(MENAFN- PR Newswire) Asia Pacific is the largest market for small passenger cars, and more than 80% of the passenger cars in this region run on gasoline. The automotive turbocharger industry
growth in countries such as China, India, South Korea, and Japan can be attributed to the increasing demand for gasoline engines that use TGDI (turbocharged gasoline direct injection) technology, where China is the key market for automotive turbochargers in the Asia Pacific. According to MarketsandMarket analysis, the Asia Pacific region has gasoline-powered vehicles with a35% installation rate of turbochargers, while diesel vehicles have an almost 100% installation rate. The Asia Pacific region has recently witnessed the rise of hybrid vehicles, which is also an opportunity for electric turbochargers.
By 2030, the ACEA predicts that there will be ~52 million EVs on the road by 2030 in the Asia Pacific region, up from 1.2 million in 2022. In terms of the percentage, EV sales would rise from ~3% in 2022 to ~50% by 2030. In this, China is anticipated to continue to be the largest EV market in the Asia Pacific region by 2030, contributing to ~40%, followed by Japan (~18%). Ultimately, the turbocharger's demand in the future is projected to fall due to the trend of electric vehicles. Some of the leading turbocharger manufacturers in the region are IHI Corporation (Japan), Mitsubishi Heavy Industries (MHI, Japan), and Turbo Energy Ltd (India).
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Automotive Turbocharger Market Dynamics:
Drivers:
Strict laws related to NOx and CO2 emission levels. Increasing demand for passenger cars with gasoline engines. Restraints:
High maintenance costs and cooling oil requirements. Increasing adoption of electric vehicles. Opportunities:
Development of electric turbochargers. Challenges:
Turbo lag. Availability of very few materials to withstand high temperature of turbocharger components. Key Market Players:
The automotive turbocharger companies are consolidated. Garrett Motion Inc. (Honeywell), BorgWarner, IHI Corporation, MHI, and Cummins Inc. are the key companies operating in the automotive turbocharger market. These companies adopted new product launches, partnerships, and joint ventures to gain traction in the automotive turbocharger market.
Recent Developments:
In May 2022, Garrett Motion Inc (Honeywell) launched TR25R, TR30R, AND TR35R, the new housings made of titanium and had a water-cooled function for efficient working and maximum protection. In April 2022, Garrett Motion Inc. (Honeywell) launched Next-Generation E-Boosting Technologies in an auto expo held in Shanghai, which will be used for hybrid fuel cell vehicles to increase fuel economy and reduce exhaust emissions. In May 2021, Cummins Inc. launched the HOLSET M turbocharger specially designed for heavy-duty and off-highway applications. It features a range of sizes and configurations to meet the needs of different applications. In October 2020, BorgWarner Inc. showcased their S410, an upgraded version of the S410 turbocharger for the Mercedes-Benz Novo Actros extra heavy truck. In March 2020, Cummins Inc. launched HOLSET HE200, a variable geometry turbocharger designed and developed for all small engines used in building passenger cars and light-duty trucks. It features a variable geometry turbine for improvising the responsiveness and efficiency of the engines.
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