The global automotive turbocharger market accounted for US$ 15,364 Mn in 2021 and is expected to reach US$ 37,229 Mn by 2030 with a considerable CAGR of 10.7% during the forecast timeframe of 2022 to 2030.
A turbocharger is a device that improves the overall economy and performance of an automobile engine. This is one of the reasons why many automakers choose to turbocharge their automobiles. Radial flow turbine turbochargers are the most often utilized turbocharger in automobiles. The turbine, on the other hand, utilized compressed exhaust energy to power a compressor that increased intake air pressure. Although there is a prevalent misconception concerning turbocharged automobiles and fuel economy, turbochargers increase an engine's fuel efficiency. However, manufacturers employ turbocharging to improve fuel efficiency by downsizing engines and afterward turbocharging them. The global Automotive Turbocharger market is estimated to grow at a substantial CAGR of more than 10% during the forecast period. Furthermore, industry participants are focusing their efforts on the development of groundbreaking new technologies that will aid in the growth of the worldwide Automotive Turbocharger market revenue.
|Market||Automotive Turbocharger Market|
|Market Size 2021||US$ 15,364 Mn|
|Market Forecast 2028||US$ 37,229 Mn|
|CAGR||10.7% During 2022 - 2030|
|Analysis Period||2018 - 2030|
|Forecast Data||2022 - 2030|
|Segments Covered||By Vehicle, By Technology,By Fuel, By Distribution Channel And By Geography
|Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||Samsung Electronics Co., Ltd., Virtual Reality Marketing LLC, Groove Jones LLC, CXR, Creative Solutions, Magnopus, Sector 5 Digital, Barco NV, CyberGlove Systems Inc., Facebook Technologies, HTC Corporation, and Microsoft Corporation.|
||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
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Automotive Turbocharger Market Dynamics
The growing popularity of compact engines in passenger cars is pushing a gradual shift from straight gasoline engines, which is fueling the expansion of automotive turbochargers. Furthermore, as harsh automobile pollution laws across the world become more stringent, Original Equipment Manufacturers (OEMs) are utilizing drive system strategies to boost vehicle fuel economy. This development is helpful to promote the growth of automotive turbochargers, which aid in lowering vehicle emissions and enhancing fuel economy. Growing engine downsizing requirements, greater use of zero-emission vehicles, increased electrical turbocharger penetration, and favorable stringent regulations are some of the key drivers of global automotive turbocharger market growth. The adoption of vehicle emission norms is constantly rising in order to increase engine efficiency and productivity, hence promoting the growth of the global automotive turbocharger market size.
Furthermore, the growing usage of electric vehicles as a result of tougher pollution regulations around the world is likely to reduce the use of ICE engines in vehicles. Furthermore, the high market price of these items may limit their acceptance.
Market By Vehicle
Based on the vehicle, the passenger vehicle segment is predicted to rise with significant market shares in the coming years. This expansion can be attributable to consumers' increased preference for high-performance, fuel-efficient vehicles. Furthermore, the growth in disposable income finally enhanced global passenger automobile production and sales. In passenger vehicles, the two main benefits of a turbocharged engine are enhanced power density and fuel efficiency. Furthermore, the government's introduction of tough pollution rules has spurred automobile manufacturers to use automotive superchargers in passenger vehicles and heavy-duty trucks.
Market By Technology
In terms of technology, the VGT/VNT segment held a major market share in 2021. The variable geometry turbine (VGT) allows for precise control of the compression ratio throughout the turbine. This adaptability can be used to improve low-speed torque characteristics, minimize turbocharger delay, and drive EGR flow in diesel engines. The moving wall and pivoting vane turbocharger models are the most prevalent variable geometry turbocharger variants. Furthermore, these turbochargers create maximum torque as well as maximum engine power and are far less expensive than other turbochargers. As a result, the global automotive turbochargers market will be driven by this segment in the future years.
Market By Fuel
Based on the fuel, the gasoline segment is predicted to increase at the fastest rate in the market over the forecasted timeframe. The growing popularity of compact gasoline-powered passenger automobiles worldwide is driving the surge in the popularity of gasoline automobile turbochargers. These vehicles' engines have become more fuel-efficient and powerful. Build-in gasoline auto turbochargers that use engine exhaust turbocharging technology to improve engine performance by assisting inefficient combustion of engine fuel. On the other hand, the pandemic effect is expected to favor gasoline turbochargers over diesel engines because diesel engines are becoming more expensive, and the enforcement of new pollution laws raises the cost of diesel engines, particularly in light-duty vehicles.
Market By Distribution Channel
In terms of distribution channels, the OEM sector will lead the market in 2021. OEM auto parts are similar to parts used in car production because the OEM is the original manufacturer of a vehicle's components. However, OEM parts are typically guaranteed by the manufacturer to work with the vehicle; in some cases, the assembly may also be guaranteed. As a result, consumers demand the best, and the OMEs category will drive the market.
Automotive Turbocharger Market Regional Overview
Middle East & Africa (MEA)
The Asia-Pacific region is predicted to be the largest market for automotive turbochargers. The expansion can be attributed to improvements in socioeconomic aspects in developing markets such as China, Japan, India, and Thailand. Increased vehicle production and looming tighter pollution regulations in India and China will propel the automotive turbocharger industry in the region. Furthermore, due to the country's huge production rates in automotive, China dominated the overall demand for turbochargers across the region. China was also one of the first economies to recover from COVID-19 and recommence production. As a result, demand for turbochargers is expected to increase during the forecast period. Besides that, the region's turbocharger growth is influenced by stringent government regulations and pollution standards.
Some of the prominent players in global automotive turbocharger market are BorgWarner, Honeywell International Inc., BMTS Technology, Cummins, Inc., Banks Power, Mitsubishi Heavy Industries, Linamar Corporation, Rotomaste, Magnum Performance Turbos, and IHI Corporation.
The estimated value of global automotive turbocharger market in 2021 was accounted to be US$ 15,364 Mn.
The global automotive turbocharger market is expected to grow at a CAGR of around 10.7% from 2022 to 2030.
The global automotive turbocharger market value is poised to worth around US$ 37 billion by 2030.
Growing engine downsizing requirements, rising penetration of electric vehicles, escalating usage of zero emission vehicles and favourable government regulations are some of the fundamental factors that are driving the automotive turbocharger market growth globally.
VGT/VNT, wastegate, and twin turbo are the technologies of automotive turbocharger market.
The prominent players of the global automotive turbocharger market involve BorgWarner, Honeywell International Inc., BMTS Technology, Cummins, Inc., Banks Power, Mitsubishi Heavy Industries, Linamar Corporation, Rotomaste, Magnum Performance Turbos, and IHI Corporation.
OEM and Aftermarket are the distribution channels of automotive turbocharger market.