CHICAGO, April 29,
2024 /PRNewswire/ -- Automotive Turbocharger
market is estimated to grow from USD 15.2 billion in 2024 to USD 22.9 billion by 2030 with a CAGR of
7.1%, according to a new report by
MarketsandMarkets™. The automotive turbocharger market growth
is attributed to the growing demand for fuel-efficient engines
without compromising performance. Stringent emission standards
worldwide are pushing automakers to adopt turbocharging technology.
The demand for E-turbochargers will also grow as they offer a
solution to eliminating turbo lag while providing additional
performance advantages. When applied to diesel engines, these
E-turbos could reduce NOx emissions by up to 20%. Also, an increase
in the stringency of emission limits in gasoline-powered vehicles
will fuel the demand for gasoline turbochargers in the coming
years.
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Browse in-depth TOC on "Automotive Turbocharger
Market".
- 362 - Tables
- 64 -
Figures
- 330 - Pages
Automotive Turbocharger Market Scope:
Report
Coverage
|
Details
|
Market Size
|
USD 22.9 billion by
2030
|
Growth Rate
|
CAGR of 7.1%
|
Largest
Market
|
Asia Pacific
|
Market
Dynamics
|
Drivers, Restraints,
Opportunities & Challenges
|
Forecast
Period
|
2024-2030
|
Forecast
Units
|
Value (USD
Billion)
|
Report
Coverage
|
Revenue Forecast,
Competitive Landscape, Growth Factors, and Trends
|
Segments
Covered
|
Diesel & Gasoline
Turbo (VGT, Wastegate, e-Turbo), Component (Turbine Wheel,
Compressor Wheel, Housing), Material, Off-Highway Equipment,
Vehicle Type, Fuel Type, Aftermarket and Region
|
Geographies
Covered
|
Asia Pacific, North
America, Europe, Rest of the World
|
Report
Highlights
|
Updated financial
information / product portfolio of players
|
Key Market
Opportunities
|
Development of electric
turbochargers
|
Key Market
Drivers
|
Stringent emission
regulations and a surge in sales of gasoline-powered passenger
vehicles
|
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.
The passenger car segment is projected as the largest
automotive turbocharger market.
Passenger cars hold the maximum market among all vehicle types
for automotive turbocharges. The dominance is mainly due to the
highest share of passenger cars globally, which was >70% in
2023, as per OICA statistics. Further, according to the Economic
and Market Report (ACEA), global car production surged to 76
million units in 2023, marking a notable 10.2% rise compared to the
previous year. Within this, the EU contributed 12.1 million units,
reflecting an 11% rise, while the US production exceeded 7.6
million units, contributing to an 8.5% increase. China produced 25.3 million cars, a robust 9%
growth, and Japan also witnessed
significant growth, producing over 7.7 million cars, a substantial
17.4% increase compared to last year. Moreover, many OEMs have
shifted from diesel to gasoline vehicles due to various factors,
including stringent emissions regulations targeting diesel,
elevated taxes on diesel fuel and vehicles to restrict demand, and
the narrowing disparity in fuel efficiency and performance between
gasoline and diesel models. Additionally, gasoline vehicles now
commonly feature Gasoline Direct Injection (GDI) systems, enhancing
fuel efficiency by up to 20% compared to traditional gasoline
engines while delivering higher power and torque figures.
Additionally, GDI technology has contributed to reducing emissions
of pollutants like nitrogen oxides (NOx) and particulate matter
(PM). The growing adoption of GDI engines has also led to increased
usage of turbochargers. The integration of GDI and turbocharger
technologies enables automakers to develop more efficient and
powerful engines, consequently boosting the demand for gasoline
engines. Europe leads the demand
for gasoline cars in terms of higher adoption rate for turbocharged
passenger cars, with over 50% of all passenger vehicles sold in
Europe in 2022 featuring.
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 industry 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.
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Key Market Players:
The major players in Automotive Turbocharger
Companies include 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)
Recent Developments
- In June 2023, Garrett Motion announced the completion of the
expansion of its Wuhan Plant which included the installation of its
first high-speed automated production line for advanced variable
nozzle technology (VNT) used in turbo-passenger vehicles.
- In April 2023, Garrett Motion
Inc. unveiled its latest turbocharger and e-mobility technologies
at Auto Shanghai 2023. Its innovative E-turbos enhance power and
fuel efficiency, enabling vehicles to achieve the performance
levels of larger engines from previous generations while utilizing
increasingly compact engines.
- In June 2023, IHI was honored
with a supplier commendation in the form of a letter of
appreciation from Yanmar Global Experts for its commendable efforts
and contributions toward ensuring the stable supply of
turbochargers throughout 2022. The award was focused on the
adoption of new turbochargers and the company's role in
facilitating consistent procurement, with particular emphasis
placed on two key aspects that received high praise.
- In March 2022, BMTS showcased its
Turbo technology at the Vienna Motor Symposium 2022. Its intention
was to address the increasing demand for mobility, meet climate
targets, and ensure future affordability in the mobility
sector.
- In September 2022, Garrett Motion showcased E-Turbos at the IAA
Transportation Exhibit. The plan was to promote the use of E-Turbos
in vehicles and focus on the improvements that E-Turbos have
compared to traditional turbochargers.
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