Global Automotive Turbocharger Market: Size, Share, Growth, and Forecast to 2030
The global automotive turbocharger market is projected to reach USD 22.9 billion by 2030 from USD 15.2 billion in 2024, at a CAGR of 7.1%. The growth in the automotive turbocharger industry is mainly driven by stringent emission regulations with reduced emission limits & increased fuel efficiency targets, leading to engine downsizing and growing popularity for high-performance vehicles.
Asia
Pacific is estimated to be the largest turbocharger
market. The region has the largest vehicle production,
contributing to >55% of the global vehicle production. Passenger car
production in China, Japan, India, and South Korea contributed to >85% of
global vehicle production. The region has most gasoline-powered passenger cars,
and almost all ICE commercial vehicles are diesel-powered. This region is bound
to be the largest market for turbochargers. In addition, with upcoming emission
regulations, more vehicles would shift to gasoline engines or hybrid and
electric technologies, boosting the demand for gasoline and electric
turbochargers in the region.
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E-turbocharger
is expected to be the fastest-growing segment during the forecast period. Many
OEMs are investing in the development of electric turbochargers. For instance,
BorgWarner is supplying e-turbochargers for both gasoline and diesel engines.
The 48V hybrid technology, which makes internal combustion engines
significantly more efficient at relatively low costs, is a better option regarding
costs and emissions. These advantages would drive the demand for electric
turbochargers. The electric motor helps to reduce emissions by providing more
precise control over the air-fuel mixture.
North
America is estimated to be the fastest-growing market
for turbochargers. Countries like the US are the leading market for automotive
turbochargers in the US. For instance, the United States has implemented
increasingly stringent fuel efficiency standards by The Environmental
Protection Agency (EPA) for all LCV and passenger cars regarding greenhouse
emissions to be changed from 161 grams of CO₂ per mile (g/mi) to 9.8% from
2022. According to this standard, the turbocharger is an effective technology
to improve fuel efficiency without lowering the engine's performance. To meet
the emission reduction, the region has also seen a significant shift towards
GDI engines by providing necessary boosts and optimizing power and efficiency. The
region also has a strong market for sports and performance vehicles that often
use turbocharger technology to deliver the power and performance consumer
demand. This will ultimately propel the
turbocharger market. Popular companies in this region that have turbocharged
cars include the Ford Mustang, Chevrolet Camaro, Dodge Challenger, and Toyota
Supra. The US is the largest market in North America for gasoline-powered
vehicles, growing at a CAGR of 7.5%, followed by Mexico and Canada.
According
to MarketsandMarkets analysis, Passenger Car is the largest turbocharger market during the forecast period. Due
to the new emission regulations, automakers are shifting their focus toward
gasoline-passenger cars. As diesel passenger cars tend to have lower volumetric
fuel consumption compared with gasoline cars, they tend to release more CO₂
emissions than the same amount of gasoline fuel. For instance, In India, on 8th
March 2023, a total ban on diesel cars was proposed, and all four-wheeler
diesel cars would phase off the road by 2027 to move towards cleaner fuels.
This shows that the automotive industry will continue to invest in improving
gasoline, hybrid, and electric technologies to enhance fuel efficiency and
reduce emissions. Innovations such as direct fuel injection and turbocharging
improve the performance and efficiency of gasoline-powered cars, making them
more appealing to consumers. Asia Pacific is estimated to be the largest market
for gasoline-powered passenger cars due to its fuel efficiency, smaller engine
size, and consumer preferences to opt for gasoline vehicles. Thus, the shift
from diesel to gasoline engines would result in demand for gasoline passenger
cars in the future.
Key Market Players:
Major players in the market include BorgWarner (US), Garrett Motion
Inc. (Switzerland), Mitsubishi Heavy Industries, Ltd. (Japan), IHI Corporation
(Japan), and Cummins Inc. (US).
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