Automotive Turbocharger Market Projected to Hit USD 10,759 MN at a 10.10% CAGR by 2030 – Report by Market Research Future (MRFR)
Automotive Turbocharger Market Growth to Witness Increasing Demand and Technology
New York, US, Nov. 24, 2022 (GLOBE NEWSWIRE) — According to a comprehensive research report by Market Research Future (MRFR), “Automotive Turbocharger Market Research Report: Information By Type, By Application – Forecast till 2030”, expects the global automotive turbocharger market to touch a valuation of USD 10,759 MN by 2030, with a 10.10% CAGR during the forecast period (2022-2030).
Automotive Turbocharger Market Overview
The automotive turbocharger market has been growing significantly. Almost all new car models are equipped with turbochargers, partly due to increasing government requirements for fuel efficiency. Turbochargers allow smaller engines to perform as well as larger naturally aspirated engines without sacrificing fuel economy under conservative driving conditions.
Resultantly, turbochargers are witnessing extensive demand across the globe. Citing the global focus rapidly shifting to the automobile industry, particularly on electric and hybrid cars. The fast growth in turbo penetration is largely driven by the emergence of more high-thermal efficiency turbo innovation technologies developed to fulfill the demand for growing hybrid vehicles. Various turbocharger manufacturers are accentuating on developing fuel cell electric compressors and electrified powertrain technologies. Leading innovations for a cleaner and the more efficient world on the move will benefit the market in the next decades.
Active players in the automotive turbocharger market are,
- BorgWarner Inc. (US)
- Mitsubishi Heavy Industries Ltd (Japan)
- Bosch Mahle (Germany)
- Fengcheng Xindongli Turbocharger Co. Ltd. (China)
- Cummins Inc. (US)
- IHI Corporation (Japan)
- Honeywell International Inc. (US)
- Bullseye Power LLC (US)
- Precision Turbo and Engine (US)
- Continental AG (Germany)
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Automotive turbocharger manufacturers are continually working to promote the implementation and development of advanced technologies to grab the attention of foreign-invested enterprises. Also, they strive to improve production efficiency and implement lean operations to achieve breaking production enhancements.
The fully automated high-speed production line to manufacture variable nozzle turbine turbochargers will upgrade the plant’s capacity and contribute to the high-quality development of energy-saving technologies in the global automotive industry.
Modifications to the engine model with a higher compression ratio and combustion adapted to hydrogen demand advanced turbocharging system. For clean combustion of hydrogen, it needs turbochargers that can provide around twice as much air mass as gasoline engines.
On the other hand, the lower exhaust gas temperatures can result in a lack of energy for their propulsion on the exhaust side. However, this discrepancy cannot be resolved with conventional turbochargers. Therefore, automakers are conducting several researches to examine alternative, particularly powerful turbocharging concepts from the motorsport world.
Automotive Turbocharger Market Report Scope:
|Automotive Turbocharger Market Size by 2030||USD 10,759 million|
|CAGR during 2022-2030||10.10%|
|Segments Covered||Type and Vehicle type|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Key Market Opportunities||Use of Electric Turbochargers to Offer Robust Opportunities|
|Key Market Drivers||Demand for Fuel Efficient Engines to Bolster Market Growth|
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Automotive Turbocharger Market Competitive Analysis
Automotive turbocharger manufacturers maintain an average annual production growth rate in the double digits. They strive to build state-of-the-art production plants worldwide to continue providing high-quality products and services to local as well as international mainstream automakers.
Players initiate several strategic approaches to gain a larger market share, such as mergers & acquisitions, collaboration, expansion, and product launches. Also, they make substantial strategic investments to drive research & development activities and expansion plans. Industry players back up their technology with a global network of technical support.
- For instance, on Nov.02, 2022, Garrett Motion, a leading automotive turbocharger supplier, announced that it is exploring strategic options, including sales, to attract companies looking to enhance their EV operations. Garrett primarily makes electrified vehicle turbocharging systems.
- In another instance, on Nov.17, 2022, Mercedes-AMG announced its plan to continue testing the new C 63 S E performance to make it more powerful by using a plug-in setup. The 63 series sports an electric exhaust gas turbocharger with its electric motor integrated into the shaft positioned in the middle of the turbine wheel placed on the exhaust side and the compressor wheel placed on the intake side. The turbocharger’s electric motor improves response across the EV range. This turbocharger spins at up to 150,000 revolutions per minute.
Automotive Turbocharger Market Segments
The automotive turbocharger market is segmented into types, applications, and regions. The type segment is sub-segmented into new energy engines, diesel, gasoline, and others. The application segment is sub-segmented into passenger vehicles and commercial cars. The region segment is sub-segmented into North America, Europe, Asia-Pacific, and the-rest-of-the-world.
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Automotive Turbocharger Market Industry Trends
In addition to the growing need for fuel-efficient car engines and gasoline engines, rising uses of turbocharging systems in electric and hybrid vehicles are predicted to bolster market growth over the forecast period. Besides, the growing demand for customized turbocharging technology will substantiate the market size. The growing automation in automobile manufacturing companies will create vast market demand.
Also, the growing demand for power-generating cars and fuel-efficient engines, alongside the steep rise in global trade activities, would increase market revenues. The rapid industrialization and increasing demand for automobile turbochargers from developing and developed countries impact market growth positively.
The rising use of electric turbochargers in cars would offer robust opportunities to market players in the upcoming period. On the other hand, the high market price of automotive turbochargers poses significant challenges to market players, restricting their market shares. Also, overheating issues and turbo lag may limit the market growth.
Automotive Turbocharger Market Regional Analysis
APAC dominates the global automotive turbocharger market. The growing production of vehicles and rise in disposable income create significant market demand. Besides, the large population base demanding diesel vehicles and the introduction of emission norms substantiate the market size. Moreover, the high penetration of light vehicles and diesel passenger cars in India adds to the automotive turbocharger market growth in the region.
The growing demand for automobiles, especially cars with down-sized engines that can meet strict vehicle emission regulations, influences market revenues. With the rising production of cars and the growing purchasing power of consumers, emerging countries such as China and India account for leading shares in the regional market.
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North America is another key market for automotive turbochargers. The region is witnessing a spurring rise in the automotive industry. Besides, strict vehicle emission regulations proposed by governments and various environmental organizations impact market growth positively. The US, backed by a well-developed economy and rapid industrialization in the country, leads the regional market.
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