Automotive Turbocharger Market Demand, Growth, Forecast 2023 – 2033
According to a research report published by Spherical Insights & Consulting, the Global Automotive Turbocharger Market Size Expected to Grow from USD 14.85 Billion in 2023 to USD 30.4 Billion by 2033, at a CAGR of 7.43% during the forecast period 2023-2033.
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Automotive turbochargers are turbine-driven devices for intake that assist internal combustion engines to get maximum efficiency and power from engines. It uses the atmospheric pressure of the vehicle to pump more fuel into the combustion chamber as well as provide high engine power without increasing piston displacement. Turbochargers are the co-benefits of automotive manufacturers as an economically viable solution to keep fossil fuel engines clean. Turbochargers are energy-saving and eco-friendly devices so, small engine use in automobiles is getting popular among customers as it provides better combustion emission control. However, the industry of automobile trade is increasingly rising, so major automakers have been switching to more sustainable energy sources developing vehicles with new technologies, and transitioning into electric, and hybrid vehicles.
Browse key industry insights spread across 200 pages with 110 Market data tables and figures & charts from the report on the Global Automotive Turbocharger Market Size, Share, and COVID-19 Impact Analysis, By Technology Type (Variable Geometry Turbocharger, Twin Turbochargers, Wastegate Turbocharger, and Electric Turbocharger), By Fuel Type (Gasoline, Diesel, and Others), By Vehicle Type (Passenger Car, Light Commercial Vehicle, and Heavy Commercial Vehicle), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033
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The twin turbochargers segment is anticipated to hold the largest share of the global automotive turbocharger market during the forecast period.
On the basis of the technology type, the global automotive turbocharger market is divided into variable geometry turbochargers, twin turbochargers, wastegate turbochargers, and electric turbochargers. Among these, the twin turbochargers segment is anticipated to hold the largest share of the global automotive turbocharger market during the forecast period. A twin turbocharger provides efficient packing inside the engine system and requires the least number of exhausting pipes. Its superior performance allows the exhaust gases to be recycled. So, increasing the engine cost requires this type of turbocharger for the future potential.
The diesel segment is expected to grow at the fastest pace in the global automotive turbocharger market during the projection period.
On the basis of fuel type, the global automotive turbocharger market is divided into gasoline, diesel, and others. Among these, the diesel segment is expected to grow at the fastest pace in the global automotive turbocharger market during the projection period. The diesel turbocharger improves transit performance, reduces torque speed, and can reduce diesel engine size. Diesel engines emit less percentage of greenhouse gases than other fuels, improve turbo efficiency, increase fuel efficiency, and provide high durability. Due to these factors, the diesel segment is growing fastest in the global automotive turbocharger market.
The passenger car segment is expected to grow at a rapid pace in the global automotive turbocharger market during the predicted period.
Based on the vehicle type, the global automotive turbocharger market is divided into passenger cars, light commercial vehicles, and heavy commercial vehicles. Among these, the passenger car segment is expected to grow at a rapid pace in the global automotive turbocharger market during the predicted period. Passenger vehicles require better fuel economy and performance, hence turbocharging technology grows at a rapid pace.
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Asia Pacific is anticipated to hold the largest share of the global automotive turbocharger market over the predicted period.
Due to the increasing number of automobiles in need, the market for automotive turbochargers is expanding so, some of the top manufacturers in this region have increased the production and sale of cars along with their spare parts, and automobile materials. Furthermore, some of the fastest growing economies like India and China have the highest number of automotive sales and production, and thus, contribute to the growth of the turbocharger market in this region. A rise in disposable income, substantial infrastructural development, vast industrialization, and accelerated urbanization are all contributing reasons for market expansion.
Europe is predicted to expand the quickest in the global automotive turbocharger market throughout the forecast period. The European automotive market, which is recognized for its high diesel engine penetration and strong demand for performance vehicles, is naturally drawn to turbocharging technologies. Furthermore, turbochargers are becoming more common in hybrid and electric vehicles, reflecting the huge electrification trend in the European market. The market for turbochargers is supported by government regulations and consumer awareness of environmental sustainability and fuel efficiency.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global automotive turbocharger market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.Major vendors in the global automotive turbocharger market are Continental GT, Garrett Motion, Turbonetics, Aptiv PLC, Precision Turbo and Engine Inc., Cummins Inc., ABB, Ningbo Motor Industrial Co. Ltd., Mahle, Robert Bosch GmbH, Mitsubishi Heavy Industries. Ltd, Turbo Dynamics, Rotomaster International, Kompressorenbau Bannewitz GmbH, IHI Corporation, Marelli Corporation, Fuyuan Turbocharger Co, Ltd, and Others.
Key Target Audience
- Market Players
- Investors
- End-users
- Government Authorities
- Consulting and Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
Recent Development
- In March 2024, Ferrari filed patents for a novel, hybridized engine running on hydrogen and used forced induction via an electrically driven turbocharger setup. In the patent filings, Ferrari proposes an i6 configuration, in an upside-down arrangement, though also suggests that either v6, v8, or v12 layouts could be used.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the global automotive turbocharger market based on the below-mentioned segments:
Global Automotive Turbocharger Market, By Technology Type
- Variable Geometry Turbocharger
- Twin Turbochargers
- Wastegate Turbocharger
- Electric Turbocharger
Global Automotive Turbocharger Market, By Fuel Type
- Gasoline
- Diesel
- Others
Global Automotive Turbocharger Market, By Vehicle Type
- Passenger Car
- Light Commercial Vehicle
- Heavy Commercial Vehicle
Global Automotive Turbocharger Market, Regional
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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