Automotive Turbocharger Market to Exceed US$ 23.28 Bn by 2031; TMR Study
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Growing trend of engine downsizing pivots use of turbocharger technology for better fuel economy; rise in demand for electric turbochargers to create substantial revenue streams
Albany NY, United States, May 11, 2022 (GLOBE NEWSWIRE) — Turbocharger technology are witnessing rise in adoption of medium- to heavy-duty diesel engines. Original equipment manufacturers (OEMs), automotive manufacturers, and other industry players in the automotive turbocharger market are tapping into emerging revenue streams from growing integration of turbochargers in engines of passenger vehicles, autonomous vehicles, and electric vehicles (EVs). The automotive turbocharger market valuation is projected to advance at CAGR of 7.6% during 2021–2031.
Growing commercialization of electric vehicles and autonomous vehicles in numerous countries have bolstered the revenue growth, notes a TMR study making demand analysis of automotive turbocharger. Future business opportunities in car turbo charger are likely to be increasingly enriched by the rising demand for autonomous vehicles. Growing trend of integrating turbochargers with premium vehicles has generated sizable revenues in recent years.
Rising incorporation of turbo technologies for improving the fuel efficiency gasoline-powered vehicles has been generating steady revenues for industry stakeholders in the automotive turbocharger market. Of note, OEMs are geared toward adopting engine equipped with turbochargers featuring better aerodynamics in a bid to capture high customer value. Car rental services have positively influenced the growth dynamics of the automotive turbocharger market.
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Key Findings of Automotive Turbocharger Market Study
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Lucrative Avenues Stems from Need for Better Fuel Efficiency & Economy for Gasoline Engines: Automotive turbochargers have made rapid penetration in gasoline-powered engines. In particular, the TMR study found that the technology witnessed widespread adoption in small gasoline-powered passenger vehicles. Overall, in 2020, the gasoline engine held a major share among all engines where turbochargers had been used.
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OEMs Witness Enormous Value-grab Opportunities in Electrical and Autonomous Vehicles: A TMR study analyzing key vendors in automotive turbocharger market observed that growing sales of electric and hybrid vehicles has spurred the prospects of electric turbochargers. Furthermore, the demand for technologically advanced turbochargers for autonomous vehicles present a massive value-grab avenue for companies in the automotive turbocharger market. With a number of international automotive manufacturers expanding the product line of fuel-efficient gasoline-powered vehicles, profitable avenues for turbochargers vendors are expected to expand in near future.
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Regulations on Emission Control Catalyze Profitable Avenues: Emission regulations particularly those that pertain to diesel engines have boosted the pace of integration with turbochargers. Long-term revenue growth opportunities in the automotive turbocharger market have stemmed from the cutting-edge designs of turbochargers that can help customers meet upcoming emission standards. Recent developments confirm that turbochargers have gained from rapidly increasing use of the technology in diesel vehicles, thus boosting the outlook of the automotive turbocharger market.
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Automotive Turbocharger Market: Key Drivers
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Existing need for reducing the carbon footprint of logistics and transportation aimed at last mile delivery is a key driver for the demand for automotive turbochargers. A massive demand has come from automotive used for food delivery supply chains.
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Stricter implementation of emission regulations has nudged OEMs to widely adopt the state-of-the art turbocharging technologies. Growing R&D in fuel cell electric vehicles (FCEVs) is expected to expand the avenue.
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Automotive Turbocharger Market: Regional Growth Dynamics
Europe held a major share of the global automotive turbocharger market. The regional market has been making strides on the back of constant update of EU regulations on fuel economy and efficiency especially for cars. A case in point is recent EU targets on NOx. Vehicles meant for road transport sector have been one of the key target applications.
Automotive Turbocharger Market: Key Players
Some of the key players in the automotive turbochargers market are Turbo Energy Private Limited., Precision Turbo & Engine Inc., Mitsubishi Heavy Industries Ltd., IHI Corporation, Honeywell International Inc., Eaton Corporation PLC., Garrett Motion Inc., BorgWarner, Continental AG, and American Industrial Ltd.
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Global Automotive Turbocharger Market: Segmentation
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Automotive Turbocharger Market, by Engine Type
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Gasoline
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Diesel
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Others (Hybrid)
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Automotive Turbocharger Market, by Operation
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Automotive Turbocharger Market, by Vehicle Type
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Automotive Turbocharger Market, by Sales Channel
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