The new report by Expert Market Research titled, ‘Global Automotive Turbocharger Market Report and Forecast 2022-2027’, gives an in-depth analysis of the global automotive turbocharger market, assessing the market based on its segments like fuel types, vehicle types, technologies, components, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2017-2027)
- Historical Market Size (2021): Approximately USD 11 billion
- Forecast CAGR (2022-2027): 10%
- Forecast Market Size (2027): About USD 20 billion
The rising global concerns regarding environmental degradation as a result of toxins released from vehicular fuel combustion have been driving the market growth of automotive turbochargers. Turbochargers are considered as an effective and efficient option to keep internal combustion (IC) engines cleaner, reduce the displacement volume of the cylinder, and reduce the volume of fuel required, thereby reducing the exhaust emissions of the vehicle. Moreover, stringent regulations imposed by governing agencies have invigorated the vehicle manufacturers to incorporate automotive turbochargers, which is another factor significantly contributing towards the growth of the market. As the demand for passenger cars grows, so does the use of automotive turbochargers, which is fuelling market expansion. The market is also expected to rise due to the development of fuel cell car turbochargers to improve power output efficiency and deliver clean air to fuel cell batteries.
Industry Definition and Segmentation
An automotive turbocharger is a turbine-driven forced induction device that increases the internal combustion engine efficiency.
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On the basis of fuel type, the market can be divided into:
Based on vehicle type, the market can be segmented into:
- Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
The market, based on technology, can be categorised into:
- Variable Geometry Turbocharger (VGT)
- Wastegate Turbocharger
- Electric Turbocharger
- Twin Turbocharger
- Two Stage Series Turbocharger
- Two Stage Parallel Turbocharger
- Twin Scroll Turbocharger
- Free-Floating Turbocharger
- Double Axle Turbocharger
Based on component, the market can be classified into:
The regional markets for the product include:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
The growth in the global market for automotive turbochargers can be associated with the emergence of electronic turbochargers that offer more power and better fuel efficiency by eliminating turbo lag and can produce torque at low engine speed. In contrast to the conventional turbocharger, electric turbochargers have fewer technical challenges, thereby making it user-friendly, and also results in less maintenance and cooling oil requirements, thereby augmenting the overall growth of the market. Moreover, the ability of turbochargers to improve fuel efficiency amidst the soaring fuel prices in various counties is further enhancing the market growth of automotive turbochargers. Considerable success in both types of fuel engines is driving the demand for turbocharger-based engine vehicles.
Key Market Players
The major players in the market are Continental AG, Honeywell International Inc., Mitsubishi Heavy Industries, Ltd., BorgWarner Inc., Cummins Inc., and BMTS Technology GmbH Co. KG, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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