Automotive Turbochargers Market Size to Grow USD 37120 Million by 2030 at a CAR of 10.2% | Valuates Reports
BANGALORE, India, May 23, 2024 /PRNewswire/ -- Automotive Turbochargers Market is Segmented by Type (Mono Turbo, Twin Turbo), by Application (Sedan, SUV & Pickup).
The Global Automotive Turbochargers Market was valued at USD 18660 Million in 2023 and is anticipated to reach USD 37120 Million by 2030, witnessing a CAGR of 10.2% during the forecast period 2024-2030.
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Major Factors Driving the Growth of Automotive Turbochargers Market:
The market for automotive turbochargers is mostly driven by consumers' increasing desire for high-performance, fuel-efficient cars. With the help of turbochargers, smaller engines may generate more power, resulting in increased fuel efficiency and lower emissions. This is in line with increasingly strict environmental rules and growing fuel prices. Another important aspect is the growing use of turbocharged engines in gasoline and diesel vehicles across a range of vehicle classes, including commercial trucks and passenger automobiles. Additionally, improvements in engine performance and economy brought about by developments in turbocharger technology, such as electric and variable geometry turbochargers, propel market expansion. The need for automobile turbochargers is further fueled by the trend toward smaller engines with higher power outputs and the need to leave a smaller carbon footprint.
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TRENDS INFLUENCING THE GROWTH OF THE AUTOMOTIVE TURBOCHARGERS MARKET
The market for automobile turbochargers is primarily being driven by the desire for fuel economy. Turbochargers provide an efficient answer to the growing demand from customers and government agencies for automobiles with higher fuel efficiency. Turbochargers improve engine efficiency and power production without enlarging the engine by pumping additional air into the combustion chamber. Better fuel efficiency will result from this, especially with smaller engines, which are becoming more and more common in both passenger and commercial vehicles. As a result, in order to fulfill strict fuel economy regulations, manufacturers are adding turbochargers, which not only helps to reduce fuel consumption but also lowers CO2 emissions, in line with global environmental aims.
The rules governing emissions are getting stricter worldwide, particularly in China, North America, and Europe. These laws require automobiles to emit less dangerous pollutants like CO2 and NOx. Through increasing engine efficiency and lowering exhaust emissions, turbochargers assist manufacturers in adhering to these strict regulations. Turbochargers improve engine performance by improving the combustion of the air-fuel combination, making engine running cleaner and more efficient. The automobile sector is required to embrace turbocharging technology as governments continue to tighten emission requirements to combat air pollution and climate change, which is considerably driving the market expansion.
The move in the automotive industry toward hybrid vehicles (HEVs) opens up new markets for turbochargers. Turbochargers can increase the efficiency of the internal combustion engine in hybrid cars, enhancing overall performance and supporting the electric motor. To further improve power delivery in hybrid powertrains, developments in electric turbocharging technology—which uses electric motors to power the turbocharger—are also being made. The market for automotive turbochargers is expected to develop as a result of the increasing integration of innovative turbocharging technologies into hybrid cars.
The market for turbochargers is also significantly influenced by the need for high-performance automobiles. Turbochargers are a major component used by sports car manufacturers and performance enthusiasts to produce cars with increased power and acceleration. By raising the engine's power output without unnecessarily adding weight or complexity, turbochargers significantly improve performance. This desire extends beyond only sports vehicles to include high-performance versions of sedans and SUVs, as well as mainstream models. The market for turbochargers will continue to profit from this market segment as long as consumers' interest in performance-oriented automobiles is high.
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AUTOMOTIVE TURBOCHARGERS MARKET SHARE ANALYSIS:
The major companies in the global automotive turbocharger market include Honeywell, BorgWarner, IHI, MHI, and so forth. With a share of nearly 75%, the top four producers worldwide.
Europe holds a nearly 40% stake, making it the largest market. Due to a number of variables, Europe has the biggest market share in the automobile turbocharger industry. The need for turbochargers is driven by strict pollution rules, including the Euro 6 standards, which force automakers to use technology that improves fuel economy and reduces emissions. Additionally, diesel cars—which frequently employ turbochargers to increase performance and fuel efficiency—are highly preferred by European buyers. Furthermore, the use of turbocharged engines is encouraged by European governments' measures to promote cleaner automobiles and lessen carbon footprints, which further solidifies the region's dominant position in the industry.
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Key Companies:
- Honeywell
- BorgWarner
- IHI
- MHI
- Cummins
- Bosch Mahle
- Continental AG
- Hunan Tyen
- Weifu Tianli
- Weifang Fuyuan
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