Automotive Turbocharger Market Size to Reach USD 32.4 Billion by 2032 growing at 7.9% CAGR - Exclusive Report by Acumen Research and Consulting
The Automotive Turbocharger Market, valued at USD 16.4 Billion in 2023, is anticipated to surpass USD 32.4 Billion by 2032, reflecting a projected CAGR of 7.9%
Growing engine downsizing requirements, rising penetration of electric vehicles, escalating usage of zero emission vehicles and favorable government regulations have boosted the growth of the global automotive turbocharger market. The North America market is likely to expand at noteworthy CAGR due to growth in the automotive industry, increase in the implementation of new technologies, growing deployment of electric vehicles, and strategic initiatives adopted by the government.
On the basis of vehicle, the automotive turbocharger market is bifurcated into PCV, LCV, and HCV. Passenger vehicles segment is forecasted to dominate the global automotive turbocharger market during the forecast period owing to the increasing inclination towards fuel efficient vehicles and high performance output with growing spending power in emerging economics. Growth in the commercial vehicles and increased adoption of technologically advanced products in automotive industry are some of the fundamental factors responsible for the growth of the market. Additionally, Heavy commercial vehicles segment is also anticipated to contribute significant market share by 2026 due to the increasing need for utilization of turbo systems. These vehicles require exceedingly tough engines that can perform in any climate conditions. Market players are primarily focusing on developing new innovative technologies that will supplement growth of the automotive turbocharger market.
Automotive Turbocharger Market Statistics
- The global automotive turbocharger market is expected to reach USD 16.4 billion by 2023
- The market is expected to grow at a 7.9% CAGR between 2024 and 2032
- Asia-Pacific accounts for 41% of the market share
- Asia-Pacific is the fastest-growing region, with a growth rate of 8.6%, providing opportunities for industry participants
- The passenger vehicle industry makes a substantial contribution to the market
- VGT/VNT technology play an important role in revenue generation
- The market is expanding due to expansion into emerging markets with increasing vehicle ownership
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Automotive Turbocharger Market Dynamics
Increasing Stringent Emission Norms Fuels the Automotive Turbocharger Market
One of the key drivers of the automotive turbocharger industry is the growing need to comply with rigorous emission standards around the world. Governments and environmental organizations are enforcing stronger regulations to reduce greenhouse gas emissions and enhance air quality. Turbochargers have emerged as a key technology in this setting.
Turbochargers improve engine efficiency, allowing for improved fuel combustion and lower emissions of harmful pollutants including nitrogen oxides (NOx) and particulate matter. Furthermore, they enable engine downsizing without sacrificing power output. The trend toward smaller, more efficient engines, which is required by emission laws, is directly driving demand for turbochargers. To comply with the tightening regulatory landscape, automakers are rapidly integrating turbochargers into numerous vehicle classes, ranging from passenger cars to commercial vehicles.
Electric Vehicles (EVs) and Hybrids Offers Significant Automotive Turbocharger Market Opportunities
The developing electric vehicle (EV) and hybrid markets offer significant opportunities for the automotive turbocharger sector. While electric cars (EVs) are gaining traction, internal combustion engines (ICEs) will continue to dominate the market for several years. Hybrid vehicles, which blend electric and internal combustion engine powertrains, are predicted to develop significantly during this transition era.
Turbochargers can help improve the performance and efficiency of hybrid powertrains. Turbochargers can help improve overall fuel economy and lower pollutants by increasing the efficiency of the internal combustion engine. Furthermore, modern turbocharger technologies including electric turbochargers and variable geometry turbochargers (VGTs) can improve hybrid systems' performance and responsiveness. As demand for hybrid vehicles grows, so will demand for turbochargers, offering a profitable market opportunity for industry participants.
Automotive Turbocharger Market Segmentation
The global automotive turbocharger market is splits into 5 segments: vehicle, technology, fuel, distribution channel, and regional markets
- Vehicle: passenger vehicle, LCV, and HCV
- Technology: VGT/VNT, wastegate, and twin turbo
- Fuel: gasoline, and diesel
- Distribution Channel: OEM, and aftermarket
- Regional industry: North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa
Automotive Turbocharger Market Regional Outlook
Geographically, the global automotive turbocharger market has been divided into North America, Europe, Asia Pacific, Latin America and Middle East and Africa. North America is expected to the fastest growing region in the global automotive turbocharger market. Asia Pacific is also expected to witness a considerable growth during the forecast period owing to the increasing usage of electric vehicles and growing emission regulations. Developing regions are also anticipated to witness substantial growth during the forecast period.
Europe is anticipated to grow at notable growth rate during the forecast period owing to the growing usage of traveler vehicles together with the improvement of engine performance. Rapid growth in the automotive industry is the primary factor influencing the growth of the regional automotive turbocharger market. Emission Regulations in the region is also expected to increase the growth of the regional market.
Rising initiatives taken by governments and escalating demand for fuel-efficient vehicles are supplementing the overall market growth. Owing to the stringent fuel economy and emission standards implemented by regulatory bodies such as the U.S. Environmental Protection Agency (EPA) and growing technological advancements in the region are some of the factors responsible for the growth of the regional market. Owing to the growing usage of traveller vehicles together with the improvement of engine performance and emission regulations in the region.
Automotive Turbocharger Market Players
Automotive turbocharger companies profiled in the report include Ford Motor Company, Honda, Dodge, BMTS Technology GmbH & Co. KG, Audi, Banks Power, General Motors, Chrysler, Garrett Motion Inc., BorgWarner, Continental AG, and Cummins Inc.
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