Automotive Turbocharger Market Size By Vehicle (PCV, LCV, HCV), By Technology (VGT/VNT, Wastegate, Twin Turbo), By Fuel (Gasoline, Diesel), By Distribution Channel (OEM, Aftermarket), COVID-19 Impact Analysis, Growth Potential, Regional Outlook, Competiti

Automotive Turbocharger Market Size By Vehicle (PCV, LCV, HCV), By Technology (VGT/VNT, Wastegate, Twin Turbo), By Fuel (Gasoline, Diesel), By Distribution Channel (OEM, Aftermarket), COVID-19 Impact Analysis, Growth Potential, Regional Outlook, Competitive Market Share & Forecast, 2023 - 2032

Automotive Turbocharger Market is slated to grow exponentially through 2032 owing to the rising demand for weight reduction in the transportation sector and improved power generation. Automotive turbochargers help improve overall efficiency and increase performance, which is expected to accelerate market expansion in the coming years.

In addition, the rising popularity of engine downsizing, which is considered to be the best way of enhancing fuel efficiency in an internal combustion engine through reducing the frictional losses and weight, will further enhance the market outlook throughout 2023-2032.

The key players in the automotive turbocharger market are continuously incorporating strategic initiatives such as mergers and acquisitions, partnerships, and launching new products to strengthen their position in the industry.

Overall, the automotive turbocharger industry is divided in terms of vehicle, technology, fuel, distribution channel, and region.

Considering the vehicle, the LCV (Light Commercial Vehicles) segment is slated to be valued at over USD 4 billion in 2022. The growth can be ascribed to the rising demand for turbocharger technology in LCVs due to its several benefits, including maximized drivability, cost-effective emissions, and improved fuel efficiency. Besides, the rising demand for light commercial vehicles through online platforms is further slated to augment the market landscape.

Based on technology, VGT/VNT technology held over 42% market share in 2022 and is expected to offer profitable growth opportunities to the industry. The technology delivers benchmark transient response, low-speed efficiency, reliability, weight savings, and packaging flexibility, enhancing its adoption worldwide.

In terms of fuel, the demand for diesel-powered automotive turbochargers is anticipated to rise exponentially owing to the increasing sales of heavy-duty and construction vehicles. Besides, mounting demand for lightweight commercial diesel-powered vehicles will add impetus to the segmental expansion between 2023 and 2032.

By distribution channel, the aftermarket segment is slated to grow substantially by 2032 owing to the strong traction the online aftermarket has gained over the past few years due to a reliable delivery source and better turbocharger quality.

Considering the regional perspective, the Asia Pacific automotive turbocharger industry held over 40% market share in 2022 and is slated to grow considerably during the estimated timeframe. The growth can be credited to rapid economic development, ongoing urbanization, and digitalization across countries such as China, India, Japan, and South Korea. Besides, the rising consumer inclination towards advanced automotive technologies and hefty investments in integrating conventional diesel/gasoline-powered engines with turbochargers will fuel the market growth across the region between 2023 and 2032.