An automotive turbocharger is a system that helps an engine to produce more power and torque through forced induction. The automotive turbocharger market is mainly driven by emission regulations, rising fuel cost globally, automotive sales and automotive production in the various countries. The turbocharger market includes turbochargers for new passenger and commercial vehicles as well as turbochargers for replacement use in the global aftermarket. Further, the adoption of electric vehicle is increasing day by day globally, due to this reason; many major firms are taking initiatives towards manufacturing of e-turbocharging for the electric vehicle, which will help in boosting the efficiency of the vehicle.
According to the report title, “Global Automotive Turbocharger Market, 2027”, publish by Bonafide research, the automotive turbocharger market is anticipated to grow at a CAGR of 10.56% in value terms in the forecast period. To improve the overall performance and efficiency of a vehicle’s engine, different types of turbochargers are used in vehicles. According to the report, the turbocharger market is segregated into three major technology type i.e. variable geometry turbocharger (VGT), wastegate turbocharger and electric turbochargers. The Variable geometry turbocharger is leading the market with more than 65% of value share and it is expected to capture a higher market share in the forecast period. Follow by the wastegate turbocharger technology. An electric turbocharger is used to eliminate turbo lag and assist a normal turbocharger at lower engine speeds where a conventional turbocharger is not more efficient. So the penetration of electric turbochargers in vehicles is likely to increase in the future. By vehicle type, the market is segmented into passenger and commercial vehicles. Passenger vehicle is leading the market with more than 75% value share. Due to an increase in production of passenger, light commercial and commercial vehicles, it will allow the turbocharger market to grow at a faster rate in future.
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Turbochargers are used in various fuel engines for many years, in order to obtain greater power or torque output for a given engine displacement. According to the report, the market is segmented into two fuel type i.e. gasoline and diesel fuels. The diesel fuel segment is leading the market with more than 68% of value market share. The automotive turbochargers allow original involving in turbocharger aftermarket.
All regions continue to show growth as global macros of increased regulation and growing consumer performance expectations help drive the golden age of turbochargers. According to the report, by region wise, the automotive turbocharger market is segregated into five major regions i.e. North America, Europe, Asia-Pacific, Latin America and Middle East & Africa. The Asia Pacific region is dominating the market with more than 63% value market share. Follow by North America region. By country, china is leading the automotive turbocharger market with more than 35% market share. There are many prominent companies in the automotive turbocharger market which are leading the market. The companies are Garrett Motion Inc., Cummins Inc., Borgwarner Inc., Continental AG and Ishikawajima-Harima Heavy Industries Co., Limited.
The global COVID-19 pandemic has created unparalleled challenges for the auto industry in the short-term. COVID-19 pandemic situation has resulted in diminish in automotive production which is directly proportionate to the decline in the automotive turbocharger market. On the other side, the pandemic situation has enforced the various firms in the turbocharger market to adopt new technologies during the operation, which will create a better chance for the growth of the turbocharger market.
Major Companies present in the market: Garrett Motion Inc., Cummins Inc., Borgwarner Inc., Continental AG, Ishikawajima-Harima Heavy Industries Co., Limited, Mitsubishi Heavy Industries Limited, Turbo Energy Private Limited, Hunan Tyen Machinery Co., Ltd., Rotomaster International, BMTS Technology GmbH & Co. KG, Fengcheng Xindongli Turbocharger Co., Limited, Bullseye Power Turbo Chargers LLC., The Turbo Engineers Gmbh, Kompressorenbau Bannewitz GmbH, Magnum Performance Turbos, Inc.
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