Turbocharger Market Updates by 2031
[Research Report] The turbocharger market is expected to grow from US$ 22.33 billion in 2022 to US$ 34.44 billion by 2031; it is estimated to grow at a CAGR of 5.6% from 2022 to 2031.
Analyst Perspective:
The global turbocharger market has witnessed significant market growth in recent years, driven by rising demand for low-carbon emission-based vehicles, rising air pollution, and increasing reliance on heavy-duty vehicle production and sale. The automotive sector is gaining popularity in manufacturing energy-efficient and new-energy vehicles. Also, the aerospace and defense sector vehicles are growing the use of these turbochargers to enhance fuel efficacy and improve power output. Increasing energy efficiency and technological advancement in the automotive turbochargers is a major driving factor for reducing low carbon emissions base vehicles and saving vehicle energy. China is responsible for 30% of the world’s population. The automotive industry is responsible for high carbon emissions.
The India turbochargers market is growing at the highest CAGR of 14.0% during the forecast period 2022-2031, according to the Indian Group of Automotive Manufacturers. Strict regulatory standards and greater value-added solutions such as variable geometry turbines and dual spool turbo promote higher content per vehicle, which propelled the global turbocharger market growth. The total turbocharger market is driven by a rising percentage of turbocharged petrol engines and better realization, even if the share of diesel cars in India is anticipated to decline. The automotive industry's turbocharger has grown significantly in Asia Pacific due to increasing heavy-duty commercial vehicle production.
Market Overview:
The definition of a turbocharger market has shown significant growth owing to rising sales of heavy-duty commercial vehicles such as buses, trucks, caches, and vans. A turbocharger is a device that enhances the fuel efficiency of the internal combustion engine with increased intake air pressure by connecting a compressor wheel. It consists of the exhaust gas turbine wheel through a solid shaft. The air entering a diesel engine using the turbocharger is compressed before the fuel is injected. It is a key distinction between a turbocharged diesel engine and a conventional, normally aspirated gasoline engine. The turbocharger is vital in the diesel engine's power production and efficiency. More air is compressed before entering the engine cylinder thanks to the turbocharger. The oxygen molecules are squeezed closer together when air is compressed. With more air, a normally aspirated engine of the same capacity can accommodate more fuel.
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Turbocharger Market: Strategic Insights
Turbocharger Market
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CAGR (2023 - 2031)
5.60%
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Market Size 2023
US$ 23.58 Billion
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Market Size 2031
US$ 36.46 Billion
Market Dynamics
GROWTH DRIVERS
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FUTURE TRENDS
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OPPORTUNITIES
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Key Players
- BorgWarner Inc
- BMTS TECHNOLOGY
- Continental AG
- EATON Corporation
- Honeywell International Inc
- Mitsubishi Heavy Industries
- Precision Turbo and Engine
- Rotomaster International
- Turbo Energy Ltd
Regional Overview
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Market Segmentation
Vehicle Type
- Passenger Vehicles
- Light Commercial Vehicles
- Heavy Commercial Vehicles
Fuel Type
- Gasoline
- Diesel
Material
- Cast Iron
- Aluminum
Technology
- Twin Turbo Technology
- Wastegate Technology
- Variable Geometry Technology
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Turbocharger Market: Strategic Insights
-
CAGR (2023 - 2031)5.60% -
Market Size 2023
US$ 23.58 Billion -
Market Size 2031
US$ 36.46 Billion
Market Dynamics
- XXXXXXX
- XXXXXXX
- XXXXXXX
- XXXXXXX
- XXXXXXX
- XXXXXXX
- XXXXXXX
- XXXXXXX
- XXXXXXX
Key Players
- BorgWarner Inc
- BMTS TECHNOLOGY
- Continental AG
- EATON Corporation
- Honeywell International Inc
- Mitsubishi Heavy Industries
- Precision Turbo and Engine
- Rotomaster International
- Turbo Energy Ltd
Regional Overview
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Market Segmentation
- Passenger Vehicles
- Light Commercial Vehicles
- Heavy Commercial Vehicles
- Gasoline
- Diesel
- Cast Iron
- Aluminum
- Twin Turbo Technology
- Wastegate Technology
- Variable Geometry Technology
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Market Driver:
Increased Sale of Heavy-Duty Commercial Vehicles to Drive Growth of Turbocharger Market
The increased sale of heavy-duty commercial vehicles around the globe has created massive demand for the turbocharger market. Turbochargers are widely used to curb engine emissions and significantly enhance fuel efficiency. As per the International Organization of Motor Vehicle Manufacturers, global heavy-duty commercial vehicle sales in 2021 reached 4.27 million units, increasing by 3.3% compared to 2021. Further, rising strict rules and regulations imposed by several countries' governments on vehicle emissions, advancement in vehicle safety, and rapidly increasing logistics drive the market growth. Further, increasing e-commerce and retail sectors around the globe at a rapid pace is expected to drive the global demand for the turbocharger market. Rising demand for heavy-duty, powerful vehicles that carry capacity using fuel-efficient vehicles and trucks is propelling the market growth. Also, stringent government rules and regulations imposed by several countries’ authorities for manufacturing fuel-efficient vehicles around the globe are propelling the market growth. The National Highway Traffic Safety Administration in the US has imposed new standards for the vehicle manufacturers of heavy-duty vehicle engines driven by natural gas, diesel, and other fuels. Also, in February 2022, India’s Union Ministry of the Road Transport and Highway allowed using the fuel-efficient BS IV engine-based vehicles.
