Pune, Sept. 25, 2023 (GLOBE NEWSWIRE) -- A global Automotive and Transportation business-consulting firm, Maximize Market Research, has published a market intelligence and competitive landscape report on the “Automotive Turbocharger Market”. The report is a combination of primary data and secondary data and domain expert has analyzed the Automotive Turbocharger Market from a local as well as a global point of view. Over the forecast period, Maximize Market Research expects, the market to grow from USD 13.88 Bn in 2022 to USD 23.89 Bn in 2029 at a CAGR of 8.2 percent.
| Market Size in 2022 | USD 13.88 Bn. |
| Market Size in 2029 | USD 23.89 Bn. |
| CAGR | 8.2 percent (2023-2029) |
| Forecast Period | 2023-2029 |
| Base Year | 2022 |
| Number of Pages | 289 |
| No. of Tables | 121 |
| No. of Charts and Figures | 116 |
| Segment Covered | Vehicle Type, Fuel Type, Technology Type and Sales Channel/Type. |
| Regional Scope | North America, Europe, Asia Pacific, Middle East and Africa, South America |
| Report Coverage | Market Share, Size & Forecast by Revenue | 2022−2029, Market Dynamics, Growth Drivers, Restraints, Investment Opportunities, and Key Trends, Competitive Landscape, Key Players Benchmarking, Competitive Analysis, MMR Competition Matrix, Competitive Leadership Mapping, Global Key Players’ Market Ranking Analysis. |
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Automotive Turbocharger Market Report Scope and Research Methodology
The report's scope encompasses a thorough examination of market trends, growth drivers, challenges, and opportunities in various techniques, including different segments of automotive turbochargers such as vehicle type, fuel type, technology type and sales channel. For the competitive analysis of the market, key players along with new entrants in the market were analyzed. For every company, their growth strategies, financial overview, employee count and similar aspects were covered in the company profiling.
Regional analysis of the Automotive Turbocharger Market was conducted at country, regional and global levels. Data for analysis was collected using primary and secondary data collection methods. Both qualitative and quantitative analyses were used to gather insights from the collected data. The report on the Automotive Turbocharger Market includes SWOT and PESTLE analysis to get a better understanding of the various factors affecting the growth of the market.
Automotive Turbocharger Market Overview
The Automotive Turbocharger Market is experiencing significant growth due to several key factors. Turbochargers are forced induction devices used to increase the efficiency and power of combustion engines for better performance. The automotive industry trying hard to meet several strict regulations by governments, which is expected to boost the Automotive Turbocharger Market. Also, the adoption of smaller, downside engines, which require turbochargers to maintain power output is one of the factors affecting the market positively. The market is also witnessing technological advancements, such as electric and variable geometry turbochargers, which enhance performance further. These trends, coupled with rising global automotive production, are propelling the Automotive Turbocharger Market's expansion.
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Automotive Turbocharger Market Dynamics
The growing emphasis of governments on lowering carbon emissions from vehicles that driving the automakers to adopt turbochargers. Turbochargers have become an important part of an automobile since it reduces emissions and improve fuel efficiency. These factors are expected to drive the Automotive Turbocharger Market. One restraint in the Automotive Turbocharger Market is the cost and complexity of turbocharging systems. This is expected to hamper the market during the forecast period. Turbochargers add complexity to the engine compartment. This complexity is expected to increase maintenance and repair costs over time. This is expected to be resulted in repairing or replacing turbocharger components, potentially impacting their overall ownership experience.
Electric turbochargers are a new opportunity. These innovative systems offer several advantages over traditional turbochargers. Electric turbochargers virtually eliminate turbo lag, providing instant power when needed. It is expected to enhance overall engine efficiency and power delivery.
