Global Automotive Turbocharger Market Forecast to 2030 - Covid-19 Impact Analysis (By Vehicle: Passenger Vehicles, LCV, and HCV; By Fuel: Gasoline, and Diesel; By Technology: VGT/VNT, Wastegate, and Twin Turbo; and By Distribution Channel: OEM and Aftermarket) - Global Market Size, Industry Trends, Competitive Landscape, and Opportunities
The global market for automotive turbocharger accounted for US$ 15,364 Mn in 2021 and is anticipated to reach US$ 37,229 Mn by 2030 with a CAGR of 10.7% from 2022 to 2030.
Turbochargers are frequently used in internal combustion engines, both diesel, and gasoline, to increase power without using additional fuel. The size of the turbocharger is determined by the amount of boost pressure to be increased. The industry offers a wide range of turbocharger capacities that are designed to meet the needs. The rotor is the most important structural component of an automotive turbocharger. The compressor wheel, turbine wheel, shaft, and bearing (journal/ball) are the primary components of this rotor. Virtual engineering is used in industry to design and develop turbocharger rotors for their dynamic properties (Computer-Aided Engineering). Turbochargers are centrifugal compressors that are powered by an exhaust gas turbine and used in engines to increase charge air pressure. All essential engine metrics, such as fuel efficiency, power, and emissions, are influenced by turbocharger performance. Before delving into the mechanics of turbochargers, it is critical to first grasp a few essential ideas.
The growing demand for fuel-efficient automobile engines and gasoline engines is expected to drive market expansion over the forecast period. The steady rise in the manufacture and production of light and heavyweight cars globally due to robust urbanization, stringent environmental regulations, the demand for enhanced engine power, need for power generating cars, global trade activities, the need for fuel-efficient engines, ongoing industrialization, and increasing demand for automobile turbochargers from developing and developed countries are all factors contributing to the automotive turbochargers market revenue. Increased adoption of turbochargers in passenger, commercial, and heavy-duty vehicles to improve fuel efficiency, as well as the emerging trend of light-weighting engines in commercial vehicles, is driving the adoption of a vehicular turbo, owing to the increasing imposition of stringent automotive emission norms around the world. This, in turn, is expected to drive demand for automotive turbochargers over the forecast period.
Growing worries about air quality and greenhouse gas emissions in various places have pushed manufacturers to place a high priority on technological developments to regulate emissions from car turbochargers. The use of automotive turbochargers in heavy-duty, light-duty, passenger automobiles and off-road gear will boost market growth during the next decade. Following that, automotive turbochargers are being installed in diesel and high-performance spark-ignition engines, resulting in higher sales over the projection period.
The increasing use of electric vehicles due to the implementation of rigorous emission requirements around the world is projected to limit the usage of ICE engines in automobiles, resulting in a negative influence on market growth over the forecast period. In the approaching years, the high market price of such components may pose a market challenge for important competitors. Furthermore, overheating and turbo lag may hinder market expansion.
Vehicle, fuel, technology, distribution channel, and region are the five categories of the global automotive turbocharger industry. Based on the vehicle, the segmentation includes passenger vehicles, HCV, and LCV. Based on our analysis, the passenger vehicles segment is expected to dominate the automotive turbocharger market during the predicted years. The fuel segment is divided into gasoline and diesel. Based on the fuel model, the diesel segment achieved a significant market share in 2021. Wastegate, VGT/VNT, and twin turbo are covered under the technology category. Among them, the VGT/VNT segment dominated the largest market share in 2021. Furthermore, the distribution channel segment is further categorized into OEM and aftermarket. The OEM segment is one of the significant segments in the distribution channel market.
Global Automotive Turbocharger Market Geographical Competition
North America, Europe, Latin America, Asia-Pacific, and the Middle East & Africa are the segmentation of the worldwide automotive turbocharger industry. The largest market is predicted to be in the Asia-Pacific. The improvement in socioeconomic conditions in growing economies such as China, India, Indonesia, and Thailand is credited with the expansion. The automotive turbocharger industry will benefit from rising vehicle production and planned stricter emission regulations in China and India. The North America segment is anticipated to witness a significant market share and growth rate during the projected years. The automotive turbochargers market is predicted to grow gradually over the forecast period, owing to increased demand for fuel-efficient vehicles in the United States. Furthermore, the United States Environmental Protection Agency (EPA) has enacted rigorous fuel emission regulations. Manufacturers must create cleaner, more fuel-efficient engines because the government has made it mandatory.
Global Automotive Turbocharger Industry Segment Analysis
Market By Vehicle
· Passenger Vehicles
Market By Fuel
Market By Technology
· Twin turbo
Market By Distribution Channel
Automotive Turbocharger Market Leading Companies
This section of the study honors the market's top vendors Banks Power, BorgWarner, BMTS Technology, Cummins, Inc., Honeywell International Inc., Linamar Corporation, IHI Corporation, Magnum Performance Turbos, Mitsubishi Heavy Industries, and Rotomaste.
Automotive Turbocharger Market Regions
· Rest of Europe
· Rest of Latin America
· South Korea
· Rest of Asia-Pacific
Middle East & Africa
· South Africa
· Rest of Middle East & Africa