Automotive Turbochargers Market To Develop Speedily With CAGR Of 9.1% By 2032 | Market.us
Updated · Apr 28, 2023
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Published Via 11Press : Automotive Turbochargers Market are devices that help improve the performance of an engine by increasing its power output. They work by compressing air and forcing it into the engine’s combustion chamber, which leads to more efficient burning of fuel and a boost in power. Turbochargers are widely used in the automotive industry to enhance engine performance and increase fuel efficiency.
The automotive turbochargers market has seen significant growth over recent years due to the rising demand for high-performance vehicles with greater fuel efficiency. Additionally, strict government regulations on carbon emissions have pushed automakers to develop more eco-friendly engines that require less fuel consumption. As a result, many car manufacturers have turned to turbocharging as a way to meet these demands.
In 2022, the global turbochargers market was valued at USD 17.9 Billion and is expected to grow to USD 42.9 Billion in 2032. Between 2022 and 2032, this market is estimated to register a CAGR of 9.1%
In addition to their use in gasoline-powered cars, turbochargers are also commonly found in diesel engines. Diesel engines tend to produce lower horsepower than their gasoline counterparts but benefit greatly from turbocharging because they can generate more torque at low RPMs. This results in better acceleration and overall performance while consuming less fuel than other types of engines.
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- Market Growth: The global automotive turbochargers market has been experiencing steady growth over the years, driven by factors such as increasing demand for fuel-efficient vehicles, stringent emission regulations, and the trend of engine downsizing.
- Rising Demand for Passenger Cars: The passenger car segment dominates the automotive turbochargers market, accounting for a significant share of the overall demand. This can be attributed to the growing consumer preference for turbocharged gasoline engines and the need for improved performance.
- Diesel Engines and Emerging Technologies: Turbochargers have traditionally been more prevalent in diesel engines due to their ability to enhance power and fuel efficiency. However, advancements in gasoline engine technology, such as downsized turbocharged engines and hybrid powertrains, have expanded the application of turbochargers to gasoline-powered vehicles.
- Asia-Pacific Leading the Market: The Asia-Pacific region has been a major contributor to the growth of the automotive turbochargers market, driven by the increasing production and sales of passenger cars in countries like China, India, and Japan. Rapid industrialization, urbanization, and improving living standards are also factors fueling the demand in this region.
- North America: The North American automotive turbocharger market is driven by factors including growing consumer preference for fuel-efficient vehicles and strict emissions regulations, especially within North American jurisdictions (particularly US & Canada ). Turbocharged gasoline engine passenger cars remain highly in demand across these two regions.
- European Automotive Turbocharger Market: Europe’s automotive turbocharger market is driven by stringent emissions regulations set forth by the EU as well as rising consumer interest in more fuel-efficient vehicles. Germany, France and UK all play key roles in the demand for turbocharged passenger vehicle engines – markets with significant demands for turbocharged motors like Germany and France UK (three major markets for turbocharged passenger vehicle engines).
- Latin America: Latin America’s automotive turbocharger market is driven by rising vehicle ownership numbers and trend towards smaller engines for increased fuel efficiency. Brazil and Mexico represent two key markets for these turbochargers in Latin America.
- Middle East & Africa (MEA): MEA has become an emerging automotive turbocharger market due to factors like an increasing car population and growing disposable income.
- Increasing demand for fuel-efficient vehicles
- Stringent emission regulations
- Trend of engine downsizing to improve fuel efficiency and reduce emissions
- Growing consumer preference for turbocharged gasoline engines
- Advancements in engine technology, such as downsized turbocharged engines and hybrid powertrains
- Growing production and sales of passenger cars, particularly in developing economies
- Technological advancements in turbocharger design and manufacturing
- High cost of turbocharger installation and maintenance
- The complexity of turbocharger systems
- Limited application of turbochargers to certain types of engines
- Availability of alternative technologies, such as electric powertrains
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- Growing focus on electric boosting technologies to enhance the performance of electric powertrains
- Increasing adoption of turbochargers in gasoline-powered vehicles
- Development of lightweight turbocharger materials to improve efficiency and performance
- Introduction of two-stage turbocharging systems to improve performance and fuel efficiency
- Ensuring compatibility of turbochargers with different engine types and sizes
- Ensuring reliability and durability of turbocharger systems
- Adapting to changing regulations and emission standards
- Meeting consumer demand for high-performance vehicles while also improving fuel efficiency and reducing emissions
Key Market Players included in the report
- Bosch Mahle
- Refone Auto Power Co.Ltd.
- Other Key Players
Key Market Segments
By Vehicle Type
- Heavy Commercial Vehicles
- Light Commercial Vehicles
- Passenger Vehicles
By Fuel Type
- Other Fuel Types
- Continental will expand its offering of turbochargers for aftermarket sales beginning November 2020, serving a number of luxury car manufacturers such as MINI, BMW and Volkswagen Group.
- BorgWarner Inc. will introduce three brand-specific turbochargers into their product portfolio in April 2021 for Opel BMW and Peugeot models. These turbochargers will increase performance significantly.
Market Report Scope
|The market size value in 2022||USD 17.9 Bn|
|Revenue Forecast by 2032||USD 42.9 Bn|
|Growth Rate||CAGR Of 9.1%|
|Regions Covered||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of the World|
|Short-Term Projection Year||2028|
|Long-Term Projected Year||2032|
Frequently Asked Questions
Q: What is the current size of the automotive turbochargers market?
A: The automotive turbochargers market size is USD 17.9 Billion in 2022.
Q: What is the projected growth rate for the automotive turbochargers market?
A: The automotive turbochargers market is expected to grow at a CAGR of 9.1% from 2023 to 2032.
Q: What are some of the key players in the automotive turbochargers market?
A: Some of the key players in the cell culture media market include BorgWarner, Honeywell, Continental, Cummins, IHI, MHI, Bosch Mahle, ABB, Refone Auto Power Co.Ltd., Other Key Players
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