Furthermore, heavy-duty vehicles with turbochargers offer higher fuel efficiency for convenient, secure transportation. The rapid growth of the construction, logistics, and transportation industry that uses heavy-duty vehicles around the globe is driving the turbocharger market growth. Moreover, rising demand for heavy-duty trucks, trailers, and buses in the automotive sector is driving the turbocharger market growth.
Asia-Pacific is growing rapidly for the global turbocharger market owing to increased commercial and passenger vehicle production and sales in countries such as India, Japan, and China. The increasing construction industry in India, Japan, and ASEAN countries further drives the region’s turbocharger demand. Also, several automotive manufacturers, such as Volvo, Freightliner Corporation, Kenworth International, and Peterbilt, are producing turbochargers-based vehicles. The rising adoption of turbochargers for manufacturing of the automotive is expected to drive the market growth. Further, turbochargers offer better fuel efficiency and power for heavy-duty commercial vehicles. The turbochargers are combined with high-power compressors and turbines for offering fuel efficacy. Rising adoption of electric turbochargers to offer better fuel efficiency drives the market growth. Several key players, including BorgWarner Corporation, Garrett Motion, and Continental AG, launched advanced 48 Volt e-turbo chargers. This e-turbo charger offers better fuel efficiency and better power output. Hence, the demand for these electric turbochargers is growing rapidly around the globe.
Segmental Analysis:
Based on vehicle type, the market is segmented into passenger, light, and heavy commercial vehicles. Based on the fuel type, the market consists of gasoline, diesel, and others. Depending on the material, the market is divided into cast iron, aluminum, and others. Based on the technology, the global market is divided into twin-turbo technology, wastegate technology, variable geometry technology, and others. Among these, twin-turbo technology is growing rapidly, with rising demand for the production of premium luxury vehicles around the globe. Also, the rising sale of these premium vehicles with the surge in the disposable income of the people in countries such as the US, India, China, Germany, France, the UK, and Italy are driving the market growth. Luxury vehicle companies such as BMW Group, Mercedes-Benz, and Audi have shown significant sales in the first half of 2023, reaching 8,528 units sold by Mercedes-Benz in India. Similarly, brands such as BMW and other luxury brands recorded cumulative sales of 5,867 luxury cars.
Regional Analysis:
Asia Pacific is expected to have the largest share in 2022, attributed to the increasing number of heavy-duty commercial vehicles with the increasing transportation industry at a rapid pace. In Asia-Pacific, the demand for these vehicles is significant owing to the presence of leading manufacturers, availability of low-cost workforce, and access to raw materials. The rapid growth of the automotive construction sectors across major countries such as Thailand, Japan, Malaysia, India, and Indonesia is expected to drive the turbocharger market growth.
The increasing government rules and regulations for improving vehicle efficiency and the rapid adoption of turbochargers by OEMs and suppliers to manufacture fuel-efficient vehicles are driving market growth. For instance, the Chinese government planned to phase out diesel and gasoline-based vehicles by 2040.
Also, these turbochargers are widely used in aerospace and defense vehicles in order to increase fuel efficiency. Aircraft and marine engines use turbochargers to enhance fuel efficacy and deliver higher power output of these engines. Turbocharger brands are making partnerships with turbocharger car OEMs in order to offer turbo at a competitive price.
Key Player Analysis:
The turbocharger market analysis consists of players such as Continental AG, Cummins Inc., EATON Corporation, Honeywell International Corporation, IHI Corporation, Mitsubishi Heavy Industries, Precision Turbo & Engine, Rotomaster International, Turbo Dynamics Ltd., GARRETT MOTION INC. Also, players such as Continental AG and Cummins Inc. are the top two players owing to the diversified product portfolio offered.
MAN Energy Solutions, a diesel and gasoline engine manufacturer, is headquartered in Germany, Europe. MAN Energy Solutions employed more than 14,000 individuals in more than 120 countries globally. In June 2021, Rolls-Royce and MAN Energy Solutions partnered to develop advanced vehicle turbochargers. The companies combined their technologies of Rolls-Royce's high-efficient MTU turbocharger for high-speed gas and diesel and engines for turbochargers.
Recent Developments:
The companies are adopting several strategies, such as collaborations, partnerships, mergers & acquisitions, and new product developments in the global turbocharger market. A few recent key market developments are listed below:
- In August 2022, Cummins Inc. launched the eighth generation holset series HE400VGT turbocharger technology. Also, in 2021, Cummins Turbo Technologies launched seventh generation 400 series-based variable geometry turbochargers that help the engine manufacturers meet carbon emission standards and offer the class fuel-efficient vehicles. Cummins, Inc. continues advancing turbocharger technologies for the top-class heavy-duty truck vehicle.
Turbocharger Market Report Scope
Report Attribute | Details |
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Market size in 2023 | US$ 23.58 Billion |
Market Size by 2031 | US$ 36.46 Billion |
Global CAGR (2023 - 2031) | 5.60% |
Historical Data | 2021-2022 |
Forecast period | 2024-2031 |
Segments Covered |
By Vehicle Type
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Regions and Countries Covered | North America
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Market leaders and key company profiles |
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- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Vehicle Type, Fuel Type, Material, Technology
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
The List of Companies
1. BorgWarner Inc.
2. BMTS TECHNOLOGY
3. Continental AG
4. EATON Corporation
5. Honeywell International Inc.
6. Mitsubishi Heavy Industries
7. Precision Turbo and Engine
8. Rotomaster International
9. Turbo Energy Ltd
10. ZOLLERN GmbH and Co. KG