Automotive Turbocharger Market Projected to Surge at 7.6% CAGR, Predicted to Hit USD 23.28 billion by 2031: Transparency Market Research Inc.
Increasing regulations on emissions and initiatives by various manufacturers to reduce emissions will drive the market for automotive turbochargers.
Wilmington, Delaware, United States, Nov. 20, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – Global automotive turbocharger sales were worth US$ 10.4 billion in 2020. The industry is expected to expand at a 7.6% CAGR between 2021 and 2031. Towards the end of 2031, the global automotive turbocharger market is predicted to reach US$ 23.28 billion.
As emissions standards worldwide become stricter, automakers increasingly adopt technologies that improve fuel economy and reduce emissions. By enhancing the performance of smaller engines, turbochargers contribute to these goals.
Turbochargers are becoming more popular as engines downsize without sacrificing performance. With turbocharging, an engine can be smaller, more fuel efficient, and produce more power without sacrificing power. In hybrids and electric cars, turbochargers are being used to boost the power of downsized engines because hybrids and electric cars are gaining traction in the automotive industry.
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Key Findings of Market Report
- Automotive turbocharger systems are expected to grow in demand as hybrid engines become more prevalent.
- Sales of passenger vehicles are expected to drive the demand for automotive turbochargers.
- E-Turbochargers drive automotive turbocharger demand based on operation segment.
- The twin turbo segment held more than 25% of the market share in 2020.
- Based on engine type, the gasoline engine segment is expected to hold a significant share of the global automotive turbocharger market.
Global Automotive Turbocharger Market: Growth Drivers
Turbochargers have become crucial in boosting the fuel efficiency of internal combustion engines, particularly in response to stringent emission regulations that compel automakers to enhance engine performance. By leveraging turbocharging, manufacturers can downsize engines while maintaining output, thus improving fuel efficiency and aiding in meeting emission standards.
- The adoption of turbocharging technology allows engines to generate the same power as larger ones but in a more compact size, thereby contributing to better fuel economy and emission control. The utilization of turbochargers also significantly enhances both the power and torque of vehicles, particularly in sports cars and high-performance vehicles, leading to improved acceleration.
- In recent years, turbocharged engines have gained traction across various vehicle segments, especially in high-performance, premium, and modern vehicles. Advancements in turbocharger technology, such as twin scroll and variable geometry turbochargers, have played a pivotal role in this widespread acceptance among automobile manufacturers.
- Furthermore, the integration of hybrid systems and electric turbochargers has been instrumental in enhancing efficiency and performance. Electrically assisted turbochargers help mitigate turbo lag, contributing to improved driving dynamics.
- Turbocharged engines are predominantly found in performance-oriented and fuel-efficient vehicles. With growing environmental concerns about fuel consumption, consumers are increasingly aware of the benefits of fuel-efficient vehicles, which offer greater power while consuming less fuel.
- Importantly, the incorporation of turbocharging technology in vehicles has become more affordable due to advancements, making it a pivotal factor in its widespread acceptance among manufacturers and consumers alike.
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Global Automotive Turbocharger Market: Key Players
Automobile turbocharger manufacturers are expanding their presence through mergers, acquisitions, and new manufacturing facilities.
- American Industrial Ltd.
- BorgWarner Inc.
- Bosch Mahle Turbo Systems Technology GmbH & Co. KG
- Continental AG
- Garrett Motion Inc.
- Eaton Corporation PLC
- Honeywell International Inc.
- IHI Corporation
- Mitsubishi Heavy Industries Ltd.
- Precision Turbo & Engine Inc.
- Rotomaster International
- THE TURBO ENGINEERS GmbH
- Turbo Energy Private Limited.
- Turbonetics Inc.
- Other Key Players
- In May 2023, Carrar partnered with Gentherm, a manufacturer of thermal management systems for automotive applications, along with a leader in temperature management for medical patients, to deliver two-phase immersion thermal management systems for electric vehicle (EV) battery modules that control liquid-level, vapor, and pressure simultaneously.
- In June 2023, ZF, a technology company, showcased its electric vehicle thermal management system at its annual Global Technology Day event. EVs could get a one-third increase in range by using the system in the winter. The electric drivetrain is optimized with an 800-volt silicon carbide reduction gearbox and power electronics.
Global Automotive Turbocharger Market: Segmentation
- Twin Turbo
- Variable Geometry Turbo
- Cast Iron
By Engine Type
- Others (Hybrid)
- Conventional Turbocharger
By Vehicle Type
- Utility Vehicles
Light Commercial Vehicles
- Buses & Coaches
- Off-road Vehicles
- Agriculture Tractors & Equipment
- Construction & Mining Equipment
- Industrial Vehicles (Forklift, etc.)
By Sales Channel
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.
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