Automotive Turbocharger Market worth $22.2 billion by 2028 – Exclusive Report by MarketsandMarkets™

CHICAGO, June 9, 2023 /PRNewswire/ — Automotive Turbocharger Market is estimated to grow from USD 15.0 billion in 2023 to USD 22.2 billion by 2028 at a CAGR of 8.1% over the forecast period. according to a new report by MarketsandMarkets™. The growth in the automotive turbocharger market is attributed to the growing fuel-efficiency targets & decreasing emission limits, and the trend toward high-performance vehicles. Due to the growing vehicle parc of turbocharged vehicles, the demand for turbochargers in the aftermarket is also growing. An increase in the stringency of emission limits in gasoline-powered vehicles; the demand for gasoline turbochargers would fuel the market in coming years.

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=919

Browse in-depth TOC on “Automotive Turbocharger Market”.
351 – Tables 
57 – Figures 
316 – Pages

Automotive Turbocharger Market Scope:

Report Coverage

Details

Market Size

USD 22.2 billion in 2028

Growth Rate

8.1% of CAGR

Largest Market

Asia Pacific

Market Dynamics

Drivers, Restraints, Opportunities & Challenges

Forecast Period

2023 – 2028

Forecast Units

Value (USD Billion)

Report Coverage

Revenue Forecast, Competitive Landscape, Growth Factors, and Trends

Segments Covered

By Vehicle Type, By Fuel Type, Diesel Turbochargers, By Turbo Type, Gasoline Turbochargers – By Turbo Type, Gasoline Turbochargers – By Vehicle Type, By Material, By Component, Off-highway Turbochargers – By Application, Aftermarket – By vehicle type, By Region

Geographies Covered

Asia Pacific, Europe, North America, and the Rest of the World

Report Highlights

Updated financial information/Company Evaluation Quadrant

Key Market Opportunities

Development of electric turbochargers

Key Market Drivers

Stringent emission norms and increase in sales of gasoline passenger cars

VGT Turbochargers are predicted to be the largest segment.

The VGT Turbochargers are estimated to dominate the market over the forecast period. Compared to wastegate turbochargers, the variable geometry design necessitates more intricate engineering and precise parts, which raises the cost. The VGT turbocharger offers enhanced performance with reduced turbo lag, outperforming traditional wastegate turbochargers. Its variable geometry design optimizes airflow, delivering improved response across a wider range of engine speeds. It loads well at higher levels for boosting pressure throughout the engine’s RPM range due to adjustable vanes. Considering all these factors, though VGTs are priced higher than wastegate turbochargers, they are gaining popularity across all vehicle segments. Asia Pacific, the largest vehicle production hub, is also estimated to be the largest market for VGTs with >50% of the vehicles in the region equipped with VGTs in 2023.

The passenger car segment is projected as the largest Turbocharger Market.

According to the Association of European Automobile Manufacturers (ACEA), global passenger car production increased by ~8% from 2021 to 68 million units in 2022. The top five countries contributing to top passenger car production in 2022 were China (26.2 million units), the US (10.3 million units), Japan (9.7 million units), Germany (5.3 million units), and India (4.3 million units).

Many OEMs have shifted from diesel to gasoline vehicles for many reasons, such as stringent emission limits on diesel emissions, higher taxes on diesel fuel and vehicles to reduce the demand and narrowing the fuel efficiency and performance gap between gasoline and diesel vehicles. Gasoline vehicles are now equipped with a gasoline direct injection (GDI) system, which has improved fuel efficiency up to 20% compared to all the traditional gasoline engines providing more power and torque. It has also helped reduce the emissions of pollutants such as nitrogen oxides (NOx) and particulate matter (PM). Due increase in the use of GDI engines has also propelled the use of turbochargers, and the combination of both GDI and turbochargers makes the automakers create more efficient and powerful engines, which has increased the popularity of gasoline engines by giving a good balance of performance, fuel efficiency, and emissions. Europe has the highest proportion of turbocharged passenger cars, according to the ACEA. >50% of all passenger vehicles sold in Europe in 2022 had turbochargers. This exceeds the ~37% global average by a wide margin. Hence, gasoline-turbocharged vehicles are projected to be the market with future potential.

