Automotive Turbocharger Market sees sharp growth due to surge in Demand for Turbocharged Vehicles Propels Automotive Turbocharger Market.

AUSTIN, TEXAS, UNITED STATES, June 19, 2024 /EINPresswire.com/ -- The SNS Insider report forecasts a promising future for the Automotive Turbocharger Market, estimating it to reach a value of USD 24.41 billion by 2031. This signifies a significant growth trajectory at a CAGR of 7% from 2024 to 2031.

The automotive turbochargers market is expected to increase considerably due to growing demand from consumers for high-performance, fuel-efficient cars. By using exhaust gases to increase power, turbochargers improve engine efficiency while using less fuel without sacrificing performance. This technology is essential for both achieving strict pollution regulations and meeting the needs of customers for better driving experiences. The shift to gasoline engines, especially in developed economies, is also increasing the demand for gasoline turbochargers. Additionally, increasing popularity of performance vehicles and focus on electric turbochargers that eliminate turbo lag and offer faster response times are expected to support market growth.

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The market for automobile turbochargers presents many opportunities for expansion and novelty. In order to accommodate hybrid and electric vehicles, the industry is shifting toward electrification and hybridization, which is transforming the market and propelling advancements in turbocharger technology. Growth in the market is being driven by the need for engines that are fuel-efficient without compromising performance, particularly in the passenger car category, which is anticipated to be the largest market for automotive turbochargers. Additionally, the market is expanding due to developments in turbocharger technology, such as the creation of VGT turbochargers, as well as rising demand for commercial vehicles and off-road equipment.

Top Key Players of Automotive Turbocharger Market

-Honeywell International Inc. (United States)

-BorgWarner Inc. (United States)

-Mitsubishi Heavy Industries Ltd. (Japan)

-Cummins Inc. (United States)

-Continental AG (Germany)

-IHI Corporation (Japan)

-Eaton Corporation PLC (Ireland)

-Bosch Mahle Turbo Systems GmbH & Co. KG (Germany)

-Rotomaster International (Canada)

-Turbo Energy Private Limited (India)

-Precision Turbo & Engine (United States)

-Magnum Performance Turbos (United States)

-Garrett Motion Inc. (Switzerland)

-Turbo International (United States)

-Delphi Technologies (United Kingdom)

-MHI Turbocharger (Thailand) Co., Ltd. (Thailand)

-ABB (Switzerland)

-Rajamane Industries Pvt. Ltd. (India)

-Cheetah Turbochargers (China)

-Weifu Tianli (China)

-Zhejiang Rongfa Motor Engine Co., Ltd. (China)

-Hunan Tyen Machinery Co., Ltd. (China)

Recent Developments

In June 2023, Garrett Motion expanded its Wuhan factory, establishing a high-speed production line for advanced variable nozzle turbochargers used in passenger vehicles. This signifies a commitment to innovation in fuel-efficient engine technology.
At Auto Shanghai 2023, Garrett Motions showcased its advanced turbochargers and e-mobility technology. Their new E-turbos enhance power and fuel economy, allowing smaller engines to deliver performance previously requiring much larger ones.
Segment Analysis

By Vehicle Type

-Passenger cars

-LCVs

-Trucks

-Buses

By Vehicle Type:

Passenger car leads the vehicle segment, with market share of 55-60 % in 2023, due to the extensive usage of turbochargers in passenger cars for increased performance and fuel economy is what has led to this supremacy.

By Fuel Type

-Gasoline

-Diesel

-Alternate fuel/CNG

By Fuel Type:

Gasoline is the dominating segment, holding over 65% of the market share. Due to Globally strict emission laws are driving automakers to use engines with gasoline turbocharges. The need for effective gasoline turbocharger solutions has increased as a result of these engines' use of turbochargers to sustain power output while adhering to environmental regulations.

By Turbo Type

-Diesel Turbochargers

-Gasoline Turbochargers

By Turbo Type:

Wastegate turbochargers (both in diesel and gasoline) dominate the market with a share of more than 60%. Their affordable cost in comparison to Electric Turbochargers (E-Turbochargers) and Variable Geometry Turbochargers (VGT) makes them an appealing choice for manufacturers on a tight budget, particularly for high-volume manufacturing cars. They also have a straightforward and dependable design, and widely adopted, as they provide reliable power gains at cheaper prices than Variable Geometry Turbochargers (VGT) and Electric Turbochargers (E-Turbocharger).

By Material

-Cast Iron

-Aluminium

-Others

By Material:

Cast iron continues to hold a significant share of the market as the material of choice for turbocharger housings. The traditional use of cast iron is a result of its excellent strength, low cost, and capacity to tolerate high temperatures. Nonetheless, it is anticipated that in specialized applications, the use of substitute materials like steel or composites would increase.

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Regional Analysis

Asia Pacific is dominating the automotive turbocharger market by 50–55% of revenue share. The area enjoys a desire for fuel-efficient turbocharged engines in addition to large manufacturing of cars and light commercial vehicles. Strict environmental laws also contribute to the Asia Pacific market's rapid expansion.

Europe has the second-highest market share due to its long tradition of automotive innovation and strict emission regulations. In Europe, gasoline turbochargers are widely used due to legal mandates and market desire for powerful, fuel-efficient cars.

North America is also expected to show significant growth in the region due to its up growing performance in the region of smaller turbocharged gasoline engines.

Key Insights:

Passenger cars dominate the adoption of turbochargers, supported by trends to reduce size and emissions.
Gasoline turbochargers lead the market and meet strict emission standards worldwide.
Wastegate turbochargers are affordable due to their cost effectiveness and reliability in high volume vehicle production.
Asia-Pacific leads the market due to large-scale vehicle production and strict environmental regulations.
Europe and North America have significant growth potential due to regulatory compliance and consumer preference for turbocharged engines.

Table of Content – Analysis of Key Points

Chapter 1. Executive Summary

Chapter 2. Global Market Definition and Scope

Chapter 3. Global Market Dynamics

Chapter 4. Automotive Turbocharger Market Impact Analysis

Chapter 4.1 COVID-19 Impact Analysis

Chapter 4.2 Impact of Ukraine- Russia war

Chapter 4.3 Impact of ongoing Recession

Chapter 5. Value Chain Analysis

Chapter 6. Porter’s 5 forces model

Chapter 7. PEST Analysis

Chapter 8. Automotive Turbocharger Global Market, By Vehicle Type

Chapter 9. Automotive Turbocharger Global Market, By Fuel Type

Chapter 10. Regional Outlook

Chapter 11. Competitive Intelligence

Chapter 12. Key Companies Analysis

Chapter 13. Research Process

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Akash Anand
SNS Insider Pvt. Ltd
+1 415-230-0044
info@snsinsider.com

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