent auto pollution regulations are adopted, original equipment manufacturers (OEMs) are increasingly using engine downsizing strategies to maximize vehicle fuel efficiency.
In order to decrease vehicle emissions and increase fuel efficiency, this trend is expected to increase demand for turbochargers, which is expected to fuel market expansion. Additionally, the trend toward lighter engines in commercial vehicles is growing, which is increasing the shift towards gasoline engines and in turn is expected to have a beneficial impact on the market’s growth during the projection period.
The market for automotive turbochargers is expanding rapidly due to the increased demand for fuel-efficient automobiles brought on by the rising prices of gasoline and diesel in the global market. The demand for automobiles with turbocharger-based engines is rising quickly as a result of the significant success of both types of fuel engines.
The market expansion is being fueled by the rising demand for passenger automobiles, which is also increasing the use of automotive turbochargers. During the projected period, the market for automotive turbochargers is anticipated to grow significantly due to the incorporation of fuel cell technology into passenger vehicles.
Key Market Players
The major players in the global automotive turbocharger market report are:
- Continental AG
- Honeywell International Inc.
- Mitsubishi Heavy Industries, Ltd.
- BorgWarner Inc.
- Cummins Inc.
- BMTS Technology GmbH & Co. KG
The report covers the competitive landscape, capacities, latest developments, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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