Overview and Scope
The automotive turbocharger refers to a turbine-driven, forced induction device that increases an internal combustion engine’s power output, which is done by forcing extra compressed air into the combustion chamber. Automotive turbochargers are used to improve an engine’s efficiency by increasing the density of the intake gas, thereby allowing more power per engine cycle.
Sizing and Forecast
The automotive turbochargers market size has grown strongly in recent years. It will grow from $14.46 billion in 2023 to $15.69 billion in 2024 at a compound annual growth rate (CAGR) of 8.5%. The growth in the historic period can be attributed to fuel efficiency regulations, performance enhancement demands, downsizing of engines, emission control standards, increased use in military industry.
The automotive turbochargers market size is expected to see strong growth in the next few years. It will grow to $21.42 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%. The growth in the forecast period can be attributed to growing demand for electric turbochargers, increasing demand for fuel-efficient vehicles, rising demand for high-performance vehicles, growing demand for commercial vehicles, increasing demand for hybrid vehicles. Major trends in the forecast period include integration of lightweight materials, development of twin-scroll turbochargers, application of 48v electric turbocharging systems, adoption of e-boosting technology.
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Segmentation & Regional Insights
The automotive turbochargers market covered in this report is segmented –
1) By Vehicle Type: PCV, LCV, HCV
2) By Technology: VGT/VNT, Wastegate, Twin-Turbo
3) By Sales Channel: OEM, Aftermarket
4) By Fuel Type: Gasoline, Diesel
Western Europe was the largest region in the automotive turbocharger market in 2023. Asia-Pacific is expected to be the fastest growing region in the forecast period. The regions covered in the automotive turbochargers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The increasing demand for passenger cars is driving the growth of the automotive turbocharger market. Turbocharged engines generally have greater power density and high fuel efficiency, while allowing more horsepower and torque. The increase in purchasing power and low-interest rates in developing economies, along with consumer preference towards personal mobility, is expected to drive the demand for passenger cars, thus increasing demand for automotive turbochargers. For instance, in March 2022, according to a report published by the European Automobile Manufacturers’ Association (ACEA), the main lobbying and standards group for the automobile industry in the European Union, sales of passenger cars in the US increased by 5.5%, reaching 11.9 million units in 2021. Over 6.3 million passenger cars were produced in US auto facilities in 2021, an increase of 3.1%.
Key Industry Players
Major companies operating in the automotive turbochargers market report are Honeywell International Inc., Borg-Warner Automotive Inc., Mitsubishi Heavy Industries Ltd., IHI Corporation, Continental AG, Bosch Mahle GmbH, Cummins Inc., Delphi Technologies, Precision Turbo & Engine Inc., Turbonetics Inc., Turbo International Inc., ABB Asea Brown Boveri Ltd., Turbo Energy Private Limited, Rotomaster International Inc., Fuyuan Turbocharger Co. Ltd., Hunan Tyen Machinery Co. Ltd., Magnum Performance Turbos Inc., Mahle GmbH, Eaton Corporation, Napier Turbochargers Ltd., OptiCat LLC, Keyuan Industry Trading Co. Ltd., Kelin Motor Vehicle Air Conditioning Co. Ltd., Cimos D. D. Avtomobilska Industrija, Robust Power Inc., Turbotech Pvt. Ltd., Aeristech Ltd., Melet Turbo, Aerocharger Ballistics, Turbosmart Pty Ltd.
The automotive turbochargers market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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