Rockville, MD, Aug. 01, 2024 (GLOBE NEWSWIRE) -- The global automotive turbocharger market is projected to touch a value of US$ 14.31 billion in 2024. The market has been forecasted to climb to US$ 29.77 billion by the end of 2034, expanding at a CAGR of 7.6% over the next decade.
Automotive turbochargers are turbine-driven induction devices, which amplify the engine efficiency and output of IC engines. These devices are deployed to direct more fuel into the combustion chamber in case the atmospheric pressure of the vehicle fails to keep up with the desired output. Turbochargers are weighed as a viable commodity by car manufacturers which is relied upon for keeping fossil fuel engines clean.
The most profitable part of the automotive industry is engine downsizing. Small engines are becoming increasingly common in automobiles since they help efficiently reduce fuel emissions. Turbochargers assist automobile manufacturers in meeting regulatory rules and regulations for the emission of dangerous gases such as carbon dioxide and other pollutants from automobiles.
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Key Market Growth Drivers
- Demand for automotive turbochargers is rising at a significant pace due to their cost-effectiveness and environmental benefits. This growth is fueled by increasing vehicle sales and manufacturing globally, driven by urbanization, industrialization, road infrastructure development, and improved standards of living.
- Enhancing valves in automotive turbochargers involves optimizing their design and functionality to improve overall vehicle performance across different speed ranges. These enhancements are ensuring efficient airflow management, which is crucial for achieving optimal engine power and responsiveness.
- Adoption of automotive turbochargers improves fuel efficiency. They enhance engine performance by increasing air intake into powertrain combustion engines.
- Automotive turbochargers are highly efficient and environment-friendly because they boost engine power without increasing piston displacement. Furthermore, optimal resource utilization, reduced waste production, and increased efficiency are the primary factors responsible for increasing the automotive turbocharger market size.
- In recent years, the automotive industry has seen an increase in engine downsizing. Automotive turbocharger systems are increasing engine output power while maintaining piston displacement. This factor is leading to engine downsizing improving fuel efficiency and performance.
How are Manufacturers of Automotive Turbochargers Progressing?
“Automotive Turbocharger Manufacturers Proactively Adopting Wastegate Technologies”
Constant increase in automobile production is set to be one of the predominant factors linked with environmental deterioration. By drawing advantages from the aforementioned scenario, automotive turbochargers are finding extensive use cases. Prosperity of the automotive turbochargers market is favoring the production of cars and vehicles with TGDI (turbocharged gasoline direct injection) engines. With a succession of innovations coming into the picture in the automotive turbochargers market, a new range of advanced turbochargers with exclusive valve designs is being introduced.
Primary objective behind the enhancement of valves in the automotive turbochargers market is to boost vehicle performance, both, in low- as well as high-speed conditions. Manufacturers are proactively adopting wastegate technologies that enable transforming engines to curtail emissions, thus contributing to automotive turbocharger market growth.
What are the Key Challenges Faced by Market Players?
“High Cost of Turbocharger Replacement and Growing Preference for Zero-Emission Vehicles”
Electric vehicles are replacing traditional gasoline vehicles in the worldwide automobile sector. Rising emissions from automobile fuels are contributing to air pollution and the global warming crisis. People's growing preference for zero-emission vehicles is hurting the market. Turbocharger replacement is also costly. Turbochargers with poor maintenance might fail prematurely, increasing the load on the engine cooling oil. As a result of the cooling oil required, TGDI (turbocharged gasoline direct injection) engines have high maintenance costs.
Country-wise Insights
North America is expected to hold 18.5% of the global market share in 2024 due to the high deployment of automotive turbochargers across the region. In Europe, developments such as automobile performance tuning and engine remapping, as well as additive manufacturing, are gaining pace, prompting manufacturers to consider these automotive turbocharger market trends during the development of superior cars.
Leading Players Driving Innovation in the Automotive Turbocharger Market
Key players in the automotive turbocharger market are BorgWarner Inc., Continental AG, Garrett Motion Inc., Eaton Corporation PLC, Honeywell International Inc., Mitsubishi Heavy Industries Ltd., Precision Turbo & Engine Inc., Rotomaster International, THE TURBO ENGINEERS GmbH, Fuyuan Turbocharger Co., Ltd., Marelli Corporation, Turbo Dynamics.
What are the Opportunities for the Manufacturers of Automotive Turbochargers in the United States?
“Rising Demand for Fuel-Efficient Vehicles Driving Production of Smart Turbochargers”
The United States is estimated to account for an automotive turbocharger market share of 85.4% in North America in 2024. The automotive turbocharger market in the United States is expected to witness steady growth over the forecast period due to the implementation of smart technology in turbochargers. Also due to the rising demand for fuel-efficient vehicles in the country, the automotive turbochargers market is expected to rise steadily over the forecast period.
The Environmental Protection Agency (EPA) in the United States is implementing stringent fuel emission regulations. The government is moving towards mandating manufacturers to develop cleaner and more fuel-efficient engines.
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Automotive Turbocharger Industry News
In 2021, MAN Energy Solutions and Rolls-Royce collaborated to have MAN's PBST brand distribute state-of-the-art MTU turbochargers. This agreement combined Rolls-Royce's latest high-efficiency MTU turbocharger technology for high-speed diesel and gas engines with PBST's global turbocharger sales structure.
In April 2021, BorgWarner Inc. expanded its offering by introducing three new BorgWarner turbochargers for passenger car applications. The newly launched turbochargers are for Opel, BMW, and Peugeot.
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