Automotive Turbocharger Market: Current Analysis and Forecast (2022-2028)

Report Description

Global Automotive Turbocharger Market is expected to grow at a significant rate of around 8% during the forecast period. Automotive turbochargers are turbine-driven induction devices placed between the engine and exhaust. Moreover, used to amplify the engine efficiency and output of IC engines. An automotive turbocharger is deployed to direct more fuel into the combustion chamber in case the vehicle’s atmospheric pressure fails to maintain the desired output. In recent years, the demand for automotive turbochargers has risen dramatically due to the rising demand for fuel-efficient engines. Furthermore, the automotive turbocharger is used in light engine vehicles to put more power and torque. Owing to this, various major players in the market are adopting inorganic growth strategies and are focusing on the advancement of turbochargers. For instance, in June 2021, MAN energy solutions and Rolls-Royce signed a strategic partnership agreement that will see MAN’s PBST brand distribute state-of-the-art MTU turbochargers. With this partnership, the companies combine their competencies, such as Rolls-Royce’s latest high-fuel efficiency mtu turbocharger technology for high-speed gasoline and gas engine and PBST’s global sale structure for the turbocharger.

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 are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

“Amongst fuel type, gasoline fuel category to witness robust CAGR during the forecast period”

Based on fuel type, the market is segmented into gasoline type, diesel type, and others. The gasoline typecategory to witness a higher CAGR during the forecast period owing to the growing penetration of automotive turbochargers from developing nations such as China, India, and Mexico, among others. Automotive turbochargers in gasoline engines are being adopted to get less hazardous emission releases from the combustion chamber as well as to get more efficiency and power. In addition, the increasing emission caused by the fuel burning of vehicles is leading to air pollution and global warming crisis, which is also considered the reason for the growth of this market.

 “Amongst technology, the variable geometry turbocharger to hold a significant share in the market in 2020”

Based on technology, the market is categorized as variable geometry turbocharger, wastegate turbocharger, electrical turbocharger, and others. Among these, the variable geometry turbocharger to hold a significant share in the market in 2020. This is mainly due to enhanced performance and improved fuel efficiency of these turbochargers. Moreover, the growing popularity and increasing applications in the hybrid vehicle have increased the growth of the variable geometry turbocharger market. Furthermore, the high demand for entry-level hatchbacks in developing countries indicates the high demand for fuel-efficient vehicles, thus the market for turbochargers is expected to expand.

“Amongst applications, the passenger vehicle to hold a significant share in the market in 2020”

Based on application, the market is categorized into passenger vehicle, light commercial vehicle, heavy commercial vehicle, agricultural machinery, and others. Among these, passenger vehicles to hold a significant share in the market in 2020. This is mainly due to the increase in demand of consumers for greater performance and fuel-efficient automobiles. Moreover, the rise in population and disposable income is eventually increasing the sales and market of passenger cars across the globe. Furthermore, the growing demand for fuel-efficient vehicles has led the manufacturers to commercialize and innovate turbochargers to deliver clean air to batteries, thus enhancing and maintaining the performance and power generation in passenger vehicles. For instance, according to the Society of Indian Automobile Manufacturers, around 3,424,564 passenger vehicles and 756,725 commercial vehicles were manufactured in 2019-20.

“North America to hold a significant share in the market”

In 2020, North America held a significant share of the global automotive turbocharger market. This is mainly attributed to the increasing recreational expenditure and the rising number of sales of sports cars as well as commercial vehicles. Moreover, the government policy and limits to reduce automotive hazardous carbon emissions are supposed to advance automotive vehicles with the latest technology. In addition, the growing preference for the fuel-efficient engine as well as the light commercial vehicle can be considered the factors that drive the growth of the industry in the region. Moreover, it is expected that the market will continue to grow at a steady rate during the forecast period owing to the high-income levels of the consumers in the region coupled with rising awareness about the environmental crisis for a balanced and healthy life.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

The global automotive turbocharger market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for the Automotive Turbocharger Market Analysis (2022-2028)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global automotive turbocharger market were the three major steps undertaken to create and analyze the adoption of automotive turbocharger in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global automotive turbocharger market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the automotive turbocharger market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the automotive turbocharger market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as fuel type, technology, and application. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the automotive turbocharger market. Further, we conducted factor analysis using dependent and independent variables such as various fuel type, technology, and applications of automotive turbochargers. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the automotive turbocharger market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global automotive turbocharger market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the automotive turbocharger market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global automotive turbocharger market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global automotive turbocharger market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of fuel type, technology, and application in the global automotive turbocharger market.

The main objective of the Global Automotive Turbocharger Market Study

The current & future market trends of the global automotive turbocharger market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the automotive turbocharger market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of fuel type, technology, and application.
• Define and analysis of the regulatory framework for the automotive turbocharger
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
• Analyze the current and forecast market size of the automotive turbocharger market for the major region.
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
• Company profiles of the automotive turbocharger market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry

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