Asia Pacific is estimated to be the dominant automotive turbocharger market.

Asia Pacific is the largest market for small passenger cars, and more than 80% of the passenger cars in this region run on gasoline. The automotive turbocharger industry growth in countries such as China, India, South Korea, and Japan can be attributed to the increasing demand for gasoline engines that use TGDI (turbocharged gasoline direct injection) technology, where China is the key market for automotive turbochargers in the Asia Pacific. According to MarketsandMarket analysis, the Asia Pacific region has gasoline-powered vehicles with a>35% installation rate of turbochargers, while diesel vehicles have an almost 100% installation rate. The Asia Pacific region has recently witnessed the rise of hybrid vehicles, which is also an opportunity for electric turbochargers.

By 2030, the ACEA predicts that there will be ~52 million EVs on the road by 2030 in the Asia Pacific region, up from 1.2 million in 2022. In terms of the percentage, EV sales would rise from ~3% in 2022 to ~50% by 2030. In this, China is anticipated to continue to be the largest EV market in the Asia Pacific region by 2030, contributing to ~40%, followed by Japan (~18%). Ultimately, the turbocharger’s demand in the future is projected to fall due to the trend of electric vehicles. Some of the leading turbocharger manufacturers in the region are IHI Corporation (Japan), Mitsubishi Heavy Industries (MHI, Japan), and Turbo Energy Ltd (India).

Inquiry Before Buying: https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=919

Automotive Turbocharger Market Dynamics:

Drivers:

  1. Strict laws related to NOx and CO2 emission levels.
  2. Increasing demand for passenger cars with gasoline engines.

Restraints:

  1. High maintenance costs and cooling oil requirements.
  2. Increasing adoption of electric vehicles.

Opportunities:

  1. Development of electric turbochargers.

Challenges:

  1. Turbo lag.
  2. Availability of very few materials to withstand high temperature of turbocharger components.

Key Market Players:

The automotive turbocharger companies are consolidated. Garrett Motion Inc. (Honeywell), BorgWarner, IHI Corporation, MHI, and Cummins Inc. are the key companies operating in the automotive turbocharger market. These companies adopted new product launches, partnerships, and joint ventures to gain traction in the automotive turbocharger market.

Recent Developments:

  • In May 2022, Garrett Motion Inc (Honeywell) launched TR25R, TR30R, AND TR35R, the new housings made of titanium and had a water-cooled function for efficient working and maximum protection.
  • In April 2022, Garrett Motion Inc. (Honeywell) launched Next-Generation E-Boosting Technologies in an auto expo held in Shanghai, which will be used for hybrid fuel cell vehicles to increase fuel economy and reduce exhaust emissions.
  • In May 2021, Cummins Inc. launched the HOLSET M turbocharger specially designed for heavy-duty and off-highway applications. It features a range of sizes and configurations to meet the needs of different applications.
  • In October 2020, BorgWarner Inc. showcased their S410, an upgraded version of the S410 turbocharger for the Mercedes-Benz Novo Actros extra heavy truck.
  • In March 2020, Cummins Inc. launched HOLSET HE200, a variable geometry turbocharger designed and developed for all small engines used in building passenger cars and light-duty trucks. It features a variable geometry turbine for improvising the responsiveness and efficiency of the engines.

Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=919 

Browse Adjacent Market: Automotive and Transportation Market Research Reports & Consulting

Related Reports:

Gasoline Direct Injection Market – Global Forecasts to 2027

Automotive Supercharger Market – Global Forecasts to 2025

Exhaust System Market – Global Forecasts to 2026

About MarketsandMarkets™:

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

Contact:

Mr. Aashish Mehra
MarketsandMarkets™ INC.

630 Dundee Road 

Suite 430 

Northbrook, IL 60062 

USA: +1-888-600-6441 

Email: sales@marketsandmarkets.com 

Research Insight: https://www.marketsandmarkets.com/ResearchInsight/turbochargers-market.asp       

Visit Our Website: https://www.marketsandmarkets.com/

Content Source: https://www.marketsandmarkets.com/PressReleases/turbochargers.asp  

Logo: https://mma.prnewswire.com/media/660509/MarketsandMarkets_Logo.jpg

SOURCE MarketsandMarkets

Go to Source