USD 17.99 billion
Report ID:
SQMIG25C2078 |
Region:
Global |
Published Date: April, 2024
Pages:
223
|Tables:
63
|Figures:
77
Global Automotive Turbocharger Market size was valued at USD 17.99 billion in 2022 and is poised to grow from USD 19.65 billion in 2023 to USD 39.72 billion by 2031, at a CAGR of 9.2% during the forecast period (2024-2031).
It enables them to scale back the size of the combustion engines, potentially reducing fuel usage by more than 30%. Furthermore, compared to non-turbocharged engines, the technology offers lower CO2 emissions, better fuel efficiency, and superior engine performance. The automotive engine's usage of turbos makes it possible to drive with low engine loads and to accelerate with light pedal pressure. It contributes significantly to lowering particulate matter emissions, resulting in cleaner exhaust, as one of the key components. Reduced fuel use and little environmental effect are the results of the aforementioned attributes. The present conventional turbocharger market's development is anticipated to be constrained by a mature market, a quick shift to hybrid vehicles, and severe restrictions. However, the major players are currently working to create better turbos for fuel cell and electric vehicles, which will result in a sizable potential market that may be served over the projection period. The automotive industry's prospects will be positively impacted by a rapid increase in vehicle production and sales. The automotive industry has developed over the last few decades into a more adaptable, trustworthy, effective, and robust industry. A lot of resources and money are being invested by automakers and producers of automotive products around the world, but especially in developed countries.
Global Market Size
USD 17.99 billion
Largest Segment
Gasoline
Fastest Growth
Gasoline
Growth Rate
9.2% CAGR
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Global Automotive Turbocharger Market is segmented on the basis of fuel type, vehicle type and region. By fuel type, the market is segmented into gasoline, diesel, others. By vehicle type, market is segmented into passenger vehicle, light commercial vehicle, heavy commercial vehicle. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Automotive Turbocharger Market Analysis by Vehicle Type
Due to the widespread use of passenger vehicles around the world, the passenger vehicle type turbochargers held a value share of over 60% of the market. Fuel cell vehicle turbochargers, which improve power generation efficiencies by supplying clean air to fuel cell batteries, have been commercialized by a number of leading companies. The expansion of fuel cell technology in the market for passenger vehicles is also anticipated to contribute to the aforementioned development, fueling the expansion of the turbocharger industry.
Commercial vehicles are typically powered by diesel, and the majority of them have turbochargers, making the diesel turbocharger market a mature one. As a result, commercial vehicle manufacturers are quickly switching to petrol engines in order to reduce emissions and uphold regulatory standards in the face of strict emission laws.
Automotive Turbocharger Market Analysis by Fuel Type
With over 50% of the market in 2022, the Gasoline sector is anticipated to continue to hold the top position. Over the projection period, it is anticipated to grow at a CAGR of 8.7%. The demand for the aforementioned market is anticipated to be fueled by the quick uptake of Turbocharged Gasoline Direct Injection (TGDI) engines in gasoline-powered automobiles.
The global market for turbochargers is increasingly growing due to diesel. By 2030, it is anticipated to reach USD 26,920 million with a CAGR of 6.8%. Most trains, buses, boats, farms, construction and military equipment, as well as goods and delivery trucks, use diesel as their fuel. Diesel-powered automobiles and compact vehicles are also available. The expansion of this market segment for turbochargers around the world is fueled by the rising demand for diesel fuel in these cars.
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In the global market for turbochargers, Europe has the biggest market share. The top car brands in the world have historically been based in European nations like Germany, France, Italy, and Spain. As a result, the region now controls the market as a whole and is anticipated to experience rapid growth over the forecast period. The need for turbochargers has increased as a result of the expansion of commercial vehicles in this area. By 2030, it is anticipated to grow at a CAGR of 6.4% to reach USD 20,975 million.
The turbocharger market in Asia-Pacific is anticipated to grow at the highest CAGR, 9.8%, and reach a value of USD 5,840 million by 2030. Numerous industries are booming in this area as a result of the strong industrialization and urbanization. among them is the automobile industry. The market for turbochargers in this area is boosted by the rising demand for automobiles as a result of the expanding population. Due to the shift in manufacturing priorities brought about by low labor and material costs, the region now has a significant presence from top automakers, which has boosted the region's production, sales, and export of cars as well as the demand for turbochargers.
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Automotive Turbocharger Market Drivers
Growing Emphasis on Fuel Efficiency to Bolster Market Growth
Automotive Turbocharger Market Restraints
Turbo Lag to Hinder Market Growth
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The development of crucial turbocharger components, such as a compressor with increased efficiency, a bearing with decreased mechanical loss through load optimization, and a turbine with enhanced performance in the low-speed ratio zone, is the focus of major industry players. Manufacturers of automobiles receive samples of these designed components. For the purpose of producing high-quality goods, the major companies are constantly developing the production automation process and new manufacturing processes. They are putting in equipment to test the endurance and efficiency of turbochargers under conditions of severe pressure and temperature.
Automotive Turbocharger Market Top Player’s Company Profiles
Automotive Turbocharger Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analyses, the global automotive turbocharger market has been experiencing growth driven by emission regulations, fuel efficiency demands, and technological advancements. However, the rise of electric vehicles poses a challenge to the traditional turbocharger market. The market's future will be shaped by regulatory trends, advancements in turbocharger technology, and the adoption of electrification in the automotive industry. The automotive turbocharger market has been experiencing significant growth over the years. the increasing stringency of emission regulations, the need for improved fuel efficiency, and the growing trend towards downsized engines with higher power outputs. The market size has been expanding, with a steady increase in adoption across passenger vehicles, commercial vehicles, and off-highway vehicles.
Report Metric | Details |
---|---|
Market size value in 2023 | USD 17.99 billion |
Market size value in 2031 | USD 39.72 billion |
Growth Rate | 9.2% |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Automotive Turbocharger Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Automotive Turbocharger Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Automotive Turbocharger Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Automotive Turbocharger Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
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Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
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Report ID: SQMIG25C2078