Automotive Turbocharger Market 2022 - Market Size & Forecast, Industry Trends, Manufacturers Analysis, & Opportunities 2030
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The global automotive turbocharger market is anticipated
to expand at a compounded annual growth rate (CAGR) of 9.5% during the forecast
period of 2022-2030.
Automotive turbochargers are typically
turbine-driven forced induction devices that enhance internal combustion
engines' efficiency and energy output (IC). These devices are utilized to send more
fuel into the combustion chamber in scenarios where the vehicle’s atmospheric
pressure might fail to keep up with the preferred output. These chargers are
compact and offer various advantages, including the reuse of exhausted air, excessive
engine overall performance, and multiplied air consumption in the combustion
chamber. Turbochargers do not need any energy source to operate and work robustly
in high-speed engines.
Growth Drivers:
Factors primarily driving the growth of this market include: the rapid development of electric turbochargers by leading market players worldwide; the growing need and demand for enhanced engine performance and fuel efficiency; the high number of stringent emission norms, especially in the developing countries across the globe; the rising adoption of TGDI (Turbocharged Gasoline Direct Injection) technology, especially in U.S., China, and Europe; the escalating demand of for robust and fuel-efficient gasoline-powered vehicles coupled with the increasing penetration of turbochargers in gasoline engines; and the proliferating adoption of petrol engines across the globe.
Additionally,
with the rapidly surging production rate of automobiles across the globe, the
concerns regarding environmental degradation are also rising. This is leading
to an increased inclination among car manufacturers towards turbochargers as an
effective option for keeping internal combustion (IC) engines cleaner. As a
result, it is projected that more than 50.0% of the cars produced and sold will
be turbocharged in the next few years. Alongside, the manufacturers are seen to
be adopting new technologies and are also getting engaged in the development of
a new range of advanced turbochargers into the market. All these factors are
expected to bode tremendously well for the growth of the global automotive
turbochargers market in the next few years.
Moreover,
to reduce fuel consumption, lightweight alloys are employed for the production
of turbochargers, which make the turbochargers compact, and aid in the reduction
of engine and vehicle size. The increasing trend of engine downsizing across
the globe due to the burgeoning difficulty of automobile weight and to lower
emission levels is therefore creating ample growth opportunities for the growth
of the global automotive turbochargers market during the forecast period.
Furthermore,
other factors such as: the restricted availability of fuel; the increasing need
for car producers to manufacture efficient engines and to comply with the Corporate
Average Fuel Economy (CAFÉ) standards; the increasing number of government
mandates to integrate vehicles with the latest technologies for controlling emissions,
the expanding production of mild hybrid vehicles, and the enhancing demand for
performance and luxury cars across the globe are expected to further bolster
the growth of the global automotive turbocharger market during the forecast
period.
However,
factors such as high maintenance cost and cooling oil requirements associated
with automotive turbochargers are expected to hinder the growth of the global
automotive turbocharger market during the forecast period.
Automotive
Turbocharger Market Segmentation:
By Vehicle Type:
·
Passenger Car
·
Light Commercial Vehicle
·
Heavy Commercial Vehicle
By Fuel Type:
·
Gasoline
·
Diesel
·
Alternate Fuel/CNG
By Technology Type:
·
Variable Geometry Turbocharger
·
Wastegate Turbocharger
·
Electric Turbocharger
By Component:
·
Compressor
·
Turbine
·
Housing
By Sales
Channel:
·
OEM
·
Replacement/Aftermarket
By Material:
·
Cast Iron
·
Aluminum
·
Others
By Region:
·
North America
·
Europe
·
Asia Pacific
·
Latin America
· Middle East and Africa
Based on
vehicle type, the passenger car segment captured the largest share of the
global automotive turbocharger market in 2021. The segment is anticipated to
maintain its lead and grow at the highest growth rate in the market during the
forecast period. The predominant factor ascribed to the large share of this
segment is the comparatively snowballing production of passenger cars over
commercial vehicles across the globe.
Based on
technology type, the variable geometry turbocharger segment led the global
automotive turbocharger market in 2021. The segment is expected to continue
with its lead in the market during the forecast period of 2022-2030. The major
factor driving this particular segment is the increasing usage of variable
geometry turbochargers in diesel-powered vehicles due to their high performance.
However, the electric turbocharger segment is estimated to witness the highest
growth in the market during the forecast period due to the rapidly surging
demand of these turbochargers due to their advantage of being used in commercial
and light-duty vehicles.
Based on fuel
type, the gasoline segment dominated the global automotive turbocharger market
in 2021. The segment is predicted to maintain this trend further over the
forecast period of 2022-2030. The burgeoning usage of turbochargers in gasoline
engines as a result of the emergence of new emission regulations and the
decreasing price of turbocharged gasoline engine technology are the primary
factors contributing to the growth of this segment.
Regional
Outlook:
The European
region acquired the largest share of the global automotive turbocharger market
in 2021, followed by the Asia Pacific and North America. The region is likely
to remain dominant throughout the forecast period of 2022-2030. The increasing
need to improve the efficiency of vehicles, the growing shift to turbochargers
due to their declining prices; the introduction of electric turbochargers; the
presence of various well-established automotive industry players; and the
rising imposition of stringent regulations by governments in the region are
majorly attributed to the large share and the high growth of the European
region. Germany and U.K stand as the leading contributors to the growth of the
market in the region.
The Asia
Pacific region held the second-largest share in the global automotive
turbocharger market in 2021. The region is expected to retain its position and
attain the highest CAGR in the market during the forecast period. Factors such
as the rapidly growing vehicle production, the rising number of stringent
emission norms, the ever-increasing population, and the enhancing
socio-economic conditions in the developing countries in the region are
contributing to the growth of the market in the Asia Pacific region. India, China,
Japan, Indonesia, and Thailand are the major contributors to the growth of this
market in the region.
Key Companies in
Automotive Turbocharger Market:
·
Honeywell International Inc.
·
Turbo Energy Private Limited
·
Mitsubishi Heavy Industries Ltd.
·
Garrett Motion Inc.
·
BorgWarner Inc.
·
IHI Corporation
·
Cummins
·
Bosch-Mahle
·
Continental AG.
·
Delphi Technologies
·
Robert Bosch Limited
·
Eaton Corporation PLC
·
Rotomaster International
·
Precision Turbo & Engine Inc.
·
Turbonetics Inc.
·
THE TURBO ENGINEERS GmbH
· Other Players