CHICAGO, April 29, 2024 /PRNewswire/ — Automotive Turbocharger market is estimated to grow from USD 15.2 billion in 2024 to USD 22.9 billion by 2030 with a CAGR of 7.1%, according to a new report by MarketsandMarkets™. The automotive turbocharger market growth is attributed to the growing demand for fuel-efficient engines without compromising performance. Stringent emission standards worldwide are pushing automakers to adopt turbocharging technology. The demand for E-turbochargers will also grow as they offer a solution to eliminating turbo lag while providing additional performance advantages. When applied to diesel engines, these E-turbos could reduce NOx emissions by up to 20%. Also, an increase in the stringency of emission limits in gasoline-powered vehicles will fuel the demand for gasoline turbochargers in the coming years.

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=919

Browse in-depth TOC on “Automotive Turbocharger Market“.

• 362 – Tables
• 64 – Figures        
• 330 – Pages

Automotive Turbocharger Market Scope:

 

VGT Turbochargers are predicted to be the largest segment during the forecast period.

The VGT turbochargers offer several advantages, such as enhanced low-end torque, minimized turbo lag, and precise boost control for varied engine load and speed. Due to this, it is widely used across the globe to improve engine performance, increase fuel efficiency, and meet stringent emission regulations. Due to its versatility, the VGT turbochargers have widespread adoption across all vehicle types, from passenger and commercial vehicles to heavy-duty trucks and buses. Major players such as BorgWarner Inc., Garrett Motion Inc., and Cummins Turbo Technologies are investing in enhancing the performance of VGT technology by integrating sophisticated electronic control units (ECUs) for improved performance, efficiency, and reliability.

The passenger car segment is projected as the largest automotive turbocharger market.

Passenger cars hold the maximum market among all vehicle types for automotive turbocharges. The dominance is mainly due to the highest share of passenger cars globally, which was >70% in 2023, as per OICA statistics. Further, according to the Economic and Market Report (ACEA), global car production surged to 76 million units in 2023, marking a notable 10.2% rise compared to the previous year. Within this, the EU contributed 12.1 million units, reflecting an 11% rise, while the US production exceeded 7.6 million units, contributing to an 8.5% increase. China produced 25.3 million cars, a robust 9% growth, and Japan also witnessed significant growth, producing over 7.7 million cars, a substantial 17.4% increase compared to last year. Moreover, many OEMs have shifted from diesel to gasoline vehicles due to various factors, including stringent emissions regulations targeting diesel, elevated taxes on diesel fuel and vehicles to restrict demand, and the narrowing disparity in fuel efficiency and performance between gasoline and diesel models. Additionally, gasoline vehicles now commonly feature Gasoline Direct Injection (GDI) systems, enhancing fuel efficiency by up to 20% compared to traditional gasoline engines while delivering higher power and torque figures. Additionally, GDI technology has contributed to reducing emissions of pollutants like nitrogen oxides (NOx) and particulate matter (PM). The growing adoption of GDI engines has also led to increased usage of turbochargers. The integration of GDI and turbocharger technologies enables automakers to develop more efficient and powerful engines, consequently boosting the demand for gasoline engines. Europe leads the demand for gasoline cars in terms of higher adoption rate for turbocharged passenger cars, with over 50% of all passenger vehicles sold in Europe in 2022 featuring.

Asia Pacific is estimated to be the dominant region in the automotive turbocharger market.

Asia Pacific is the largest automotive market, and China, Japan, and India contribute >85% of the overall vehicle production in the region. The region also has a higher demand for smaller and compact cars, with more than 80% of the passenger cars running on gasoline. Further, the automotive turbocharger industry expansion in countries like China, India, South Korea, and Japan is primarily driven by growing demand for gasoline engines incorporating turbocharged gasoline direct injection (TGDI) technology. Among these, China has become a key market for automotive turbochargers in the Asia Pacific region, with TGDI engines followed by Japan, South Korea, and India. The stricter vehicle emission norms are driving the automakers in this region to adopt more fuel-efficient technologies. The Governments of major countries, India and China have made it mandatory for all automakers to comply with the BS6 Phase 2 and China 6 emission norms respectively. Under the China 6 standards, the PM emissions limit for gasoline-powered vehicles is 4.5 mg/km, while diesel vehicles must emit no more than 0.5 mg/km. In India, the diesel vehicle emission limits are lowered by 68% and the gasoline vehicle emissions are lowered by 25%. Thereby, the demand for GDI engines will be growing in this region which will drive the automotive turbocharger market.

Inquire Before Buying: https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=919

Key Market Players:

The major players in Automotive Turbocharger Companies include Toyota Motor Corporation (Japan), Honda Motor Co., Ltd. (Japan), The Hyundai Motor Company (South Korea), Mitsubishi Motors Corporation (Japan), and Nissan Motor Co. Ltd. (Japan)

Recent Developments

• In June 2023, Garrett Motion announced the completion of the expansion of its Wuhan Plant which included the installation of its first high-speed automated production line for advanced variable nozzle technology (VNT) used in turbo-passenger vehicles.
• In April 2023, Garrett Motion Inc. unveiled its latest turbocharger and e-mobility technologies at Auto Shanghai 2023. Its innovative E-turbos enhance power and fuel efficiency, enabling vehicles to achieve the performance levels of larger engines from previous generations while utilizing increasingly compact engines.
• In June 2023, IHI was honored with a supplier commendation in the form of a letter of appreciation from Yanmar Global Experts for its commendable efforts and contributions toward ensuring the stable supply of turbochargers throughout 2022. The award was focused on the adoption of new turbochargers and the company’s role in facilitating consistent procurement, with particular emphasis placed on two key aspects that received high praise.
• In March 2022, BMTS showcased its Turbo technology at the Vienna Motor Symposium 2022. Its intention was to address the increasing demand for mobility, meet climate targets, and ensure future affordability in the mobility sector.
• In September 2022, Garrett Motion showcased E-Turbos at the IAA Transportation Exhibit. The plan was to promote the use of E-Turbos in vehicles and focus on the improvements that E-Turbos have compared to traditional turbochargers.

Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=919

Browse Adjacent Market: Automotive and Transportation Market Research Reports & Consulting

Related Reports:

Exhaust System Market – Global Forecast to 2026

Automotive Supercharger Market – Global Forecast to 2025

Gasoline Direct Injection Market – Global Forecast to 2027

Diesel Particulate Filter Market – Global Forecast to 2025

About MarketsandMarkets™:

MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America’s best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

Contact:

Mr. Aashish Mehra

MarketsandMarkets™ INC.

630 Dundee Road

Suite 430

Northbrook, IL 60062

USA: +1-888-600-6441

Email: [email protected]

Research Insight: https://www.marketsandmarkets.com/ResearchInsight/turbochargers-market.asp

Visit Our Website: https://www.marketsandmarkets.com/

Content Source: https://www.marketsandmarkets.com/PressReleases/turbochargers.asp

Logo: https://mma.prnewswire.com/media/1951202/4609423/MarketsandMarkets.jpg

 

View original content:https://www.prnewswire.co.uk/news-releases/automotive-turbocharger-market-worth-usd-22-9-billion-by-2030—exclusive-report-by-marketsandmarkets-302129777.html

Featured image: Megapixl © MinervaStudio

Disclaimer