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Automotive-Turbocharger-Market
Automotive Turbocharger market is experiencing robust growth, driven by the increased emphasis on fuel efficiency & stringent emission regulations across globe
The Automotive Turbocharger Market offers opportunities driven by the shift to fuel-efficient, low-emission vehicles and the rise of hybrid and electric vehicles” - S&S InsiderAUSTIN, TX, UNITED STATES, November 11, 2024 /EINPresswire / --
Automotive Turbocharger Market Analysis
The Automotive Turbocharger Market was USD 14.21 billion in 2023 and is expected to reach USD 26.12 billion by 2032, growing at a CAGR of 7% over the forecast period of 2024-2032.
Rise of Turbocharging Technology for Enhanced Performance and Sustainability.
The automotive turbocharger market is undergoing a change at a tremendous pace, largely due to the advancements of technology and the rising demand for fuel efficiency. Turbochargers in modern vehicles use the exhaust gases to compress incoming air, thereby making the fuel combust better and ensuring better performance of the engine. It not only provides better power output but also improves the fuel economy, thus reducing the vehicle's environmental impacts.
The electric turbocharger is one of the innovations that has been taken to the front lines as a means to improve performance while reducing emissions. It is in tandem with the global trend towards sustainable automotive solutions. In addition to passenger vehicles, the commercial sector is also embracing the technology, especially in diesel engines that are known to have a great fuel efficiency rate. Moreover, off-road machines such as tractors also begin to adopt turbocharging that has proven to be versatile and applicable in many applications.
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Key Players Listed in Automotive Turbocharger Market Are:
. Garrett Motion Inc. (US)
. Continental AG (Germany)
. Mitsubishi Heavy Industries (Japan)
. BorgWarner Inc. (US)
. IHI Corporation (Japan)
. Fengcheng Xindongli Turbocharger Co. Ltd (China)
. Precision Turbo and Engine (US)
. Bullseye Power LLC (US)
. Bosch Mahle (Germany)
. Cummins Inc. (the US)
. Honeywell International Inc. (US) and other key players
Driving Forces behind the Growth of the Automotive Turbocharger Market
The automotive turbocharger market growth is primarily driven by increasing focus on engine efficiency and compliance with stringent emission regulations. Turbochargers facilitate higher fuel efficiency by maximizing air intake, which enhances combustion and overall engine performance. Turbochargers provide a high-power output with the advantage of not requiring large engine displacement; this, therefore, forms an environmentally friendly alternative for the conventional engine designs.
Manufacturers will continue to work on optimum resource utilization with minimum waste, and in that case, the demand for turbocharging solutions will continue to increase. Furthermore, fuel emissions pressures from governments all over the world have resulted in most automotive companies turning to turbocharging technology to help meet the regulatory demands.
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Automotive Turbocharger Market Segment Analysis
By Vehicle Type
By the vehicle type, passenger cars occupy around 55-60% of market share. It is majorly due to the vast usage of personal transportation by passenger cars. The other reason behind it is the increase in performance improvement in smaller engines, and through this way, the companies can deliver fuel efficient with no reduction in power.
By Fuel Type
Gasoline turbochargers led the segment with more than 65%. This trend will continue due to increasing regulations concerning cleaner emissions, which have become a norm among the developed regions. As automakers work towards these cleaner standards, the adoption of turbocharged gasoline engines gains increased popularity, further creating an opportunity for this segment. There's a growing demand towards the small, fuel-economic vehicle category, which reiterates the necessity of enhanced turbocharging technology that sustains growth in the field.
Automotive Turbocharger Market Key Segmentation:
By Vehicle Type
. Passenger cars
. LCVs
. Trucks
. Buses
By Fuel Type
. Gasoline
. Diesel
. Alternate fuel/CNG
By Turbo Type
. Diesel Turbochargers
. VGT
. Wastegate
. E-Turbocharger
. Gasoline Turbochargers
. VGT
. Wastegate
. E-Turbocharger
By Material
. Cast Iron
. Aluminium
. Others
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Regional Development:
The Asia Pacific region held the highest market share in the automotive turbochargers market, at around 55% in 2023. This is because of the enormous car and light commercial vehicle production in the region and the preference for power over fuel efficiency. Moreover, the stringent environmental regulations in this region are compelling the manufacturers to shift toward turbocharged engine technology, which has played a significant role in the growth of the market.
Europe is the second-largest market with a history of automotive innovations and strict emission standards. The high infiltration of gasoline turbochargers in Europe reflects the region's enthusiasm to meet strict environmental regulations. This dynamic environment provides ample opportunities for growth, especially in the replacement and performance turbocharger segments.
North America is the fastest-growing region in the automotive turbocharger market, driven by a move toward smaller, turbocharged gasoline engines and growing demand for performance vehicles. With an overall market size considerably smaller than that of Asia Pacific and Europe, strong growth in adoption of the technology bodes well for this region.
Recent Developments
September 2024: BorgWarner, the global product leader in delivering innovative and sustainable mobility solutions, has secured an agreement to supply its turbochargers for use on the General Motors Corvette ZR1 sports car platform-the largest passenger car twin turbochargers in the market to be released to date. Paired with the automaker's 5.5-liter flat plane crankshaft V8 engine, this "unthinkable" Corvette is capable of 1,064 horsepower and 828 pound-feet of torque.
September 2024: Tata Motors has launched India's first turbocharged CNG vehicle, the Tata Nexon CNG. This new variant adds to the Nexon's versatility, making it the only vehicle in India available with four distinct powertrains – petrol, diesel, electric, and now CNG. Powered by a 1.2L turbocharged engine, the Nexon CNG churns out 100PS of power and 170Nm of torque for excellent performance, yet does not sacrifice too much on fuel efficiency. With this SUV, Tata will continue its legacy of safety and superior performance with a bonus of cleaner fuel.
Table of Contents
1. Introduction
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
5. Impact Analysis
6. Value Chain Analysis
7. Porter's 5 Forces Model
8. Pest Analysis
9. Automotive Turbocharger Market Segmentation, By Vehicle Type
10. Automotive Turbocharger Market Segmentation, By Fuel Type
11. Automotive Turbocharger Market Segmentation, By Turbo Type
13. Regional Analysis
14. Company Profiles
15. Competitive Landscape
16. Use Case and Best Practices
17. Conclusion
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