The global automotive turbocharger market is projected to reach USD 22.2 billion by 2028 from USD 15.0 billion in 2023, at a CAGR of 8.1%. The growth in the automotive turbocharger industry is mainly driven by stringent emission regulations with reduced emission limits & increased fuel efficiency targets leading to engine downsizing and growing popularity for high-performance vehicles.
Asia Pacific is estimated to be the largest turbochargers market. The region has the largest vehicle production contributing to >55% of the global vehicle production. Passenger car production in China, Japan, India, and South Korea contributed to >40% of global vehicle production. Most of these passenger cars are gasoline-powered, and almost all ICE commercial vehicles in the region are diesel-powered; this region is bound to be the largest market for turbochargers. In addition, with upcoming emission regulations, more vehicles would shift to gasoline engines or hybrid and electric technologies, boosting the demand for gasoline and electric turbochargers in the region.
Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=919
E-turbocharger is expected to be the fastest-growing segment during the forecast period. Many OEMs are investing in the development of electric turbochargers. For instance, BorgWarner is supplying e-turbochargers for both gasoline and diesel engines. The 48V hybrid technology, which makes internal combustion engines significantly more efficient at relatively low costs, is a better option regarding costs and emissions. These advantages would drive the demand for electric turbochargers. The electric motor helps to reduce emissions by providing more precise control over the air-fuel mixture.
North America is estimated to be the fastest-growing market for turbochargers. Countries like the US are the leading market for automotive turbochargers in the US. For instance, the United States has implemented increasingly stringent fuel efficiency standards by The Environmental Protection Agency (EPA) for all LCV and passenger cars regarding greenhouse emission to be changed from 161 grams of CO₂ per mile (g/mi) to 9.8% from 2022. According to this standard, the turbocharger is an effective technology to improve fuel efficiency without lowering the engine’s performance. To meet the emission reduction, the region has also seen a significant shift towards GDI engines by providing necessary boosts and optimizing power and efficiency. The region also has a strong market for sports and performance vehicles that often use turbocharger technology to deliver the power and performance consumer’s demand. This will ultimately propel the turbocharger market. Popular companies in this region with turbocharged cars include the Ford Mustang, Chevrolet Camaro, Dodge Challenger, and Toyota Supra. The US is the largest market in North America for gasoline-powered vehicles, growing at a CAGR of 7.5%, followed by Mexico and Canada.
According to markets and markets analysis, Passenger Car is the largest turbocharger market during the forecast period. Due to the new emission regulations, automakers are shifting their focus toward gasoline-passenger cars. As diesel passenger cars tend to have lower volumetric fuel consumption compared with gasoline cars, they tend to release more CO₂ emissions than the same amount of gasoline fuel. For instance, In India, on 8th March 2023, a total ban on diesel cars was proposed, and all four-wheeler diesel cars would phase off the road by 2027 to move towards cleaner fuels. This shows that the automotive industry will continue to invest in improving gasoline, hybrid, and electric technologies to enhance fuel efficiency and reduce emissions. Innovations such as direct fuel injection and turbocharging improve the performance and efficiency of gasoline-powered cars, making them more appealing to consumers. Asia Pacific is estimated to be the largest market for gasoline-powered passenger cars due to its fuel efficiency, smaller engine size, and consumer preferences to opt for gasoline vehicles. Thus, the shift from diesel to gasoline engines would result in demand for gasoline passenger cars in the near future.
Key Market Players:
Automotive Turbocharger Companies include Garrett Motion Inc. (Honeywell) (Switzerland), BorgWarner (US), Mitsubishi Heavy Industry (Japan), IHI Corporation (Japan), and Cummins Inc. (US).
Request Free Sample @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=919
