New York, United States , May 28, 2024 (GLOBE NEWSWIRE) -- The Global Automotive Turbocharger Market Size is to Grow from USD 14.85 Billion in 2023 to USD 30.4 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 7.43% during the projected period.
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Automotive turbochargers are turbine-powered induction devices that improve the efficiency and output of internal combustion engines. These devices are used to direct more fuel into the combustion chamber when the vehicle's atmospheric pressure is insufficient to achieve the desired results. Car manufacturers see turbochargers as a viable commodity that can help keep fossil fuel engines clean. Engine downsizing has become the most profitable aspect of the auto industry. Small engines are becoming more popular in automobiles because they allow for more efficient fuel emission control. Furthermore, the use of automotive turbochargers, which improve vehicle fuel efficiency, is a significant driver of market growth. It will improve the internal combustion and power output of engines by allowing more air to enter the combustion engine of powertrains. These turbochargers increase engine power without increasing piston displacement, making them efficient and environmentally friendly. However, manufacturers are investing heavily in research to develop advanced technology vehicles and transitioning to electric vehicles. Consumers' increasing preference for zero-emission vehicles may have a negative impact on the market.
Browse key industry insights spread across 200 pages with 110 Market data tables and figures & charts from the report on the "Global Automotive Turbocharger Market Size, Share, and COVID-19 Impact Analysis, By Technology Type (Variable Geometry Turbocharger, Twin Turbochargers, Wastegate Turbocharger, and Electric Turbocharger), By Fuel Type (Gasoline, Diesel, and Others), By Vehicle Type (Passenger Car, Light Commercial Vehicle, and Heavy Commercial Vehicle), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033”.
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The twin turbochargers segment is anticipated to hold the greatest share of the global automotive turbocharger market during the projected timeframe.
Based on the technology type, the global automotive turbocharger market is divided into variable geometry turbochargers, twin turbochargers, wastegate turbochargers, and electric turbochargers. Among these, the twin turbochargers segment is anticipated to hold the greatest share of the global automotive turbocharger market during the projected timeframe. This is due to the implementation of strict emission-reduction targets and government standards. These turbochargers provide superior performance while recycling exhaust gases. The engine bay can accommodate a parallel twin-turbo system more efficiently and with less exhaust pipe needed.
The diesel segment is anticipated to grow at the fastest pace in the global automotive turbocharger market during the projected timeframe.
Based on the fuel type, the global automotive turbocharger market is divided into gasoline, diesel, and others. Among these, the diesel segment is anticipated to grow at the fastest pace in the global automotive turbocharger market during the projected timeframe. The diesel turbocharger enhances transit performance, reduces torque speed, and encourages the use of automobile turbochargers, all of which can reduce diesel engine size. Diesel engines release less carbon dioxide than other fuels, which enhances turbo efficiency, fuel efficiency, and overall durability.
The passenger car segment is predicted to grow at the highest pace in the automotive turbocharger market during the estimated period.
Based on the vehicle type, the global automotive turbocharger market is divided into passenger cars, light commercial vehicles, and heavy commercial vehicles. Among these, the passenger car segment is predicted to grow at the highest pace in the automotive turbocharger market during the estimated period. The widespread use of turbocharging technology in passenger vehicles, motivated by a desire for better fuel economy and performance, established this industry as a key market participant. The growing demand for turbochargers in passenger vehicles is driving segment expansion in the worldwide automotive turbocharger market.
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Asia Pacific is expected to hold the largest share of the global automotive turbocharger market over the forecast period.
Asia Pacific is expected to hold the largest share of the global automotive turbocharger market over the forecast period. The growing population is increasing demand for automobiles, hence expanding the market for automotive turbochargers. Because of the shift in manufacturing priorities brought about by low labor and material costs, the region now has a strong presence from major automakers, which has increased car production, sales, and exports, as well as demand for turbochargers. Furthermore, some of the fastest expanding economies, such as India and China, have the greatest levels of automotive sales and production, which is driving the turbocharger industry in this region.
Europe is predicted to grow at the fastest pace in the global automotive turbocharger market during the projected timeframe. The European automotive market, known for its high diesel engine penetration and strong desire for performance vehicles, is naturally drawn to turbocharging technologies. Furthermore, the region boasts superior automotive technology, which is backed up by large R&D investments and a well-established automobile sector. For example, in March 2022, Mercedes-Benz announced the opening of sales for its new Mercedes-AMG C 43 4MATIC, which starts at EUR 71,460 for the Saloon and EUR 73,245 for the Estate. An electronic exhaust gas turbocharger boosts the performance of this entirely redesigned model's nimble 300 kW (408 horsepower) AMG engine. In certain driving conditions, the belt-driven starter generator (RSG) provides an additional 10 kW (14 hp) of power. Furthermore, the European market is experiencing a substantial move toward electrification, with hybrid and electric vehicles increasingly adopting turbocharging.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Key Vendors in Global Automotive Turbocharger Market Continental GT, Garrett Motion, Turbonetics, Aptiv PLC, Precision Turbo and Engine Inc., Cummins Inc., ABB, Ningbo Motor Industrial Co. Ltd., Mahle, Robert Bosch GmbH, Mitsubishi Heavy Industries. Ltd, Turbo Dynamics, Rotomaster International, Kompressorenbau Bannewitz GmbH, IHI Corporation, Marelli Corporation, Fuyuan Turbocharger Co, Ltd, Others, and Others Key Vendors
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Recent Developments
- In June 2023, the Wuhan plant's expansion was completed with the installation of Garrett Motion's first high-speed automated production line for advanced variable nozzle technology (VNT), which is utilized in turbo-passenger vehicles.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Global Automotive Turbocharger Market based on the below-mentioned segments:
Global Automotive Turbocharger Market, By Technology Type
- Variable Geometry Turbocharger
- Twin Turbochargers
- Wastegate Turbocharger
- Electric Turbocharger
Global Automotive Turbocharger Market, By Fuel Type
- Gasoline
- Diesel
- Others
Global Automotive Turbocharger Market, By Vehicle Type
- Passenger Car
- Light Commercial Vehicle
- Heavy Commercial Vehicle
Global Automotive Turbocharger Market, Regional
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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