Automotive Turbocharger Market to Grow at 6.82% CAGR by 2026
Government’s regulation for emission control and increase in demand for fuel efficient vehicles to drive the global automotive turbocharger market through 2026.
According to TechSci Research report, “Global Automotive Turbocharger Market By Vehicle Type (Passenger Car, Light Commercial Vehicle and Heavy Commercial Vehicle), By Engine Type (Diesel and Gasoline), By Technology Type (VGT/VNT, Wastegate, Electric Turbocharger), By Operation Type (Conventional and E-Turbocharger), By Region, Competition, Forecast & Opportunities, 2026”, Global Automotive Turbocharger market is anticipated to reach USD18.61 billion by 2026 because of the implementation of government regulations for emission control and increasing demand for high performance vehicles to increase the performance of vehicle, thus, original equipment manufacturers are decreasing the size of the engine. The engines are being downsized due to the growing concerns related to the weight of the vehicle. In turbochargers, lightweight alloys are used for manufacturing to decrease the fuel consumption and it also makes turbochargers compact, which in turn reduces the overall size of the engine and also the vehicle. The downsizing of the engine also helps in improving mileage and enhances the performance of the vehicle. The good performance of the vehicle includes good fuel efficiency, having improved power output, and releasing the lower amount of carbon dioxide. The improving road infrastructure is also allowing consumers to buy high-performance vehicles. These factors are increasing the demand for turbochargers globally. The Original Equipment Manufacturers (OEMs) are also investing a lot in research and development to improve the performance of turbochargers.
The trend of increasing disposable income is also enhancing the demand for turbochargers in the automotive market because people are able to spend a little more on new and efficient technology which is beneficial for them. Hence, they are demanding turbocharger-based engine in their vehicle. Rising awareness about the environmental issues is also one of the factors responsible for the increasing demand for turbochargers in the automotive market. A lot of pollution is caused due to gases like carbon monoxide coming out of the vehicles and creating environmental pollution, therefore, the governments of various countries are driving a campaign to create awareness among their citizens regarding the use of vehicles which can reduce the pollution level. For that, people are also demanding turbocharger-based engine vehicles because such vehicles create less pollution in comparison to normal vehicles. Apart from this, in recent times, it is observed that demand for turbochargers is growing in commercial vehicles as well. This is because turbocharger-based engine commercial vehicle not only helps in reducing the pollution coming out of the vehicle but also significantly decreases fuel consumption, meet stricter environmental standards and provides high performance and also fulfills the economic aim of its operator.
Browse more than 145 market data Figures spread through 184 Pages and an in-depth TOC on “Global Automotive Turbocharger Market”
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Global automotive turbocharger market can be segmented based on vehicle type, engine type, technology type, and operation type. On the basis of vehicle type, the market can be classified into passenger car, light commercial vehicle and heavy commercial vehicle. In the vehicle type, passenger car has the majority of share because of a greater number of sale and increasing demand for high performance cars. In the forecast period, passenger cars are expected to be high in demand hence the turbochargers will be sold more in passenger cars than light commercial and heavy commercial vehicle. By engine type, gasoline is dominating the automotive turbocharger market with more than half of the share and this trend is expected to continue in the forecast period as well. In technology segment, wastegate has more than one third of the total share in the automotive turbocharger market. In the forecast period, the share of wastegate is expected to reach more than half of the total market share. In operation type segment, conventional turbocharger is dominating the market but in forecast period e- turbocharger is expected to grow at a higher CAGR than conventional turbocharger.
Regionally, the market of automotive turbocharger is more in Asia-Pacific, followed by Europe and North America. In the forecast period, the trend is expected to be the same as 2020 with small changes in shares.
Major players operating in the global automotive turbocharger market are Garret Motion Inc. BorgWarner Inc., IHI Corporation, Mitsubishi Heavy Industries Ltd., Bosch Mahle Turbosystems GmbH , Cummins Turbo Technologies, Inc., Magnum Performance Turbos Inc. Key players are developing advanced technologies and launching new products to stay competitive in the market. Other competitive strategies include mergers and acquisition, new product developments and also increasing marketing activities and enriching product portfolio globally to increase customer outreach.
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“In 2020, Asia-Pacific accounted for the largest share i.e., 54.26% in the global automotive turbocharger market and it is expected to dominate in the forecast period as well. Asia-Pacific is leading the global automotive turbocharger market because of the increasing demand for high-performance vehicles.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Automotive Turbocharger Market By Vehicle Type (Passenger Car, Light Commercial Vehicle and Heavy Commercial Vehicle), By Engine Type (Diesel and Gasoline), By Technology Type (VGT/VNT, Wastegate, Electric Turbocharger), By Operation Type (Conventional and E-Turbocharger), By Region, Competition, Forecast & Opportunities, 2026” has evaluated the future growth potential of the Global Automotive Turbocharger market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the global automotive turbocharger market.
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