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

Global 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).

Due to the enhanced engine performance and fuel efficiency that these chargers ensure, the global turbocharger industry is anticipated to grow dramatically over the next several years. As they convert the exhaust gas emitted from the fuel energy spent into power, turbochargers are regarded as a fantastic option. Turbochargers have become more and more common among car manufacturers in recent years. 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 engine's usage of turbos makes it possible to drive with low engine loads and to accelerate with light pedal pressure. Furthermore, 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 industry's prospects will be positively impacted by a rapid increase in vehicle production and sales. The 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 products around the world, but especially in developed countries.