The current state of the automotive turbocharger market is defined by a substantial surge in growth, with a projected CAGR of 10.2% from 2022 to 2028. This surge is primarily attributed to the increasing demand for lightweight engines and the rising production of both passenger cars and heavy vehicles. Furthermore, government regulations focusing on emissions from fuel vehicles are also contributing to the market’s expansion. However, the increasing popularity of electric vehicles poses a potential challenge to this growth.
A recent study by strategic consulting and market research firm Report Ocean revealed that the global automotive turbocharger market was valued at USD 11.9 billion in 2021 and is estimated to reach USD 23.5 billion by 2028. The growing demand for lightweight engines, coupled with the necessity for improved fuel efficiency, are primary factors fueling the adoption of turbochargers in the automotive industry. This growth is further amplified by the escalating production of passenger cars and heavy vehicles worldwide. Nevertheless, the burgeoning popularity of electric vehicles presents a formidable challenge to the growth of the automotive turbocharger market.
Currently, the diesel fuel segment holds the largest market share in the global automotive turbocharger market and is expected to witness the highest growth rate during the forecast period. Turbocharged diesel engines offer enhanced efficiency and power output, rendering them suitable for heavy vehicles such as trucks. Additionally, the heightened mileage and decreased emissions afforded by turbochargers further contribute to the growth of this segment.
The segment for passenger cars boasts the largest market share among vehicle types. The increased demand for passenger cars, driven by factors such as rising disposable income and a flourishing cab industry, is propelling the growth of this segment. Furthermore, the market for automotive turbochargers is segmented based on material types, with aluminium holding the largest market share. Aluminium alloys are commonly employed for manufacturing turbochargers due to their high strength-to-weight ratio and ability to withstand high temperatures.
Geographically, the Asia-Pacific region commands the global automotive turbocharger market, followed by Europe. Asia-Pacific is currently experiencing significant growth due to the presence of leading automobile companies and the increased production of vehicles. Europe also maintains a considerable market share, propelled by stringent government regulations on vehicle emissions. The North American market is anticipated to undergo significant growth due to the adoption of turbochargers to meet emission reduction requirements.
Key players in the global automotive turbocharger market encompass BorgWarner Inc., IHI Turbo America, Continental AG, Precision Turbo and Engine, Cummins Turbo Technologies, Mitsubishi Heavy Industries Ltd, Delphi Technologies, Magnum Performance Turbos, Honeywell International Inc., Turbo Dynamics Ltd., Rotomaster International, Bosch Mahle, ABB, Weifang Fuyuan Turbocharger Co Ltd, Hunan Tyen Machinery, Ningbo Motor Industrial Co., Ltd., Kompressorenbau Bannewitz GmbH, CIMOS d.d., and Marelli Corporation, among others. These entities centre their efforts on developing advanced turbochargers, expanding their distribution channels, and adopting competitive strategies in order to gain a competitive edge in the market.
In conclusion, the global automotive turbocharger market presents significant growth opportunities for businesses and industries within the automotive sector. As a result, consulting analysts can provide vital insights and facilitate business expansion within this market. The comprehensive analysis provided in the Report Ocean report encompasses growth potential, upcoming trends, and statistics of the market, enabling decision-makers to make informed strategic decisions. With the increasing demand for turbochargers in both passenger cars and heavy vehicles, a bright future undoubtedly lies ahead for the automotive turbocharger market.
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