Global Automotive Turbocharger Market Outlook 2023-2028

: Development of Electric Turbochargers Present Lucrative Opportunities for Market Players – ResearchAndMarkets.com

DUBLIN–(BUSINESS WIRE)–The Global Automotive Turbocharger Market Forecast to 2028 report has been added to ResearchAndMarkets.com’s offering.

The global automotive turbocharger market is set to witness substantial growth, with a projected increase from USD 15 billion in 2023 to USD 22.2 billion by 2028, at a CAGR of 8.1%. The Asia-Pacific region is expected to emerge as the largest market for automotive turbochargers, driven by improving socio-economic conditions in emerging economies such as China, India, Indonesia, and Thailand.

Factors such as increased vehicle production and upcoming stringent emission norms in China and India are anticipated to bolster the market in the region. Among turbo technologies, variable geometry turbochargers are poised to lead the market in Asia-Pacific, while electric turbochargers are projected to be the fastest-growing segment.

Asia-Pacific Dominance and Wastegate Turbochargers

In the Asia-Pacific region, wastegate turbochargers stand as the highly adopted technology for diesel-based vehicles. Diesel engines are favored in commercial vehicles due to their higher fuel efficiency, energy, and torque compared to gasoline engines.

Robust construction and reliability make wastegate turbochargers popular, especially in heavy-duty vehicles. Their simpler design and cost-effectiveness further contribute to their adoption. These turbochargers provide greater flexibility for aftermarket modifications.

Agricultural Tractors as Fastest-Growing Market

The off-highway application with the fastest-growing demand for turbochargers is agricultural tractors. The increasing global population and rising demand for agricultural tractors are driving the growth. The segment is anticipated to witness significant expansion, with the demand for >130-250 HP tractors projected to grow rapidly.

The European market leads in this segment, owing to the traction of high-power tractors and growing demand for commercial agriculture. As high-HP tractors gain popularity, the demand for turbochargers is expected to follow suit.

Europe’s Role and Shift towards Gasoline Vehicles

Europe holds the position of the second-largest market for automotive turbochargers. The UK, Germany, and France are key players in this region. Europe’s focus on meeting international emission targets involves reducing CO2 emissions from new passenger cars. While hybridization and electrification are considered, supply chain and technology challenges in the electric vehicle industry have led EU countries to shift attention towards gasoline vehicles.

As of 2022, approximately 22% of European gasoline vehicles are expected to be equipped with gasoline direct injection (GDI) systems and 39% with turbochargers. The region’s transition to gasoline vehicles and increasing vehicle hybridization contribute to its standing in the automotive turbocharger market.

Research Scope

The research report categorizes the market based on vehicle type, fuel type, turbo type (VGT, Wastegate, E-turbo), material, component, application (agricultural tractors, construction equipment), and region (Asia-Pacific, North America, Europe, Rest of the World). The report delves into the major influencing factors and provides insights into key industry players, including business overview, solutions, services, strategies, partnerships, acquisitions, and recent developments.

Prominent Companies

Key manufacturers in the global automotive turbocharger market include Garrett Motion Inc., BorgWarner Inc., Mitsubishi Heavy Industries, IHI Corporation, and Cummins Inc. These companies play a pivotal role in driving innovation and growth within the market.

Premium Insights

• Stringent Emission and Fuel Economy Regulations to Drive Market
• Asia-Pacific to Lead Passenger Car Market During Forecast Period
• Alternative Fuel/CNG Turbocharger to Be Fastest-Growing Segment During Forecast Period
• VGT Technology to Dominate Market During Forecast Period
• E-Turbo to Be the Fastest-Growing Segment During Forecast Period
• Passenger Car Segment to Lead Market During Forecast Period
• Cast Iron Material to Dominate Market During Forecast Period
• Agricultural Tractor Segment to Lead Market During Forecast Period
• HCV to Be Larger Segment During Forecast Period
• Stringent Emission Norms to Drive Market in Asia-Pacific Region
• Increasing Demand for Fuel-Efficient Vehicles to Drive Market in Europe

Market Dynamics

• Drivers

   

  • Strict Laws Related to NOx and CO2 Emission Levels
  • Increasing Demand for Passenger Cars with Gasoline Engines
• Restraints

   

  • High Maintenance Costs and Cooling Oil Requirements
  • Increasing Adoption of Electric Vehicles
• Opportunities

   

  • Development of Electric Turbochargers
• Challenges

   

  • Turbo Lag
  • Availability of Very Few Materials to Withstand High Temperature of Turbocharger Components

Ecosystem Analysis

• Turbocharger Component Manufacturers
• Turbocharger Manufacturers
• OEMs

Case Study Analysis

• Development of E-Booster Technology by BorgWarner to Reduce Emissions
• Development of High-Efficiency Gas Engine with Two-Stage Turbocharging System by Mitsubishi Heavy Industries

Technology Analysis

• Electric Turbocharger
• Two-stage Turbocharger

Regulatory Framework

• Emission Regulations
• On-Road Vehicles
• Non-Road Mobile Machinery (NRMM) Emission Regulation Outlook

Fuel Economy Norms

• US
• Europe
• China
• India

Key Conferences and Events in 2023-2024

• Automotive Turbocharger Market: Key Conferences and Events

Trade Analysis

• Import Data
• Export Data

Other Key Insights

• Trends/Disruptions Impacting Buyers in Automotive Turbocharger Market
• Average Selling Price Analysis
• Supply Chain Analysis
• Value Chain Analysis
• Patent Analysis
• Buying Criteria

Companies Profiled

• Key Players

• Garrett Motion Inc. (Honeywell)
• BorgWarner Inc.
• Mitsubishi Heavy Industries
• IHI Corporation
• Cummins Inc.
• BMTS Technology GmbH & Co. KG
• Vitesco Technologies GmbH
• Changchun Fawer-Ihi Turbocharger Co. Ltd.
• Turbo Energy Private Limited
• Delphi Technologies (BorgWarner)

• Other Players

• Rotomaster International
• Precision Turbo & Engine Inc.
• Turbonetics Inc.
• Turbo International
• Kompressorenbau Bannewitz GmbH
• Marelli Corporation
• Weifang Fuyuan Turbocharger Co. Ltd.
• Hunan Tyen Machinery Co. Ltd.
• Man Energy Solutions
• Keyyang Precision Co. Ltd.
• Shanghai Fuyuan Turbocharger Co. Ltd.

Key Topics Covered

1 Introduction

2 Research Methodology

3 Executive Summary

4 Automotive Turbocharger Market, Premium Insights

5 Market Overview

6 Analyst’s Recommendations

7 Automotive Turbocharger Market, by Vehicle Type

8 Automotive Turbocharger Market, by Fuel Type

9 Automotive Diesel Turbocharger Market, by Turbo Type

10 Automotive Gasoline Turbocharger Market, by Turbo Type

11 Automotive Gasoline Turbocharger Market, by Vehicle Type

12 Automotive Turbocharger Market, by Material

13 Automotive Turbocharger Market, by Component

14 Off-Highway Turbocharger Market, by Application

15 Automotive Turbocharger Aftermarket, by Vehicle Type

16 Automotive Turbocharger Market, by Region

17 Competitive Landscape

18 Company Profiles

19 Appendix

For more information about this report visit https://www.researchandmarkets.com/r/cnb501

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