Automotive Turbocharger Market is Forecasted to Reach US$ 24.28 Billion in 2028, Says Stratview Research

The global automotive turbocharger market is projected to witness a growth rate of 10.44% annually from 2022 to 2028, with an anticipated size of US$ 24.28 billion by 2028, according to an analysis by Stratview Research.

Stratview Research, a global market research firm has launched a report on the global automotive turbocharger market market which provides a comprehensive outlook of the global and regional market, industry forecast, current & emerging trends, segment analysis, competitive landscape, & more.

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Report Highlights:
Market Size in 2028: US$ 24.28 billion
Growth (CAGR): 10.44% during 2022-2028
Forecast Period: 2022-2028
Trend Period: 2016-2020
Base Year: 2021
Number of Segments Covered: 5
Number of Tables & Graphs: 100+

Segment Insights on the Automotive Turbocharger Market:

The global Automotive Turbocharger market is segmented based on Vehicle type, Charger type, Technology type, Fuel type, and Region.

Based on vehicle type - The market is segmented into on-highway vehicles: passenger cars, light-duty vehicles, medium-duty vehicles, and heavy-duty vehicles; and off-highway vehicles: tractors and construction equipment. Passenger cars dominated the overall market with a share of more than 55% in 2021.

Based on fuel type - The market is segmented into gasoline and diesel. The gasoline fuel type is expected to dominate the market, and it held a revenue share of more than 45% in 2021 and is likely to expand at a CAGR of nearly 8.5% over the forecast period.

To know the most attractive segments, visit:
https://www.stratviewresearch.com/3994/automotive-turbocharger-market.html

Which Region Shows the Most Promising Growth Forecast and Opportunity?

Asia-Pacific is likely to remain the largest market share with an 11% CAGR growth during the forecast period, driven by demand in emerging economies, such as China and India. The European market is likely to witness a market share of more than 50% in 2021. This region owns the world's largest turbo diesel fleet and the highest automotive turbocharger installation rates worldwide.

China is the world's fastest-growing automotive market and is projected to increase the automotive turbocharger installation rates in its new vehicles from 25% to 47% in the year 2028. This will lead to an almost twofold increase in the demand for automotive turbochargers in China in five years.

North America is another growing market for automotive turbochargers, driven by the demand for lightweight engines and engine downsizing in new vehicles to meet the CAFÉ standards.

Most of the major automotive turbocharger manufacturers have already set up their manufacturing plants in China to tap the regional growth potential. India, Japan, and South Korea have also joined the row and are projected to increase the installation rates of automotive turbochargers in the new vehicles. Apart from China, significant demand for automotive turbochargers is expected to be generated from these countries in the next five years.

Automotive Turbocharger Market Drivers:
Some of the key drivers listed in the report are given below.
• Growth in the Automotive Industry: Turbochargers are vital components in many modern engines (petrol, diesel, and hybrid engines, etc.) that help in enhancing engine performance, reducing emissions, and improving fuel efficiency. The growing automotive production (including passenger cars and light-weight vehicles) that is estimated to grow from 89 million units in 2024 to ~96 million units by 2030, is a major driver for the automotive turbocharger market, since manufacturers also focus on engine downsizing and technological innovation, further accelerating the market expansion globally.
• Increasing number of commercial vehicles: Commercial vehicles including trucks, buses, and other public transports having diesel engines are experiencing commendable growth worldwide. Turbochargers are preferred by diesel engines because of its simpler intake systems to mix fuel and air and tougher engine blocks to hold immense air pressure generated by turbos. The growing demand for commercial vehicles further demands turbochargers for optimal vehicle efficiency.
• Popularity of gasoline direct injection (GDI): The gasoline direct injection enhances mobility, fuel efficiency, thermal efficiency, and global emission regulations. Turbochargers are integrated with GDI engines to create more powerful and efficient automotive technologies. This integration not only improves engine capabilities but also contributes to an overall reduction of fuel consumption.

Top Companies in the Automotive Turbocharger Market:
Stratview Research has identified the following companies as the top market players.
The key On-highway OEMs are-
• Daimler
• General Motors
• Toyota
• Nissan
• Ford
And the key off-highway OEMs are-
• Caterpillar
• Hitachi Construction Machinery
• Komatsu
• Hitachi Construction Machinery
• Hyundai Heavy Industries
• Volvo Construction Equipment.
The global automotive turbocharger market in the transportation industry is highly consolidated.
The following are the key players in the automotive turbocharger market:
• BorgWarner
• Cummins
• Continental AG
• Honeywell International
• IHI Corporation
• Mitsubishi Heavy Industries
Note: The above list does not necessarily include all the top players in the market.

What Unique Insights Does This Report Offer?

This report provides comprehensive insights into the Automotive Turbocharger Market, answering critical questions like:

• How big is the sales opportunity?
• Which regions offer the best sales opportunities?
• Which are the most attractive market segments?
• Which are the top players and their market positioning?
• How complex is the business environment?
• What are the factors affecting the market?

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Stratview Research is a global market research firm that highly specializes in aerospace & defense, chemicals, and a few other industries.

It launches a limited number of reports annually on the above-mentioned specializations. Thorough analysis and accurate forecasts in this report enable the readers to take convincing business decisions.

Stratview Research has been helping companies meet their global and regional growth objectives by offering customized research services. These include market assessment, due diligence, opportunity screening, voice of customer analysis, market entry strategies, and more.

This release was published on openPR.