Global Automotive Turbocharger Market is expected to foresee significant growth. North America to lead the growth!
- Vikas Kumar
- September 13, 2022
- AUTOMOTIVE, NEWS
- Automotive Turbocharger Market Forecast, Automotive Turbocharger Market Growth, Automotive Turbocharger Market News, Automotive Turbocharger Market Report, Automotive Turbocharger Market Share, Automotive Turbocharger Market Size, Automotive Turbocharger Market Trend
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An automotive turbocharger is defined as a small turbine that is placed between the engine and the exhaust. A turbocharger uses exhaust gases to spin the turbine and improve the efficiency of fuel, increase the power of the car and is used in light engine vehicles to put more horsepower and torque. In recent years, the demand for automotive turbochargers has increased dramatically due to the rising demand for light as well as heavy engine vehicles to enhance engine power, strict environmental regulations, demand for power-generating cars and to get fuel-efficient engines. Furthermore, the entry of global players into emerging markets adds to the growth of the market. For instance, In November 2020, Continental AG extended its line of turbochargers for new car models made by MINI, BMW, and Volkswagen Group.
The Automotive Turbocharger Market is expected to grow at a steady rate of around 8% owing to fuel-efficient engines and an increase in the power of vehicles. Major companies in the market offer automotive turbochargers for vehicles to take a step towards advancement in high-volume models and making original products for workshops. For instance, in June 2021, BorgWarner announced a partnership with Alpine F1 Team in addition to their long-time collaboration on propulsion technologies.
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Based on fuel type, the market is segmented into gasoline, diesel, and others. The gasoline fuel category will witness a higher CAGR during the forecast period. As diesel engine offers less power output than gasoline engine and gasoline engines are easier to alter for achieving greater performance. Moreover, a gasoline engine produces less carbon dioxide as compared to another fuel engine which helps in improving the efficiency of turbochargers. Thus, automotive manufacturers are expected to diversify their products to fulfill the demand of consumers in the gasoline fuel segment.
Based on technology, the market is categorized into variable geometry turbochargers, wastegate turbochargers, electrical turbochargers, and others. Among these, the variable geometry turbocharger to hold a significant share in the market in 2020. This is mainly due to the emission regulations across the globe and has generated demand for downsized and down-speeded turbocharging systems, boost supply, eliminate lag in the engine and maintain the efficiency of the engine. Additionally, variable geometry turbocharger usually finds application in heavy-duty diesel engine-powered vehicles, while in petrol-powered engines, variable geometry turbocharger is only applied in high-performance luxury and sports cars.
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For a better understanding of the market adoption of the Automotive Turbocharger industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. North America is anticipated to grow at a substantial CAGR during the forecast period. This is mainly due to the adoption of the high volume of commercial vehicles, rapid adoption of turbochargers by the automotive industry as well as technologically advanced functionalities are estimated to increase the growth of this market in this region.
Some of the major players operating in the market include ABB, Honeywell International Inc., BorgWarner Inc., IHI Corporation, Cummins Inc., Bosch Mahle Turbo Systems GmbH & Co. KG, Eaton Corporation plc, Weifang Fuyuan Turbocharger Co Ltd, Mitsubishi Heavy Industries, Ltd, Continental AG.
Global Automotive Turbocharger Market Segmentation
Market Insight, by Fuel Type
Market Insight, by Technology
- Variable Geometry Turbocharger
- Wastegate Turbocharger
- Electrical Turbocharger
Market Insight, by Application
• Passenger vehicle
• Light commercial vehicle
• Heavy commercial vehicle
• Agricultural Machinery
Market Insight, by Region
- North America
- Rest of North America
- United Kingdom
- Rest of Europe
- Rest of Asia-Pacific
- Rest of the World
Top Company Profiles
- Honeywell International Inc.
- BorgWarner Inc.
- IHI Corporation
- Cummins Inc.
- Bosch Mahle Turbo Systems GmbH & Co. KG
- Eaton Corporation plc
- Weifang Fuyuan Turbocharger Co Ltd
- Mitsubishi Heavy Industries Ltd
- Continental AG