NEWARK, Del, Nov. 15, 2023 (GLOBE NEWSWIRE) -- In 2023, the global automotive turbocharger market is expected to be worth US$ 16.6 billion. The market is expected to reach US$ 41.5 billion by 2033. It is anticipated to expand at an 9.6% CAGR throughout the forecast period.
By compressing the intake air, turbochargers can potentially increase engine efficiency by improving combustion and power production. This can be particularly crucial if governments all over the world continue to enforce tough emission standards. They should encourage automakers to create more fuel-efficient cars.
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In automotive turbochargers, a turbine is powered by exhaust gas. More fuel might burn thanks to the air compressor's rotating action and additional oxygen or air it forces into the cylinder. Auto turbochargers increase the air pressure that enters the engine to increase fuel economy.
Variable geometry (VG) turbochargers maintain great supercharging efficiency at low to high engine rotation speeds in comparison to waste gate turbochargers. This is caused by the integration of variable mechanism stator vanes at the turbine rotor blade's input nozzle.
Combining mirror cycle direct injection gasoline engines with variable geometry turbochargers could increase a vehicle's fuel efficiency. A foundation is laid for the introduction of variable geometry turbochargers. This is caused by better knocking limit from direct injection and cooled exhaust gas recirculation.
E-turbochargers, also known as electric turbochargers, are anticipated to be quite popular throughout the review era. During the forecast period, these are anticipated to have a favorable effect on the worldwide automotive turbocharger industry.
E-turbochargers, in contrast to typical automotive turbochargers, contain an electric motor that aids in spooling up the turbocharger and removing turbo lag. As a result, it has the ability to produce electricity for the vehicle network. This might enable the alternator to turn on with less effort from the engine of the car, conserving gasoline.
The primary driver of rising engine performance demand is the need for more power density and precise torque for downsizing and down-speeding. This could improve fuel efficiency while keeping the dynamic performance of the automobiles.
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Key Takeaways from the Automotive Turbocharger Market Study:
- In the historical period 2018 to 2022, the global automotive turbocharger industry expanded at a CAGR of 8.7%.
- The United States automotive turbocharger industry is expected to reach a valuation of US$ 1.8 billion by 2033.
- Germany automotive turbocharger industry is expected to top a value of US$ 1.4 billion by 2033.
- By product type, the VGT segment is expected to dominate the automotive turbocharger industry with a CAGR of 9.8% from 2023 to 2033.
- China automotive turbocharger industry is anticipated to cross a valuation of US$ 3.1 billion in 2033.
“Work on research & development might center on fusing turbos with hybrid systems. They are anticipated to support efforts to address issues with reliability, effectiveness, and customer perceptions. The aftermarket sector might change course and start developing fresh approaches to improving the performance of hybrid vehicles.” - says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.)
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Key Companies Profiled:
- Continental AG
- Garett Motion Inc.
- Cummins Inc.
- Mitsubishi Heavy Industries Ltd.
- Toyota Industries Corporation
- Eaton Corporation Plc
- BorgWarner Inc.
- IHI Corporation
- BMTS Technology GmbH & Co. KG
- Weifang FuYuan Turbochargers Co., Ltd.
Competitive Landscape
Several businesses would concentrate on increasing the range of products they offer to cater to demands of multiple vehicle segments. Offering turbochargers for a wider range of engine sizes and configurations is one way to do this. Additionally, turbochargers are being developed for alternative fuel vehicles such as electric and hydrogen-powered cars.
A select range of participants are making investments to create strategic alliances and partnerships with other businesses in the automobile sectors. Manufacturers, suppliers, and IT firms are a handful of these.
They want to create fresh and inventive products by utilizing their resources and experience. To increase their footprint, manufacturing organizations are putting even more of an emphasis on new product launches and acquisition tactics.
For instance,
- Cummins Inc. was entirely bought Meritor, Inc. in 2022. The latter is a well-known manufacturer of drivetrain, mobility, brakes, aftermarket, and electrical powertrain solutions for commercial vehicles & industrial industries.
- Toyota Motor Corp.'s Silicon Valley research branch acquired Renovo, a producer of automotive operating system software, in 2021. The company intends to speed the development of fully autonomous, networked vehicles.
Scope of the Report:
| Attributes | Details | |
| Estimated Market Size (2023) | US$ 16.6 billion | |
| Projected Market Valuation (2033) | US$ 41.5 billion | |
| Value-based CAGR (2023 to 2033) | 9.6 % | |
| Historical Data | 2018 to 2022 | |
| Forecast Period | 2023 to 2033 | |
| Quantitative Units | Value (US$ billion) | |
| Key Countries Covered | United States, Canada, Brazil, Mexico, Germany, Italy, France, United Kingdom, Spain, Russia, GCC Countries, India, China, Japan and Australia | |
Automotive Turbocharger Market Outlook by Category
By Product Type:
- Waste Gate
- VGT
- Twin Turbo
By Vehicle Type:
- Passenger Cars
- LCV
- HCV
- Agricultural Machinery
- Construction Machinery
By Fuel Type:
- Gasoline
- Diesel
By Sales Channel:
- OEM
- Aftermarket
By Actuator:
- Hydraulic
- Electric
- Pneumatic
By Region:
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
- Europe
Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
Explore FMI’s Extensive Ongoing Coverage on the Automotive Domain:
- Turbofan Engines Market Share reaching a value of US$ 5.1 Billion by the end of 2032.
- Automotive Turbocharger Industry Analysis in Western Europe is estimated to display a promising CAGR of 8.9% through 2033.
- Automotive Turbocharger Industry Analysis in Japan is expected to develop at a 10.1% CAGR between 2023 and 2033.
- Automotive Turbocharger Industry Analysis in Korea is projected to reach up to US$ 1,499.4 million by 2033
- Hydrostatic Transmission Market Demand is projected to achieve a substantial size of US$ 3.41 billion in 2023.
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