Acumen Research and Consulting recently published report titled “Automotive Turbocharger Market - Global Industry Analysis, Market Size, Opportunities and Forecast, 2022-2030”.
NEW YORK, May 11, 2022 (GLOBE NEWSWIRE) -- The global automotive turbocharger market size is estimated to grow a CAGR above 10.7% over the forecast timeframe and reach a market value of around USD 37,229 million by 2030.
By increasing the combustion efficiency of a diesel engine, a turbocharger enhances the level of energy and decreases pollution by converting a bigger proportion of diesel fuel into CO2 or water rather than hazardous exhaust. The idea of obtaining a fuel economy of 100 percent is just theoretical. In the exhaust of every engine ever developed, there is unburned and inadequately burned fuel. Turbochargers have the ability to deliver significantly greater power and acceleration than a fuel system or electrical fuel injectors alone since no engine can burn the fuel completely. However, rising concerns about air pollution and greenhouse gas emissions in various nations have encouraged manufacturers to prioritize technological improvements to reduce emissions from automobile turbochargers. Greenhouse gas emission rules for light-duty and passenger vehicles have been mandated by organizations such as the United States Protection of the Environment Association and the National Highway Traffic Safety Administration.
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Higher engine efficiency and fuel economy are expected to drive automotive turbocharger growth during the forecast period. Gasoline conservation is the most important issue among customers nowadays since gasoline prices are constantly raising owing to a scarcity of fuel. Turbochargers are centrifugal turbines that use an exhaust gas rotor to increase engine charge air pressure. A turbocharger is a device that connects a compressor wheel and an engine exhaust turbine wheel via a solid shaft to boost the air intake pressure of an IC engine. However, the performance of turbochargers affects crucial engine factors such as fuel efficiency, torque, and emissions.
Global Automotive Turbocharger Market Growth Aspects
One of the major aspects driving the automotive turbocharger market growth is the rising trend of engine downsizing to decrease vehicle weight. The continued rise of turbochargers is primarily driven by an increased requirement for automotive manufacturers to meet environmental pollution regulations. It is also aided by the increased production of automobiles, trucks, and aircraft around the world. Furthermore, because of the increasing difficulties of automotive weight, the engine reduction trend is on the rise. Fuel economy rules, combined with improved performance, are currently driving market expansion, as lightweight alloys are employed in the construction of turbochargers to reduce the amount of energy. Furthermore, turbochargers are quite tiny, which aims to minimize engine and total vehicle size. During the projected period, the introduction of electric turbochargers by crucial players such as BorgWarner, Garrett Motion, and Continental AG presents a profitable opportunity for the expansion of the automotive turbocharger market.
Exploration of electric turbochargers propels the market
Due to the elimination of turbo lag, electric turbochargers provide higher power and low maintenance costs. Electric turbochargers are composed of high-powered turbines and a motor-driven combustor that activates when the driver depresses the accelerator pedal. Electric turbochargers have various advantages and present fewer technological challenges. Several well-known companies, including BorgWarner, Garrett Motion, and Continental AG, have developed and introduced 48-volt e-turbos to the market. These e-turbos consume less energy while producing more power. As a result, the demand for turbochargers is expected to be high in the coming years.
Regional Overview
North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa are the regional classification of the global automotive turbocharger market. North America is estimated to increase at an exponential rate over the projection period due to the region's enthusiastic adoption of automobile turbochargers. The increased use of modern technologies in turbochargers is projected to drive the automotive turbocharger market in this region. Similarly, European countries like Germany, Italy, France, and Spain have historically been home to the world's leading auto manufacturers. As a result, the region is expected to control the total market and is predicted to experience rapid expansion over the forecast timeframe. Furthermore, the tight regulation initiated by the government in the region promotes market growth the region.
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Market Segmentation
The global automotive turbocharger market has been segmented by Acumen Research and Consulting based on vehicle, technology, fuel, and distribution channel. Based on the vehicle, the market is divided into passenger vehicles, LCV, and HCV. Based on the technology, the market split into VGT/ VNT, wastegate, and twin-turbo. Based on fuel, the market is classified into gasoline, and diesel. Based on distribution channel, the market is categorized into OEM, and aftermarket.
Major Players
Some key players covered global in the automotive turbocharger industry are BorgWarner, Honeywell International Inc., BMTS Technology, Cummins, Inc., Banks Power, Mitsubishi Heavy Industries, Linamar Corporation, Rotomaste, Magnum Performance Turbos, and IHI Corporation.
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