PUBLISHER: SkyQuest | PRODUCT CODE: 1345195
PUBLISHER: SkyQuest | PRODUCT CODE: 1345195
Global Automotive Turbocharger Market size was valued at USD 16.47 billion in 2021 and is poised to grow from USD 17.99 billion in 2022 to USD 33.30 billion by 2030, at a CAGR of 9.2% during the forecast period (2023-2030).The global automotive turbocharger market is witnessing substantial growth due to increasing demand for fuel-efficient vehicles and stricter emission regulations. Turbochargers enhance engine efficiency by forcing extra air into combustion chambers. This boosts power output while reducing fuel consumption. Major market players are investing in research to develop advanced turbocharging technologies that balance performance and environmental concerns. The market's expansion is also attributed to rising automotive production in emerging economies and the continuous push for greener transportation solutions.
Top-down and bottom-up approaches were used to estimate and validate the size of automotive turbocharger market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.
Market Segmental Analysis:
Global Automotive Turbocharger Market is segmented on the basis of fuel type, vehicle type and region. By fuel type, the market is segmented into gasoline, diesel, others. By vehicle type, market is segmented into passenger vehicle, light commercial vehicle, heavy commercial vehicle. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Driver:
Rising Emphasis on Enhanced Fuel Efficiency to Propel Market Expansion
The surge in the utilization of automotive turbochargers is predominantly driven by the escalating emphasis on achieving heightened fuel efficiency and adherence to more stringent emission standards. Turbochargers facilitate downsized engines in delivering equivalent power to larger counterparts while consuming lesser fuel. By compressing incoming air, these turbochargers enhance engine effectiveness and curtail fuel consumption.
The global automotive sector has been steadily growing, particularly in emerging economies. Escalating disposable incomes, urbanization, and advancing infrastructure have culminated in increased vehicle ownership. Consequently, the demand for automotive turbochargers has experienced a corresponding upswing.
Restraint:
Market Expansion Hindered by Turbo Lag
Market growth faces a setback due to turbo lag, which is the delay in power delivery when a turbocharger takes time to generate optimal boost pressure. This phenomenon can lead to slower acceleration and perceived unresponsiveness, impacting driver satisfaction. Despite technological progress in minimizing turbo lag, it persists as a factor that affects the driving experience.
Market Trends:
To address the growing desire for high-performance automobiles, car manufacturers are investigating the adoption of dual-stage and twin turbocharger mechanisms. These setups incorporate multiple turbochargers, often of varying sizes, to provide elevated levels of power and torque. Dual-stage and twin turbocharger configurations have the potential to enhance throttle response, diminish turbo lag, and elevate engine performance across a broad spectrum of RPMs.