Press release
Strategic Forecast for the Automotive Turbochargers Industry: Market Outlook 2025-2034
Automotive Turbochargers
Automotive Turbochargers Market Size Growth Forecast: What to Expect by 2025?
The automobile turbochargers industry has seen robust growth in recent years. The market is expected to expand from $15.47 billion in 2024 to $16.68 billion in 2025, with a Compound Annual Growth Rate (CAGR) of 7.8%. The historic period's growth can be traced back to factors such as fuel efficiency rules, the demand for enhanced performance, engine downsizing, emission control norms and a surge in use within the military sector.
How Will the Automotive Turbochargers Market Size Evolve and Grow by 2029?
In the coming years, the market size of automotive turbochargers is projected to witness significant growth, reaching $23.01 billion in 2029, with a compound annual growth rate (CAGR) of 8.4%. Factors contributing to this expected growth during the forecast period include an increased demand for electric turbochargers, fuel-efficient vehicles, high-performance vehicles, commercial vehicles, and hybrid vehicles. Some of the major trends for the period forecasted include the use of lightweight materials, advancements in twin-scroll turbochargers, the introduction of 48v electric turbocharging systems, and the deployment of e-boosting technology.
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What Drivers Are Propelling the Growth of Automotive Turbochargers Market Forward?
The growth of the automotive turbocharger market is being fueled by the rising demand for passenger cars. Engines with turbochargers typically have a higher power density and better fuel efficiency, enabling them to provide more horsepower and torque. The combination of increasing purchasing power and low-interest rates in emerging economies, along with consumers' predilection towards personal mobility, is predicted to fuel the demand for passenger cars. This, in turn, stokes the growth of the automotive turbochargers market. To exemplify, a report by the European Automobile Manufacturers' Association (ACEA), the primary advocacy and standards entity for the automobile sector within the European Union, revealed in March 2022 that US passenger car sales jumped by 5.5%, reaching a total of 11.9 million units in 2021. Moreover, more than 6.3 million passenger cars were manufactured in US auto plants in 2021, marking a 3.1% boost.
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Which Emerging Trends Are Transforming the Automotive Turbochargers Market in 2025?
Leading corporations in the automotive turbocharger market are concentrating their efforts on the creation of technologically superior products, including turbochargers for both hybrid and non-hybrid vehicles, in order to improve performance and efficiency. Turbochargers serve as devices that utilize exhaust gas to rotate a turbine, thereby compressing the incoming air into the engine. This increases the engine's efficiency and power output by facilitating the entry of additional air and fuel into the combustion chamber. As an example, Garrett, a turbocharging corporation, launched advanced turbochargers in April 2023. Garrett Motion's advanced turbochargers have been specifically engineered to accommodate hydrogen internal combustion engine (H2-ICE) vehicles that use hydrogen as their primary fuel source. This groundbreaking technology is of particular significance in China, where substantial investments are being made in the development of hydrogen fueling infrastructure and eco-friendly hydrogen initiatives. Consequently, there is escalating support for large-scale hydrogen internal combustion engine vehicles (HICEVs), which places Garrett Motion's turbochargers in a key position in this nascent market.
What Are the Key Segments in the Automotive Turbochargers Market?
The automotive turbochargers market covered in this report is segmented -
1) By Vehicle Type: PCV, LCV, HCV
2) By Technology: VGT Or VNT, Wastegate, Twin-Turbo
3) By Sales Channel: OEM, After market
4) By Fuel Type: Gasoline, Diesel
Subsegments:
1) By PCV (Passenger Car Vehicle): Turbochargers For Gasoline Engines, Turbochargers For Diesel Engines, Twin-Scroll Turbochargers, Variable Geometry Turbochargers (VGT)
2) By LCV (Light Commercial Vehicle): Turbochargers For Diesel Engines, Turbochargers For Gasoline Engines, Heavy-Duty Turbochargers
3) By HCV (Heavy Commercial Vehicle): Turbochargers For Diesel Engines, Turbochargers For Natural Gas Engines, Heavy-Duty Turbochargers With Enhanced Durability
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Who Are the Key Players Shaping the Automotive Turbochargers Market's Competitive Landscape?
Major companies operating in the automotive turbochargers market include Honeywell International Inc., Borg-Warner Automotive Inc., Mitsubishi Heavy Industries Ltd., IHI Corporation, Continental AG, Bosch Mahle GmbH, Cummins Inc., Delphi Technologies, Precision Turbo & Engine Inc., Turbonetics Inc., Turbo International Inc., ABB Asea Brown Boveri Ltd., Turbo Energy Private Limited, Rotomaster International Inc., Fuyuan Turbocharger Co. Ltd., Hunan Tyen Machinery Co. Ltd., Magnum Performance Turbos Inc., Mahle GmbH, Eaton Corporation, Napier Turbochargers Ltd., OptiCat LLC, Keyuan Industry Trading Co. Ltd., Kelin Motor Vehicle Air Conditioning Co. Ltd., Cimos D. D. Avtomobilska Industrija, Robust Power Inc., Turbotech Pvt. Ltd., Aeristech Ltd., Melet Turbo, Aerocharger Ballistics, Turbosmart Pty Ltd.
What Geographic Markets Are Powering Growth in the Automotive Turbochargers Market?
Western Europe was the largest region in the automotive turbocharger market in 2024.Asia-Pacific is expected to be the fastest growing region in the forecast period. The regions covered in the automotive turbochargers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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