Farmington, Jan. 18, 2023 (GLOBE NEWSWIRE) -- The Global Automotive Turbocharger Market accounted for US$ 15,364 Million in 2022 and is expected to reach US$ 37,229 Million by 2030 with a considerable CAGR of 10.7% during the forecast timeframe of 2022 to 2030. Because they improve the effectiveness of the vehicle's engine, turbochargers are often regarded as an indispensable component in the automobiles of today. In order to power a turbine, this system makes advantage of the exhaust gases produced by the combustion process. Using a shaft as a transmission mechanism, this turbine rotates the compressor wheel. The engine receives the air that has been compressed thanks to the compressor wheel, which first pulls in air from the environment and then compresses it. Because of this compressed air, fuel is burned more efficiently, resulting in greater power with less fuel consumption.
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Recent Developments:
- In November 2020, Continental AG has expanded its line of turbochargers for new car models made by MINI, BMW and Volkswagen Group. The company's products are aimed at handling additional high-volume models and creating original products for use in the workshop and aftermarket.
- In June 2021, BorgWarner announced a partnership with the Alpine F1 Team, in addition to their longstanding collaboration on propulsion technology. The collaboration aims to combine expertise and identify technologies to improve Alpine Cars' power plants.
Regional Outlook:
The US market for automotive turbochargers is expected to grow steadily because more and more people want cars that use less gas. The US already has a lot of auto sales because the population is growing and people have a lot of money. This helps the automotive turbocharger market grow at the same time.
The fact that gas prices are usually high in the United States is another thing that makes manufacturers focus on making aftermarket turbocharged options and upgrading existing models with new technology.
Also, the need to meet strict EPA and NHTSA emission standards is driving innovation in the automotive turbocharger market to make cars use less gas and have a smaller carbon footprint.
Because of these things, American carmakers are using better turbochargers in more and more passenger cars and light vehicles. Market growth will also be driven by the growing demand for e-turbochargers to be used in hybrid vehicles.
Germany has good opportunities for growth because there is a growing demand for hybrid and electric vehicles and the country has strict rules about emissions.
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Scope of Report:
| Report Attributes | Details |
| Growth Rate | CAGR of 10.9% from 2023 to 2030. |
| Revenue Forecast by 2022 | USD 18,446 Million |
| By Type | Mono Turbo Charger, Twin Turbo Charger, Other |
| By Application | Passenger Cars, Commercial Vehicles, Others |
| By Material | Cast Iron Automotive Turbochargers, Aluminum Automotive Turbochargers, Other |
| By Companies | Fengcheng Xindongli Turbocharger Co. Ltd (China), Precision Turbo and Engine (US), Bullseye Power LLC (US), Bosch Mahle (Germany), Cummins Inc. (the US), Continental AG (Germany), IHI Corporation (Japan), Mitsubishi Heavy Industries Ltd (Japan), BorgWarner Inc. (US), Honeywell International Inc. (US) |
| Regions and Countries Covered |
|
| Base Year | 2022 |
| Historical Year | 2017 to 2022 |
| Forecast Year | 2023 to 2030 |
Market Drivers:
During the forecast period, the growth of the market is expected to be helped by the rise in demand for gasoline engines and car engines that use less gas.
Strong urbanisation, the need for better engine power, strict environmental regulations, the demand for power-generating vehicles, and the need for fuel efficiency drive the production and manufacturing of heavy and light vehicles around the world. These factors all add to the revenue of the automotive turbocharger market. It keeps going up because of things like global trade, industrialization, and the growing need for turbochargers in cars in both developing and developed countries.
Market Opportunities:
In the years to come, the growing demand for the installation of electric turbochargers in automobiles will present significant potential for industry participants to capitalise on.
Market Restraints:
It is anticipated that the increasing adoption of electric vehicles as a result of the implementation of stringent emission standards across the globe will impede the use of internal combustion engines (ICE) in vehicles, which will have a negative impact on the growth of the market over the forecast period.
Key Segments Covered:
Top Market Players:
Fengcheng Xindongli Turbocharger Co. Ltd (China), Precision Turbo and Engine (US), Bullseye Power LLC (US), Bosch Mahle (Germany), Cummins Inc. (the US), Continental AG (Germany), IHI Corporation (Japan), Mitsubishi Heavy Industries Ltd (Japan), BorgWarner Inc. (US), Honeywell International Inc. (US), and others.
By Type
- Mono Turbo Charger
- Twin Turbo Charger
- Other
By Application
- Passenger Cars
- Commercial Vehicles
- Others
By Material
- Cast Iron Automotive Turbochargers
- Aluminium Automotive Turbochargers
- Others
Regions and Countries Covered
- North America: (US, Canada, Mexico, Rest of North America)
- Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
- Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
- The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
- Latin America: (Brazil, Argentina, Rest of Latin America)
- Rest Of the World
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