Turbocharger Market Size, Share, Growth Analysis, By Fuel Type(Gasoline, Diesel, Other), By Vehicle Type(Passenger Vehicle, Light Commercial Vehicle, Heavy Commercial Vehicle), By Region - Industry Forecast 2024-2031

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, growing at a CAGR of 9.2% during the forecast period (2024-2031).

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. 'Honeywell International Inc. (United States)', 'BorgWarner Inc. (United States)', 'Mitsubishi Heavy Industries Ltd. (Japan)', 'Cummins Inc. (United States)', 'Continental AG (Germany)', 'IHI Corporation (Japan)', 'Eaton Corporation PLC (Ireland)', 'Bosch Mahle Turbo Systems GmbH & Co. KG (Germany)', 'Rotomaster International (Canada)', 'Turbo Energy Private Limited (India)', 'Precision Turbo & Engine (United States)', 'Magnum Performance Turbos (United States)', 'Garrett Motion Inc. (Switzerland)', 'Turbo International (United States)', 'Delphi Technologies (United Kingdom)', 'MHI Turbocharger (Thailand) Co., Ltd. (Thailand)', 'ABB (Switzerland)', 'Rajamane Industries Pvt. Ltd. (India)', 'Cheetah Turbochargers (China)', 'Weifu Tianli (China)', 'Hunan Tyen Machinery Co., Ltd. (China)'

One of the primary drivers for the adoption of turbochargers is the increasing focus on fuel efficiency and stricter emission regulations. Turbochargers enable downsized engines to deliver the same power output as larger engines while consuming less fuel. By compressing the incoming air, turbochargers improve engine efficiency and reduce fuel consumption.

In the 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.