PUBLISHER: The Business Research Company | PRODUCT CODE: 1392499
PUBLISHER: The Business Research Company | PRODUCT CODE: 1392499
“Automotive Turbochargers Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on automotive turbochargers market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for automotive turbochargers? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The automotive turbochargers market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
An automotive turbocharger is a turbine-driven, forced induction device designed to enhance the power output of an internal combustion engine. It achieves this by introducing additional compressed air into the combustion chamber, thereby improving the engine's efficiency and allowing for increased power per engine cycle.
The primary vehicle categories for automotive turbochargers are Passenger Commercial Vehicles (PCV), Light Commercial Vehicles (LCV), and Heavy Commercial Vehicles (HCV). PCVs are passenger cars with a capacity of no more than 8 seats, excluding the driver's seat, and a maximum mass of 3. 5 tons. LCVs are commercial carrier vehicles with a weight not exceeding 3. 5 metric tonnes, while HCVs are carrier vehicles with a gross combination mass (GCM) exceeding 3. 5 metric tons. Various technologies are employed in automotive turbochargers, including Variable Geometry Turbocharger (VGT/VNT), Wastegate, and Twin-Turbo. Sales channels for automotive turbochargers encompass Original Equipment Manufacturers (OEM) and the aftermarket. Additionally, the fuel types utilized by automotive turbochargers include both gasoline and diesel. These distinctions in vehicle types, technologies, sales channels, and fuel types collectively contribute to the diverse landscape of the automotive turbocharger market.
The automotive turbocharger market research report is one of a series of new reports from The Business Research Company that provides automotive turbocharger market statistics, including automotive turbocharger industry global market size, regional shares, competitors with an automotive turbocharger market share, detailed automotive turbocharger market segments, market trends and opportunities, and any further data you may need to thrive in the automotive turbocharger industry. This automotive turbocharger market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The automotive turbochargers market size has grown strongly in recent years. It will grow from $14. 46 billion in 2023 to $15. 69 billion in 2024 at a compound annual growth rate (CAGR) of 8. 5%. The growth observed in the historical period can be attributed to several factors. These include compliance with fuel efficiency regulations, heightened demands for performance enhancement, the trend of downsizing engines for efficiency, adherence to emission control standards, and an increased utilization of automotive turbochargers in the military industry.
The automotive turbochargers market size is expected to see strong growth in the next few years. It will grow to $21. 42 billion in 2028 at a compound annual growth rate (CAGR) of 8. 1%. The anticipated growth in the forecast period can be attributed to several key drivers. These include the increasing demand for electric turbochargers, a growing market for fuel-efficient vehicles, rising consumer demand for high-performance vehicles, an upsurge in the demand for commercial vehicles, and an increasing interest in hybrid vehicles. Notable trends expected in the forecast period encompass the integration of lightweight materials in turbocharger design, the development of twin-scroll turbochargers for enhanced efficiency, the application of 48v electric turbocharging systems, and the adoption of e-boosting technology to further optimize performance.
The automotive turbocharger market is witnessing growth driven by the increasing demand for passenger cars. Turbocharged engines offer higher power density and fuel efficiency, attracting consumers seeking enhanced horsepower and torque. This surge in demand for passenger cars, particularly in developing economies with improved purchasing power and low-interest rates, is boosting the need for automotive turbochargers. For instance, data released by the European Automobile Manufacturers' Association (ACEA) in March 2022 revealed a 5. 5% rise in US passenger car sales, reaching 11. 9 million units in 2021. Additionally, US auto facilities manufactured over 6. 3 million passenger cars in the same year, marking a 3. 1% increase.
The automotive turbocharger market is expected to experience growth fueled by escalating fuel prices. Rising fuel costs, primarily gasoline and diesel, have prompted consumers and manufacturers to turn to automotive turbochargers to enhance fuel efficiency and diminish fuel consumption. In January 2023, statistics from the Bureau of Labor Statistics indicated a 19. 4% increase in fuel prices from December 2021 to December 2022. Furthermore, the Office for National Statistics reported a significant 48% rise in automotive fuel prices in 2022 compared to 2021 in the UK. Consequently, the surge in fuel prices is a driving force behind the expansion of the automotive turbocharger market.
Innovative developments in the automotive turbocharger market revolve around the creation of electric turbochargers applicable to both light and commercial vehicles across various fuel types such as gasoline, diesel, and natural gas (CNG). Electrically assisted turbochargers are not only capable of driving the turbocharger shaft but can also assist in braking the vehicle. For example, Garrett Motion, a Switzerland-based turbocharger company, focused on developing electric turbochargers (e-turbos) in 2021. These e-turbos aim to eliminate turbo lag, offering increased power and efficiency while maintaining lower temperatures and enhancing engine responsiveness. Additionally, these advancements contribute to reducing NOx emissions by nearly 20%.
Major companies in the automotive turbocharger market are dedicated to introducing innovative products, exemplified by the Land Cruiser 300-series, to meet customer demands for reliable services. The Land Cruiser 300-series stands as the latest iteration among the Land Cruiser SUVs, equipped with two new engine variants such as a gasoline twin-turbo and a turbodiesel twin-turbo. Toyota Motor Corporation, a Japan-based automotive manufacturer, unveiled the Land Cruiser 300-series in June 2021. It boasts a gasoline twin-turbo 3. 4-liter V-6 engine generating 409 horsepower and 479 pound-feet of torque, alongside a turbodiesel twin-turbo 3. 3-liter V-6 engine producing 304 horsepower and 516 pound-feet of torque.
In a significant move in August 2022, Cummins Inc., a US-based company specializing in diesel and alternative fuel engines and generators, acquired Meritor Inc. for $3. 7 billion. This strategic acquisition aims to enhance Cummins Inc. 's range of engines while integrating axle and brake technology into its existing product portfolio. Meritor Inc., a US-based automotive company, is known for its manufacturing of automotive turbochargers. This acquisition aligns with Cummins Inc. 's strategy to expand its technological offerings and broaden its product line in the automotive sector.
Major companies operating in the in the automotive turbochargers market report are 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.
Western Europe was the largest region in the automotive turbocharger market in 2023. 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
The countries covered in the automotive turbochargers market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.
The automotive turbocharger market of sales of single-turbo, twin-turbo, twin-scroll turbo, variable geometry turbo, variable twin scroll turbo, and electric turbo. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.