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Automotive Turbocharger Market Expected to Hit $22.9 Billion by 2030

Automotive Turbocharger Market - Global Forecast to 2030

Automotive Turbocharger Market - Global Forecast to 2030

The automotive turbocharger market is projected to grow from USD 15.2 billion in 2024 to USD 22.9 billion by 2030, at a CAGR of 7.1%. The growth of the automotive turbocharger market is propelled by harsh emission regulations and shifting consumer inclination for high-performance vehicles. As the automotive industry is transitioning from diesel to gasoline light-duty vehicles and a surge in vehicle hybridization, there could be a promising opportunity for turbocharger manufacturers in gasoline and hybrid variants.

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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.

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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 market 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.

Major regional automakers such as 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) have been using turbocharging technology in some gasoline engines to improve the performance and fuel efficiency of the vehicles. Moreover, the Asia Pacific region has recently seen a surge in hybrid vehicle adoption, with Japan. South Korea is leading the regional requirement, depicting an additional market opportunity for electric turbocharger technology to gain traction. Some key turbocharger manufacturers in the region include Mitsubishi Heavy Industries, Ltd. (MHI, Japan), IHI Corporation (Japan), and Turbo Energy Ltd (India).

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