The global automotive turbocharger market size is projected to reach $22.9 billion by 2030, driven by the increasing demand for fuel-efficient vehicles and stringent emission regulations worldwide. Turbochargers play a vital role in enhancing engine performance by enabling smaller engines to deliver higher power output while maintaining fuel efficiency. The growing adoption of turbocharged engines in passenger cars, commercial vehicles, and hybrid vehicles is a significant factor contributing to the market’s expansion. With advancements in turbocharging technologies, including electric turbochargers and variable geometry systems, the industry is poised for robust growth in the coming years.
Trends Shaping the Turbocharger Market Size
The rising popularity of electric and hybrid vehicles is influencing the turbocharger market size as manufacturers invest in innovative solutions to enhance the efficiency of powertrains. Additionally, the surge in demand for downsized engines without compromising performance is pushing automakers to integrate advanced turbocharging systems. Regions like Asia-Pacific and Europe are leading the market, with significant contributions from automotive hubs in China, India, and Germany. As the automotive industry continues to transition toward low-emission technologies, the turbocharger market is set to grow steadily, supported by increasing R&D investments and collaborations among key industry players.
Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=919
VGT Turbochargers are predicted to be the largest segment during the forecast period.
The VGT turbochargers offer several advantages, such as enhanced low-end torque, minimized turbo lag, and precise boost control for varied engine load and speed. Due to this, it is widely used across the globe to improve engine performance, increase fuel efficiency, and meet stringent emission regulations. Due to its versatility, the VGT turbochargers have widespread adoption across all vehicle types, from passenger and commercial vehicles to heavy-duty trucks and buses. Major players such as BorgWarner Inc., Garrett Motion Inc., and Cummins Turbo Technologies are investing in enhancing the performance of VGT technology by integrating sophisticated electronic control units (ECUs) for improved performance, efficiency, and reliability.
Heavy-duty vehicles hold the largest demand for automotive turbochargers aftermarket.
The automotive turbochargers aftermarket for heavy-duty vehicles (HDV) is estimated to grow steadily during the forecasted period. The growth in the aftermarket for heavy vehicles such as trucks and buses can be attributed to the increasing average life of vehicles, rising average miles driven per year, changing consumer preferences for high-power vehicles, and higher replacement rates, mainly in the European and North American markets. These vehicles have extended hours of continuous operation under rigorous conditions. The average miles driven by HCVs in different regions range from 35,000 miles to 40,000 miles per year, either hauling heavy loads or transporting passengers, which puts significant strain on their engines. As a result, turbochargers in heavy-duty vehicles are subject to greater wear and tear, leading to a higher demand for replacements in the aftermarket.Further, heavy-duty vehicles are prevalent in regions with robust industrial & commercial activities and well-established transportation infrastructures and economies, such as North America and Europe. Additionally, stringent emission regulations in these regions prompt fleet owners to upgrade their turbochargers to remain compliant and more efficient and eco-friendly models. These factors subsequently help to demonstrate the future growth opportunities in the turbocharger aftermarket for the heavy-duty vehicle segment.
Asia Pacific is estimated to be the dominant region in the automotive turbocharger market.
Asia Pacific is the largest automotive market, and China, Japan, and India contribute >85% of the overall vehicle production in the region. The region also has a higher demand for smaller and compact cars, with more than 80% of the passenger cars running on gasoline. Further, the automotive turbocharger market expansion in countries like China, India, South Korea, and Japan is primarily driven by growing demand for gasoline engines incorporating turbocharged gasoline direct injection (TGDI) technology. Among these, China has become a key market for automotive turbochargers in the Asia Pacific region, with TGDI engines followed by Japan, South Korea, and India. The stricter vehicle emission norms are driving the automakers in this region to adopt more fuel-efficient technologies. The Governments of major countries, India and China have made it mandatory for all automakers to comply with the BS6 Phase 2 and China 6 emission norms respectively. Under the China 6 standards, the PM emissions limit for gasoline-powered vehicles is 4.5 mg/km, while diesel vehicles must emit no more than 0.5 mg/km. In India, the diesel vehicle emission limits are lowered by 68% and the gasoline vehicle emissions are lowered by 25%. Thereby, the demand for GDI engines will be growing in this region which will drive the automotive turbocharger market.
Key Market Players:
Major regional automakers such as Toyota Motor Corporation (Japan), Honda Motor Co., Ltd. (Japan), The Hyundai Motor Company (South Korea), Mitsubishi Motors Corporation (Japan), and Nissan Motor Co. Ltd. (Japan) have been using turbocharging technology in some gasoline engines to improve the performance and fuel efficiency of the vehicles.
Request Free Sample Report @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=919
