Automotive Turbocharger Market Size Projections & Future Opportunities Recorded for the Period Forecast 2022-2031

News provided by

Shibuya Data Count

Jun 10, 2022, 06:40 EST

Shibuya-ku, Tokyo, Japan, Japan, Jun 10, 2022, 06:40 /Comserve / -- Automotive Turbocharger Market With Top Countries Data, Industry Analysis , Size, Share, Revenue, Prominent Players, Developing Technologies, Tendencies and Forecast

The automotive turbocharger market studied was valued at over USD 278 million in 2020, and it is expected to reach a value of over USD 400 million by 2026 while registering a CAGR of more than 8.5% during the forecast period

Covid-19 affected the industry by forcing the manufacturers to shut down the assembly lines and pushed the economy down. With almost zero vehicular movements, there wasn't any new requirement for turbochargers to be installed into new vehicles and spare turbochargers for replacements in already present vehicles.

Click Here to Download Sample Report >>

However, with the increasing demand for performance and luxury cars, the market is looking to get back up into a stable economic condition with good sales projection to meet potentially high demand.

Many car manufacturers consider turbochargers to be a viable option to keep internal combustion (IC) engines cleaner, thus, increasing the share of turbocharged vehicles every year. At the current pace, about half of the cars rolling out of production are expected to be turbocharged by 2022, thereby, influencing the automakers and the tier-1 suppliers to introduce more technologically advanced products.

Key Market Trends

Increased Adoption in Petrol Engines

Diesel engines have emerged as the dominant fuel type for car companies, as diesel engine emits low CO2 and offers great performance. However, on the other hand, the diesel proportion of new registrations has been falling gradually for some time, as modern petrol-powered cars are popular, and have become better at delivering similar benefits, and this trend is expected to pick up pace in the forecast period.

There are a few more reasons that have propelled the market for gasoline type engines. For instance, the Volkswagen diesel emissions scandal, in 2015, where Volkswagen supplied around 11 million defective diesel engine cars globally, including eight million in Europe. The diesel car sales witnessing a declining trend in the region and the Volkswagen emission scandal resulting in a call back of all faulty vehicles have further resulted in the decline in the sales of the company's vehicles. The revelations resulted in a sharp fall in demand for diesel engine cars, which aided in the rise in the demand for gasoline engine cars.

Request For The Sample Report Here:

In the United Kingdom, car buyers prefer downsized petrol engines, which emit nearly 100g/km CO2, as a feasible, efficient alternative to diesel engines. Currently, global players, such as Ford, Opel/Vauxhall, Volkswagen, and Hyundai, offer similarly downsized petrol engines, many emitting around 100g/km of CO2. Petrol-powered engines are moving from naturally aspirated engines to turbocharged engines at a faster rate than ever before. It has been estimated that over the forecast period, 50% of the cars sold may have turbochargers, and similar growth is expected to continue.

The tendency to use turbochargers for diesel engines for improved fuel efficiency and engine performance is slowly changing. The market revenue from diesel turbochargers is slowly shifting towards petrol superchargers and this shift is for the good with the emission norms in mind.

Europe Accounts to the Largest Market Share

The modern car industry is governed by fuel economy and efficiency, which, in turn, is driven by the European Union legislation on the fuel economy and emissions targets. The Kyoto Protocol required the world to pull its 1990-level emissions back to 8%, by 2012, which led to the start of the Euro I vehicle emissions standards of 1993. It covered mostly nitrous oxide and particulate emissions, which increased diesel-engine vehicle sales. However, to reach EU targets on NOx, diesel-engine vehicles shifted to turbocharging. This, in turn, resulted in improving the efficiency of the vehicles and reducing the price of turbochargers.

High costs associated with turbochargers, along with the increasing focus on BEVs in the European market, are restraining the growth of the market in the region. However, the advent of electric turbochargers is expected to add a significant growth dimension to the market during the forecast period.

The European automotive turbocharger market is highly competitive, as some market players have a niche and better technologies. In 2018, the European market was dominated by BorgWarner, Honeywell, and Continental AG.

Competitive Landscape

The automotive turbocharger market is highly consolidated among seven players - Honeywell, BorgWarner, IHI, MHI, Cummins, Bosch-Mahle, and Continental AG. Honeywell constitutes a significant shareof the market, followed by BorgWarner, IHI, MHI, Cummins, etc. Bosch and Mahle produce turbochargers under the Bosch-Mahle joint venture.

- Honeywell produces and sells turbochargers under various subsidiaries, such as Honeywell Korea, Honeywell Automotive Part Service Shanghai Co. Ltd, Honeywell Garrett, Honeywell International Inc., Honeywell Technologies SRL, and Honeywell Turbo SRO.
- In November 2018, Honda F1 division entered a two-year partnership with IHI, in order to develop turbochargers.

Request For Full Report >> Automotive Turbocharger Market

The dynamic nature of business environment in the current global economy is raising the need amongst business professionals to update themselves with current situations in the market. To cater such needs, Shibuya Data Count provides market research reports to various business professionals across different industry verticals, such as healthcare & pharmaceutical, IT & telecom, chemicals and advanced materials, consumer goods & food, energy & power, manufacturing & construction, industrial automation & equipment and agriculture & allied activities amongst others.

For more information, please contact:

Lauren Brown

Shibuya Data Count
Tel: + 81 50 50509159

Related Links

Also from this source

LTE and 5G Broadcast Market Insights by Emerging Trends, Leading Key Players, Future Growth, Revenue Forecast To 2024

Some of the major players in the LTE and 5G Broadcast market are: KT (South Korea), Verizon Wireless

Wireless Headphones Market Research Analysis with Trends, Price, Challenges and Opportunities to 2027

The major vendors in the global market are: Apple, Bose, Samsung, Sony, Sennheiser