Spinning Ahead: Turbocharger Market Gains Traction in Performance-Driven Era

 

Global sale of automotive turbochargers is estimated to be worth USD 18,217.7 million in 2024 and further projected to reach a value of USD 45,561.7 million by 2034, reflecting a value CAGR of 9.6% over the forecast period between 2024 and 2034. The revenue generated by automotive turbochargers in 2023 was reported at USD 16,622.0 million and it is anticipated to exhibit a Y-o-Y growth of 9.4% in 2024.

This projected growth indicates a value growth of nearly 2.7X from the current value over the study period. Rising fuel efficiency standards and the push for reduced emissions are driving significant advancements in automotive turbocharging.

With automakers increasingly turning to turbochargers to boost engine performance while cutting emissions, innovative solutions like electric turbochargers are gaining traction.

A notable example is Garrett Motion’s introduction of a next-generation e-turbo system tailored for hybrid vehicles, reflecting the shift towards more sustainable technologies.

The global Automotive Turbocharger Market is experiencing significant growth, driven by the automotive industry’s emphasis on enhancing engine performance while adhering to stringent emission regulations. Turbochargers, which improve engine efficiency by forcing extra compressed air into the combustion chamber, have become integral components in modern vehicles.

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Key Takeaways:

The market is projected to witness substantial expansion over the coming years. This growth is primarily attributed to the increasing adoption of turbochargers in passenger and commercial vehicles to meet fuel efficiency standards and performance expectations.​

Key Drivers:

A significant driver of this market is the global push for reduced vehicle emissions and improved fuel economy. Turbochargers enable engine downsizing without compromising power output, aligning with regulatory requirements and consumer preferences for efficient vehicles. Additionally, the rising popularity of gasoline direct injection (GDI) engines has spurred the integration of turbochargers to enhance performance and responsiveness.​

Growth Opportunities:

Emerging markets, particularly in the Asia-Pacific region, present notable growth opportunities due to rapid urbanization and increasing vehicle production. The development of electric turbochargers and advancements in variable geometry technology offer potential for enhanced engine performance and reduced lag, catering to evolving automotive trends.​

Key Applications:

Automotive turbochargers are predominantly utilized in:​

·         Passenger Vehicles: Enhancing engine efficiency and power output in compact and luxury car segments.​

·         Commercial Vehicles: Improving fuel economy and performance in light and heavy-duty trucks and buses.​

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Key Players:

·         BorgWarner Inc.​

·         Garrett Motion Inc.​

·         Mitsubishi Heavy Industries Ltd.​

·         IHI Corporation​

·         Continental AG​

·         Cummins Inc.​

·         Honeywell International Inc.​

·         Precision Turbo and Engine​

·         Bosch Mahle Turbo Systems

·         Turbo Energy Private Limited​

Key Segmentation:

By Technology:

·         Variable Geometry Turbocharger (VGT)​

·         Wastegate Turbocharger

·         Electric Turbocharger​

By Fuel Type:

·         Gasoline​

·         Diesel

By Vehicle Type:

·         Passenger Cars​

·         Light Commercial Vehicles​

·         Heavy Commercial Vehicles​

By Sales Channel:

·         Original Equipment Manufacturers (OEMs)​

·         Aftermarket

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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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