As indicated by Acumen Research and consulting, the global Automotive Turbocharger market size is evaluated to reach around USD 25 billion by 2026 and CAGR to develop around 10% over the estimate time frame. Growing engine downsizing requirements, rising penetration of electric vehicles, escalating usage of zero emission vehicles and favourable government regulations have boosted the growth of the global automotive turbocharger market. The North America market is likely to expand at noteworthy CAGR due to growth in the automotive industry, increase in the implementation of new technologies, growing deployment of electric vehicles, and strategic initiatives adopted by the government.
Passenger Cars Segment is Expected to Contribute Largest Market Share in the Market
On the basis of vehicle, the automotive turbocharger market is bifurcated into PCV, LCV, and HCV. Passenger vehicles segment is forecasted to dominate the global automotive turbocharger market during the forecast period owing to the increasing inclination towards fuel efficient vehicles and high performance output with growing spending power in emerging economics. Growth in the commercial vehicles and increased adoption of technologically advanced products in automotive industry are some of the fundamental factors responsible for the growth of the market. Additionally, Heavy commercial vehicles segment is also anticipated to contribute significant market share by 2026 due to the increasing need for utilization of turbo systems. These vehicles require exceedingly tough engines that can perform in any climate conditions. Market players are primarily focusing on developing new innovative technologies that will supplement growth of the automotive turbocharger market.
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VGT/VNT Segment to Dominate the Market
On the basis of technology, the automotive turbocharger market is segmented into VGT/VNT, Wastegate, and Twin Turbo VGT/VNT segment is projected to dominate the overall market during the forecast period as it advances output performance of the engine from forcing more air through compressor and injecting fuel into combustion chamber. VGT is mainly designed for keep effectual aspect ratio of turbo. This ratio changes from high speed to low speed engines due to the different wide commercial vehicle requirements. VGT turbocharger technology is generally used in North America and Europe as these are the advanced markets in the automotive industry. Also, Wastegate turbo segment is anticipated to grow at significant CAGR over the forecast period owing to the technological advancements in exhaust bypass valves allowing bypassing turbines with the capability to control turbo spin speed, and advance aerodynamics will improve the power density.
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Europe to Continue to Grow at Maximum Growth Rate during the Forecast Period
Geographically, the global automotive turbocharger market has been divided into North America, Europe, Asia Pacific, Latin America and Middle East and Africa. Europe is anticipated to grow at highest growth rate during the forecast period owing to the growing usage of traveller vehicles together with the improvement of engine performance. Rapid growth in the automotive industry is the primary factor influencing the growth of the regional automotive turbocharger market. Emission Regulations in the region is also expected to increase the growth of the regional market. Rising initiatives taken by governments and escalating demand for fuel-efficient vehicles are supplementing the overall market growth. Owing to the stringent fuel economy and emission standards implemented by regulatory bodies such as the U.S. Environmental Protection Agency (EPA) and growing technological advancements in the region are some of the factors responsible for the growth of the regional market. Owing to the growing usage of traveller vehicles together with the improvement of engine performance and emission regulations in the region, North America is expected to be the topmost revenue generating region in the global automotive turbocharger market. Asia Pacific is also expected to witness a considerable growth during the forecast period owing to the increasing usage of electric vehicles and growing emission regulations. Developing regions are also anticipated to witness substantial growth during the forecast period.
BorgWarner, Honeywell International Inc., Banks Power and Linamar Corporation are Likely to Continue to Lead the Global Automotive Turbocharger Market
The global automotive turbocharger market is characterized by the presence of experienced and established players. Some of the key players include BorgWarner, Honeywell International Inc., BMTS Technology, Banks Power, Mitsubishi Heavy Industries, Linamar Corporation, Rotomaste and IHI Corporation.
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