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

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

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 type category 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.

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