The global automotive turbochargers market is projected to have a high-paced CAGR of 9.5% during the forecast period. The current valuation of the automotive turbochargers market is US$ 14.3 Billion in 2023. The value of the automotive turbochargers market is anticipated to reach a high of US$ 35.4 Billion by the year 2033.
Some key features driving the demand for automotive turbochargers are last-mile delivery and ever-changing mobility services. The present conventional turbocharger market is predicted to develop slowly due to the maturation of the sector and the quick shift to hybrid cars in the face of tight restrictions. Nonetheless, the leading players are developing improved turbos for fuel cells and electric cars, resulting in a massive potential addressable market throughout the projection period.
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Moreover, regulatory authorities, such as the United States Environmental Protection Agency (EPA), have imposed rigorous emission standards for on-road vehicles, including passenger cars and commercial trucks and buses. The EPA rules compel automakers to build cleaner engines with higher fuel economy, boosting industry statistics. Rapid advancements in turbo petrol engines have brought numerous businesses together in a strategic partnership to increase market potential. Toyota, for instance, announced an expansion in 2.0-litre turbo-petrol engine and AWD with Glanza-based GR Starley. This is the first expansion for the company’s 2.0-liter 3S-GTE turbocharged petrol engine.
Furthermore, gasoline-powered engines are transitioning from normally aspirated to turbocharged engines at a greater rate than ever before. It is projected that 50% of automobiles sold during the projection period may have turbochargers, and similar trends are likely to continue. Automobile performance tuning and engine remapping, as well as additive manufacturing, are gaining traction in Europe, forcing manufacturers to incorporate these trends into the creation of improved commercialized fuel cell vehicle turbochargers.
The strong demand for entry-level hatchbacks in emerging nations signals a high desire for fuel-efficient vehicles. Thus the market for turbochargers is likely to rise due to their capacity to improve vehicle fuel efficiency. Engine manufacturers are downsizing engines by lowering piston displacement and the number of cylinders and using turbochargers to produce greater power and torque via the engine.
The growth of the automotive turbocharger market size favors the manufacturing of automobiles and vehicles powered by TGDI (turbocharged gasoline direct injection) engines. A new line of innovative electric turbochargers with distinctive valve designs has been created as a result of a series of advances in the automotive turbochargers industry.
However, the rising emissions created by car fuels are contributing to air pollution and the global warming catastrophe. The major automobile manufacturers are shifting their focus to more sustainable energy sources. Manufacturers are investing considerably in research to build automobiles with modern technologies and are transitioning to an electric powertrain. Hence, the rising popularity of zero-emission automobiles may have a negative impact on the market.
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Key Takeaways:
- During the forecast period, China is expected to account for a significant share of the global automotive turbochargers market. This is attributed to the demand for electric vehicles (EVs) in China growing rapidly, compelling manufacturers to develop technological advances in e-turbochargers and incorporate advantageous technology into existing models.
- The automotive turbochargers market in North America is predicted to hold the largest share, particularly in the U.S., during the projected period. This is owing to the compelling requirement to meet the EPA’s and NHTSA’s rigorous emission criteria that drive innovation in the automotive turbocharger industry in order to achieve higher fuel economy and a lower carbon footprint.
- Owing to the benefits offered by VCT, such as greater performance and fuel economy, the “variable-geometry technology” product type is expected to hold the greatest revenue through the forecast period.
- As passenger car sales are expanding in the automotive industry, accounting for 3/5th of overall sales, the “passenger car” vehicle type accounts for a significant share and is the most lucrative area for key players.
Competitive Landscape:
To boost the brand and revenue, industry participants participate in several scheduled product releases and worldwide growth. They are also increasing their footprint across multiple geographies and entering new markets, particularly in emerging nations, in order to broaden and enhance their consumer base. Market players are also introducing new inventive items into the market in response to the need to reduce carbon emissions. These factors are anticipated to expand the global automotive turbochargers market size. The following companies are key leaders in the global market for automotive turbochargers:
- Honeywell International Inc. (Garret Advancing Motion)
- BorgWarner Inc.
- IHI Corporation
- Cummins Inc.
- Bosch Mahle Turbo Systems GmbH & Co
- Eaton Corporation plc
- Weifang FuYuan Turbochargers Co. Ltd.
- Mitsubishi Heavy Industries
- Continental AG
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Recent Developments:
- In November 2020, Continental expanded its aftermarket turbocharger range. The firm sells turbochargers for a variety of luxury manufacturers, including MINI, BMW, and Volkswagen Group.
- In April 2021, BorgWarner Inc. announced the addition of three new BorgWarner turbochargers for passenger automobile applications to its product line. The new turbochargers are designed for Opel, BMW, and Peugeot.
Key Segments Profiled in the Automotive Turbochargers Market Survey
By Vehicle Type:
- Passenger Car
- LCV
- HCV
- Agricultural Machinery
- Construction Machinery
By Product Type:
- Wastegate
- Variable-geometry Technology
- Twin Turbo
By Fuel Type:
- Gasoline
- Diesel
By Actuators:
- Hydraulic
- Pneumatic
- Electric
By Sales Channel:
- OEM
- Aftermarket
By Region:
- North America
- Latin America
- Asia Pacific
- MEA
- Europe
Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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