Press release
Automotive Turbocharger Market Size and Forecast to 2030 | Key Players - Honeywell International Inc., Turbo Energy Private Limited, Mitsubishi Heavy Industries Ltd., Garrett Motion Inc., BorgWarner Inc., IHI Corporation, Cummins
The rising demand for fuel-efficient gasoline-powered vehicles coupled with the high penetration of turbochargers in gasoline engines across the globe; the rapidly enhancing need and demand for improved engine performance and fuel efficiency; the growing development of electric turbochargers by major market players; the increasing number of stringent emission norms, especially in the developing countries across the world; and the surging adoption of TGDI (Turbocharged Gasoline Direct Injection) technology are among the major factors contributing to the growth of the global automotive turbocharger market during the forecast period.
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According to vehicle type, the passenger car segment led the global automotive turbocharger market in 2021. The segment is expected to continue with its dominance and witness the highest CAGR in the market during the forecast period. According to technology type, the variable geometry turbocharger segment acquired the largest share of the global automotive turbocharger market in 2021.
The segment is expected to maintain this trend over the forecast period. On the other hand, the electric turbocharger segment is anticipated to attain the highest CAGR in the market during the forecast period. According to fuel type, the gasoline segment captured the largest share of the global automotive turbocharger market in 2021. The segment is estimated to retain its position in the market during the forecast period of 2022-2030.
Geographically, the European region dominated the global automotive turbocharger market in 2021, followed by the Asia Pacific and North America. The region's position is estimated to remain unchanged during the forecast period of 2022-2030.Countries such as Germany and the U.K stand are among the key contributors to the growth of the market in the region.
The Asia Pacific region accounted for the second-largest share in the global automotive turbocharger market in 2021. The region is expected to continue the trend and witness the highest growth in the market during the forecast period of 2022-2030. The ever-growing population base, and the rapidly increasing vehicle production in the region are primarily driving the growth of the market in the Asia Pacific region. India, China, Japan, Indonesia, and Thailand stand as the key contributors to the growth of this market in the region.
Some of the major automotive turbocharger companies profiled in the report include Honeywell International Inc., Turbo Energy Private Limited, Mitsubishi Heavy Industries Ltd., Garrett Motion Inc., BorgWarner Inc., IHI Corporation, Cummins, Bosch-Mahle, Continental AG., and Delphi Technologies.
The global automotive turbocharger market is segmented into vehicle type, fuel type, technology type, component, sales channel, material, and region. Based on vehicle type, the market is bifurcated into passenger car, light commercial vehicle, and heavy commercial vehicle.
Based on fuel type, the market is bifurcated into gasoline, diesel, and alternate fuel/CNG. Based on technology type, it is classified into variable geometry turbocharger, wastegate turbocharger, and electric turbocharger. Based on component, it is classified into compressor, turbine, and housing. Based on sales channel, it is classified into OEM and replacement/aftermarket. Based on material, it is classified into cast iron, aluminum, and others.
The global automotive turbocharger market is analyzed across North America (U.S. & Canada), Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Rest of Europe), Asia Pacific (China, India, Japan, South Korea, Indonesia, Thailand, Australia, New Zealand, and Rest of Asia Pacific), Latin America (Brazil, Mexico, and the Rest of Latin America) and Middle East & Africa (GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, and Rest of Middle East & Africa).
Key Insights of Automotive Turbocharger Market
• On the basis of vehicle type, the passenger car segment led the global automotive turbocharger market in 2021. The segment is expected to continue with its dominance and witness the highest CAGR in the market during the forecast period.
• On the basis of technology type, the variable geometry turbocharger segment acquired the largest share of the global automotive turbocharger market in 2021. The segment is expected to maintain this trend over the forecast period. On the other hand, the electric turbocharger segment is anticipated to attain the highest CAGR in the market during the forecast period.
• On the basis of fuel type, the gasoline segment captured the largest share of the global automotive turbocharger market in 2021. The segment is estimated to retain its position in the market during the forecast period of 2022-2030.
• On the basis of region, the European region dominated the global automotive turbocharger market in 2021, followed by the Asia Pacific and North America. The region's position is estimated to remain unchanged during the forecast period of 2022-2030.
• On the basis of region, the Asia Pacific region accounted for the second-largest share in the global automotive turbocharger market in 2021. The region is expected to continue the trend and witness the highest growth in the market during the forecast period of 2022-2030.
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xResearch is a market research and consulting organization that uses unique data, expert analysis, and new technologies to create trusted intelligence on industries. Our research is focused on delivering an informed and impartial view on essential market data of industry, and it is primarily driven by an in-depth study covering the following parameters: Market Sizing and Forecasting, Market Segmentation, Competitive Analysis, Strategic Assessment and Business Modelling.
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