Automotive Turbocharger Market is anticipated to touch USD 24,223.3 Million at a 7.97% CAGR between 2017- 2023, states the latest Market Research Future’s (MRFR) automotive turbocharger market forecast report. The strong market growth is due to the strict car emission regulations and the booming global automotive industry.
Several industries have endured the brunt of the COVID-19 pandemic, and the list also includes the automotive turbocharger industry. The automotive industry in its entirety has suffered from the reduction in car production due to the outbreak, which resulted in the closure of assembly and manufacturing plants, and disruption in the automotive components export. This had a grave impact on the automotive turbocharger market growth, with its growth directly related to vehicle production. Following the outbreak, most countries had undergone a complete lockdown for a couple of months that in turn had impacted the production of cars. Due to the lockdown, manufacturing facilities had to close down, and there was a delay in the production of cars, commercial cars to be more specific, which come with turbochargers, thus hindering the automotive turbocharger market size.
The spread of this deadly virus has unfortunately put supply chain activities to a halt that resulted in a gap between demand-supply. Owing to the lifting of the lockdowns gradually in a few countries, most companies are resuming their operations with safety measures to make sure that there is a constant supply of equipment and parts to their end users and dealers and also that their employees are healthy and safe. The resumption in the manufacturing sector overall is likely to fuel the sales and production of cars equipped with turbochargers that in turn is likely to bolster the automotive turbocharger market share.
Demand for Fuel Efficient Engines to Bolster Market Growth
The burgeoning need for fuel-efficient car engines and gasoline engines are predicted to bolster market growth over the forecast period.
Additional factors adding to the automotive turbochargers market revenue include the steady rise in the production and manufacture of heavy and lightweight cars worldwide due to robust urbanization, need for enhanced engine power, strict environmental regulations, demand for power generating cars, need for fuel-efficient engines, global trade activities, on-going industrialization, and increasing demand for automobile turbocharger from developing and developed countries.
Use of Electric Turbochargers to Offer Robust Opportunities
The increasing demand for the use of electric turbochargers in cars is likely to offer robust opportunities to market players in the upcoming years.
Rising Adoption of Electric Cars to Act as a Market Restraint
The rising adoption of electric cars owing to the implementation of strict emission standards worldwide is likely to impede the use of ICE engines in cars, thus having a negative impact on the market growth over the forecast period.
High Market Price to Act as a Market Challenge
The high market price of such components may act as a market challenge for key players in the upcoming years. Besides, overheating issues and turbo lag may also limit market growth.
Global Automotive Turbocharger Market, according to MRFR’s automotive turbocharger market statistics report, has been segmented based on application and type.
Gasoline Segment to Lead Automotive Turbocharger Market
By type, the global turbocharger market is segmented into new energy engine, diesel, and gasoline. Of these, the gasoline segment, both in terms of volume and value, will lead the market over the forecast period. The increasing adoption of petrol engine turbocharger from passenger vehicles is adding to the growth of the segment.
Passenger Vehicles Segment to Dominate Automotive Turbocharger Market
By application, the global turbocharger market is segmented into commercial cars and passenger vehicles. Of these, the passenger vehicles, both in terms of volume and value, will dominate the market over the forecast period. The growing need for passenger vehicles among a huge pool of population coupled with the expansion of worldwide auto-manufacturers into new emerging markets is adding to the growth of the segment. The commercial car segment, on the other hand, is likely to grow at a high CAGR for the increase in commercial activities like goods and public transportation globally.
Asia Pacific to Lead Automotive Turbocharger Market
By region, the global automotive turbocharger market report covers the opportunities and recent trends across Europe, the Asia Pacific (APAC), North America, and Rest of the World. Of these, the APAC region will lead the market over the forecast period. It is likely to grow at a 9.16% CAGR by 2023. Rising production of cars in emerging countries of China and India, large population base, burgeoning need for diesel vehicles, economic shifts and upcoming emission norms, rise in disposable income, growing demand for automobiles, demand for cars with compact engine size, strict vehicle emission regulations, the growing buying power of consumers in China and India, and high penetration of light vehicles and diesel passenger cars in India are adding to the global automotive turbocharger market growth in the region.
North America to Hold Second-Largest Share in Automotive Turbocharger Market
The global automotive turbocharger market in North America is predicted to hold the second-largest share over the forecast period. Growing demand for new cars, implementation of government regulations on car emissions, regulatory bodies like the US EPA having introduced strict emission regulations for on-road cars such as commercial buses and trucks and passenger vehicles, need for engines with more fuel efficiency, adoption of automotive turbochargers in every car segment, and rising consumer inclination towards low-emission cars, are adding to the global automotive turbocharger market growth in the region.
The global automotive turbocharger market is highly fragmented and competitive in nature due to the presence of key industry players. These players operating in the industry are laying emphasis on strategies such as mergers and acquisitions, geographical presence, & product portfolio to stay at the forefront and also cater to customers burgeoning needs.
The automotive turbocharger market report provides a market forecast and analysis on a regional as well as a global basis. Detailed research has been carried out on how the different market dynamics are likely to impact the scenario of the market, in the current times as well as the future. The market trends, opportunities, drivers, and restraints, too, have been analyzed with an aim to arm and also equip clients better with regards to decision-making. For a comprehensive understanding and assessing the opportunities and trends of the market better, this report has been bifurcated categorically into several segments that also entail the geographical segmentation. The report begins with a detailed market overview and highlights on the definition & market taxonomy, coupled with the value chain, pricing analysis, drivers & restraints. Each segment discusses the quantitative and qualitative market aspects elaborately
|Market Size||2025: USD 24,223.3 Million|
|CAGR||7.97% CAGR (2020-2027)|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type and Vehicle type|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Cummins, Inc.( U.S.), BorgWarner Inc. (U.S), Mitsubishi Heavy Industries, Ltd (Japan), Fengcheng Xindongli Turbocharger Co., Ltd.( China), Honeywell International Inc. (U.S.), IHI Corporation (Japan), Bullseye Power, LLC (U.S.), Precision Turbo and Engine(U.S.), Continental AG (Germany), Bosch Mahle (Germany)|
|Key Market Opportunities||Use of Electric Turbochargers to Offer Robust Opportunities|
|Key Market Drivers||Demand for Fuel Efficient Engines to Bolster Market Growth|
Frequently Asked Questions (FAQ) :
The growth rate that can be achieved by the market in the coming years is 7.6%.
The projected market size by the year 2023 can be USD 24,223.3 Million.
The top growth-influencers in the worldwide market are Cummins, Inc.( U.S.), BorgWarner Inc. (U.S), Mitsubishi Heavy Industries, Ltd (Japan), Fengcheng Xindongli Turbocharger Co., Ltd.( China), Honeywell International Inc. (U.S.), IHI Corporation (Japan), Bullseye Power, LLC (U.S.), Precision Turbo and Engine(U.S.), Continental AG (Germany), Bosch Mahle (Germany), and others.
The share of APAC in the global market in the year 2016 was 40.75%.
Gasoline Engine, Diesel Engine, New Energy Engine are the main types of automotive turbochargers.
Passenger vehicles, commercial vehicles and others are the primary applications of the market.
The market is expected to expand in the regions of Europe, Asia Pacific (APAC), North America, and Rest of the World (ROW).