Automotive Turbocharger Market to Witness Double Digit Growth during 2022 – 2028

Published | 28 January 2022

The global automotive turbocharger market is growing at a high CAGR because of the rising demand for lightweight engines. Also strengthening the market is the increasing production of passenger cars and heavy vehicles, due to strong and emerging demand…

A recent study conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that the global automotive turbocharger market was worth USD 11.9 billion in 2021. According to the study, the market is estimated to grow at a CAGR of 10.2% during the forecast period, i.e., 2022-2028, thereby reaching revenue figures of around USD 23.5 billion by 2028. The global automotive turbocharger market is experiencing high growth due to the growing demand for lightweight engines and the increasing production of passenger and heavy vehicles. In addition, governments in various countries are enforcing strict regulations regarding the emissions from fuel vehicles, which is likely to drive market growth over the forecast period. However, the increasing penetration of electric vehicles may act as a huge restraining factor for market growth.

Rising Demand for Diesel Engine is Propelling the Global Automotive Turbocharger Market Forward

Based on fuel types, the global automotive turbocharger market is segmented into diesel, gasoline, and alternate fuel/CNG. The diesel fuel segment accounts for the largest market share and is also projected to witness the highest CAGR during the forecast period. Turbocharged diesel fuel engines register higher efficiency and power output which drives the segment’s growth. Additionally, the use of diesel fuel in heavy vehicles such as trucks, and the addition of turbochargers in these vehicles, significantly increase gas mileage as well as reduce emissions and noise, which are contributing factors to its market growth.

Increasing Demand for Passenger Vehicles Driving the Global Automotive Turbocharger Market

Based on vehicle types, the global automotive turbocharger market is segmented into passenger cars, light commercial vehicles, trucks, and buses. Among these, the passenger cars segment accounted for the largest market share in 2021 because of the increasing demand for passenger cars worldwide. Statista estimates that passenger cars market unit sales will reach 71,466.16K by 2026. Increased disposable income, growing ownership of passenger cars, a flourishing cab industry and increasing passenger car production are boosting demand for passenger cars which is driving this segment's growth.

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Global Automotive Turbocharger Market - By Material Type

Based on material types, the global automotive turbocharger market is segmented into cast iron, aluminum, and others. The aluminum segment accounts for the largest market share as aluminum alloys are the most commonly used material for manufacturing automotive turbochargers due to their relatively high strength-to-weight ratio and the low compressor wheel inertia. Furthermore, turbochargers made of aluminum metal are also able to withstand high temperatures, especially in gasoline applications, which acts as a contributing factor to its market growth.

Global Automotive Turbocharger Market - Regional Insights

Geographically, the global automotive turbocharger market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. Among these regions, the Asia-Pacific region dominates the automotive turbocharger market. However, Europe also holds a substantial market share due to the presence of leading automobile companies, such as Porsche, Mercedes-Benz, BMW, Audi, Volkswagen, etc. Moreover, the increasing production of vehicles in Europe is also driving the growth of automotive charger market in this region. Similarly, North America is projected to have significant growth over the forecast period due to the widespread adoption of automotive turbochargers resulting from strict government regulations to reduce vehicle emissions.

Impact of COVID-19 on the Global Automotive Turbocharger Market

The automotive industry was among one of the worst affected markets due to the COVID-19 pandemic. This is because the production of both automobiles and their components, including turbochargers, were temporarily restricted due to the lockdown imposed by the countries to curb the spread of the virus. Asa result, the demand for turbochargers declined significantly during the COVID-19 period, incurring huge losses to the market.  Despite the regional lockdowns being lifted in different regions, the automotive turbocharger market is likely to grow slowly in the forecast period due to limited automotive production worldwide owing to the shortage of semiconductors during the pandemic.

Global Automotive Turbocharger Market - Competitive Landscape

The leading players in the global automotive turbocharger market are BorgWarner Inc., IHI Turbo America, Continental AG, Precision Turbo and Engine, Cummins Turbo Technologies, Mitsubishi Heavy Industries Ltd, Delphi Technologies, Magnum Performance Turbos, Honeywell International Inc., Turbo Dynamics Ltd., Rotomaster International, Bosch Mahle, ABB, Weifang Fuyuan Turbocharger Co Ltd, Hunan Tyen Machinery, Ningbo Motor Industrial Co., Ltd., Kompressorenbau Bannewitz GmbH, CIMOS d.d., Marelli Corporation, and other prominent players.

The global automotive turbocharger market is highly competitive and consolidated due to the presence of multinational players offering advanced quality turbochargers. The companies often launch new products with higher efficiency and improvements to gain a competitive edge. They are also focusing on distribution channels and resorting to online sales channels to target untapped markets and geographical locations. Furthermore, the adoption of competitive strategies, such as partnerships, mergers, acquisitions, joint ventures, etc., is also prominent in this market.

Don’t miss the business opportunity of the global automotive turbocharger market. Consult our analysts to gain crucial insights and facilitate your business growth.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global automotive turbocharger market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global automotive turbocharger market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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