Sales of Automotive Turbocharger to Top US$ 23.28 Bn by 2031, Driven by Growing Demand for Fuel Efficient Solutions
Accelerating Sales of Automobiles to Elevate Demand for Automotive Turbocharger at a CAGR of 7.6% through 2031
In the latest study, Fact.MR provides a detailed analysis on the global automotive turbocharger market, highlight key trends and opportunities during the assessment period. The report reveals leading factors such as recent developments, challenges, and driver influencing the growth in the market across multiple segments including technology, material, engine type, vehicle, and sales channel.
NEW YORK, June 1, 2022 /PRNewswire/ -- The global automotive turbocharger market reached US$ 11.2 Bn in 2021. The sales of automotive turbochargers are expected to create an incremental opportunity of US$ 23.28 Bn by the end of 2031, expanding at a robust CAGR of 7.6% during the forecast period 2022-2031.
In the past few years, a substantial rise in production and sales of automotive vehicles such as passenger cars, sport utility vehicles (SUVs), off-roading cars, sports cars, and others are being witnessed across the globe, creating strong demand for automotive components.
For instance, according to a study by the International Energy Agency, around 35 million SUVs were reported to be sold globally in the year 2021, accounting for nearly 45% of the total passenger car sales. As automotive turbocharger is deployed in these high-performance vehicles to increase acceleration and speed, growing sales of such automobiles are anticipated to create remunerative opportunities in the global market.
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Governments and numerous environmental protection organizations implementing several regulations regarding emission control. Turbochargers help the automotive industry players in complying with regulatory rules and standards for the emission of gases such as carbon dioxide and other pollutants. Attributed to this, these turbine-driven induction devices are gaining huge popularity across the automotive industry, which is in turn, expected to bolster the sales of automotive turbochargers in the global market.
Key Takeaways:
- The U.S. market is expected to account for a leading share in the North America market, owing to implementation of emission-related regulations in the country.
- Sales of automotive turbochargers are estimated to rise at a robust CAGR, assisting the Europe market to account for nearly 50% of the global revenue share by 2022.
- India is projected to emerge as a highly lucrative market for automotive turbochargers, driven by the increasing sales of automotive vehicles in the country.
- The twin-turbo segment is estimated to remain highly sought-after in terms of technology, accounting for a revenue share of around 25% in 2020.
- On the basis of engine type, the gasoline engine segment is expected to account for a significant share in the market, exhibiting growth at a CAGR of 8.7% through 2031.
Growth Drivers:
- Increasing car racing events and growing consumer spending on recreational off-roading activities across countries such as the U.S., Germany, the UAE, Oman, and others are expected to augment the sales of automotive turbochargers.
- Growing adoption of twin-turbo technologies across novel SUVs, owing to its ability to reduce turbo lag and enhance acceleration is estimated to favor the growth in the twin-turbo segment.
Restraints:
- Rising adoption of electric vehicles due to the growing fuel prices and increasing regulation regarding carbon emission is hindering the demand for automotive turbochargers.
- High cost of diesel engines and implementation of stringent standards pertaining to the use of diesel engine cars are estimated to restrain the sales of automotive turbochargers in the diesel engine segment.
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Competitive Landscape:
Automotive turbocharger manufacturers are aiming at entering into collaboration, partnership, agreement, and others to improve the production automation processes and adopt unique manufacturing procedures. Some of the key companies are focusing in launching new turbochargers with high performance and reliability under high temperatures and pressures.
For instance,
- In 2020, Cummins Inc., an American multinational designer and manufacturer of automotive components announced launching new seventh generation 400 series Variable Geometry Turbocharger (VGT) which offers offer best in class fuel economy assist engine manufacturers comply with new emission standards.
Key Companies Profiled by Fact.MR
- BorgWarner Inc.
- Continental AG
- Garrett Motion Inc.
- Eaton Corporation PLC
- Honeywell International Inc.
- Mitsubishi Heavy Industries Ltd.
- Precision Turbo & Engine Inc.
- Rotomaster International
- THE TURBO ENGINEERS GmbH
More Valuable Insights on Automotive Turbocharger Market
Fact.MR in its latest study offers a detailed analysis on the global automotive turbocharger market. It also vital insights into latest trends and upcoming opportunities influencing sales of automotive turbocharger during the forecast period. It also uncovers critical forecast data for the automotive turbocharger market through detailed segmentation as follows:
Technology:
- Twin Turbo
- Variable Geometry Turbo
- Wastegate
- Electric
Material:
- Cast Iron Automotive Turbochargers
- Aluminum Automotive Turbochargers
- Others
Engine Type:
- Gasoline Automotive Turbochargers
- Diesel Automotive Turbochargers
- Others (Hybrid)
Operation:
- Conventional Turbochargers
- E-Turbochargers
Vehicle:
- Passenger Vehicles
- Hatchbacks
- Sedans
- Utility Vehicles
- Light Commercial Vehicles
- Trucks
- Buses & Coaches
- Off-road Vehicles
- Agriculture Tractors & Equipment
- Construction & Mining Equipment
- Industrial Vehicles (Forklift, etc.)
Sales Channel:
- OEMs
- Aftermarket
Region:
- North America Automotive Turbocharger Market
- Europe Automotive Turbocharger Market
- Asia Pacific Automotive Turbocharger Market
- Latin America Automotive Turbocharger Market
- Middle East & Africa Automotive Turbocharger Market
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Key Questions Covered in the Automotive Turbocharger Market Report
- What is the estimated revenue of the automotive turbocharger market during the forecast period?
- Which are the challenges faced in the automotive turbocharger market?
- Which region is estimated to exhibit fastest growth rate in the global automotive turbocharger market during 2022-2031?
- What is the projected market valuation of the automotive turbocharger market in 2022?
- Which are the factors driving the automotive turbocharger during 2022-2031?
- What is the expected growth rate of the automotive turbocharger market until 2031?
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