Automotive Turbocharger Market Regional Insights
North America is poised to maintain its dominant position throughout the forecast period. As of 2022, the United States secured the largest market share. The sustained growth of turbocharging technologies in this region is primarily fueled by the necessity of meeting end users' towing requirements, alongside the evolving industry trend of downsizing engines, which has been ongoing for over a decade. This trend has seen a notable transition from larger naturally aspirated engines to smaller turbocharged ones, particularly in the sub-3L engine segment. However, it's worth noting that certain V6 and V8 engines, commonly found in pickups, have remained naturally aspirated. In the United States, Ford leads the market with an impressive 56% turbo penetration, followed by GM with approximately 40% penetration, while FCA (Fiat Chrysler Automobiles) trails with a 10% penetration rate, distinguishing itself as the OEM with the least penetration in the American Automotive Turbocharger Market.
Automotive Turbocharger Market Segmentation
By Vehicle Type
- LCV
- HCV
- Agricultural Machinery
- Construction Machinery
By Fuel Type
- Gasoline
- Diesel
The gasoline segment is expected to dominate the market during the forecast period as big original equipment manufacturers (OEM) spending on research and development to balance between fuel economy and high performance.
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By Technology Type
- Variable Geometry Turbocharger/ Variable Nozzle Turbine
- Wastegate Turbocharger
- Electric Turbocharger
The Wastegate Turbocharger segment is experiencing growth in the Automotive Turbocharger Market due to its key role in improving engine efficiency and meeting stringent emissions regulations. Wastegate turbochargers feature a valve that diverts excess exhaust gases away from the turbine wheel, controlling the boost pressure and preventing over-pressurization of the engine.
By Sales Channel/Type
- OEM
- Replacement/Aftermarket
Automotive Turbocharger Key Competitors include:
- Garrett Motion Inc. (Honeywell) (US)
- BorgWarner Inc. (US)
- Mitsubishi Heavy Industries (Japan)
- IHI Corporation (Japan)
- Bosch-Mahle Turbo Systems (BMTS) (Germany)
- Cummins Inc. (US)
- Voith Turbo (Germany)
- Continental Automotive Systems (Germany)
- Turbo Energy Limited (India)
- Holset Engineering Company (UK)
- Melett Turbochargers (UK)
- BorgWarner Turbo Systems India (India)
- Turbocharged Diesel Systems (TCD) (US)
- Turbo Dynamics (US)
- Precision Turbo & Engine (US)
- Garrett Motion Aftermarket (US)
- Turbo Systems International (TSI) (US)
- ABB Turbocharging (Switzerland)
- MAN Diesel & Turbo (Germany)
- Napier Turbochargers (UK)
- Honeywell Performance Materials & Technologies (US)
- Melett North America (US)
- turboLAB (Germany)
Key questions answered in the Global Automotive Turbocharger Market are:
- What is the expected CAGR of the Automotive Turbocharger Market during the forecast period?
- What was the Automotive Turbocharger Market Size in 2022?
- What is the expected Automotive Turbocharger Market size in 2029?
- What are the global trends in the Automotive Turbocharger Market?
- What are the upcoming industry Sales Channel/Types and trends for the Automotive Turbocharger Market?
- What recent industry trends can be implemented to generate additional revenue streams for the Automotive Turbocharger Market?
- What growth strategies are the players considering to increase their presence in the Automotive Turbocharger Market?
- What major challenges could the Automotive Turbocharger Market face in the future?
- Which region held the largest Automotive Turbocharger Market share in 2022?
Key Offerings:
- Past Market Size and Competitive Landscape (2017 to 2022)
- Past Pricing and price curve by region (2017 to 2022)
- Market Size, Share, Size & Forecast by Different Segment | 2023−2029
- Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
- Market Segmentation – A detailed analysis by Vehicle Type, Fuel Type, Technology Type, Sales Channel/Type and Region
- Competitive Landscape – Profiles of selected key players by region from a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of business by region
- Lucrative business opportunities with SWOT analysis
- Recommendations
Maximize Market Research is leading Automotive and Transportation research firm, has also published the following reports:
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About Maximize Market Research:
Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical Vehicle Fuel Types and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, price and demand analysis, and client impact studies.
