BANGALORE, India, May 23, 2024 /PRNewswire/ -- Automotive
Turbochargers Market is Segmented by Type (Mono Turbo, Twin Turbo),
by Application (Sedan, SUV & Pickup).
The Global Automotive Turbochargers Market was valued at
USD 18660 Million in 2023 and is
anticipated to reach USD 37120
Million by 2030, witnessing a CAGR of 10.2% during the
forecast period 2024-2030.
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Major Factors Driving the Growth of Automotive Turbochargers
Market:
The market for automotive turbochargers is mostly driven by
consumers' increasing desire for high-performance, fuel-efficient
cars. With the help of turbochargers, smaller engines may generate
more power, resulting in increased fuel efficiency and lower
emissions. This is in line with increasingly strict environmental
rules and growing fuel prices. Another important aspect is the
growing use of turbocharged engines in gasoline and diesel vehicles
across a range of vehicle classes, including commercial trucks and
passenger automobiles. Additionally, improvements in engine
performance and economy brought about by developments in
turbocharger technology, such as electric and variable geometry
turbochargers, propel market expansion. The need for automobile
turbochargers is further fueled by the trend toward smaller engines
with higher power outputs and the need to leave a smaller carbon
footprint.
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TRENDS INFLUENCING THE GROWTH OF THE AUTOMOTIVE TURBOCHARGERS
MARKET
The market for automobile turbochargers is primarily being
driven by the desire for fuel economy. Turbochargers provide an
efficient answer to the growing demand from customers and
government agencies for automobiles with higher fuel efficiency.
Turbochargers improve engine efficiency and power production
without enlarging the engine by pumping additional air into the
combustion chamber. Better fuel efficiency will result from this,
especially with smaller engines, which are becoming more and more
common in both passenger and commercial vehicles. As a result, in
order to fulfill strict fuel economy regulations, manufacturers are
adding turbochargers, which not only helps to reduce fuel
consumption but also lowers CO2 emissions, in line with global
environmental aims.
The rules governing emissions are getting stricter worldwide,
particularly in China,
North America, and Europe. These laws require automobiles to emit
less dangerous pollutants like CO2 and NOx. Through increasing
engine efficiency and lowering exhaust emissions, turbochargers
assist manufacturers in adhering to these strict regulations.
Turbochargers improve engine performance by improving the
combustion of the air-fuel combination, making engine running
cleaner and more efficient. The automobile sector is required to
embrace turbocharging technology as governments continue to tighten
emission requirements to combat air pollution and climate change,
which is considerably driving the market expansion.
The move in the automotive industry toward hybrid vehicles
(HEVs) opens up new markets for turbochargers. Turbochargers can
increase the efficiency of the internal combustion engine in hybrid
cars, enhancing overall performance and supporting the electric
motor. To further improve power delivery in hybrid powertrains,
developments in electric turbocharging technology—which uses
electric motors to power the turbocharger—are also being made. The
market for automotive turbochargers is expected to develop as a
result of the increasing integration of innovative turbocharging
technologies into hybrid cars.
The market for turbochargers is also significantly influenced by
the need for high-performance automobiles. Turbochargers are a
major component used by sports car manufacturers and performance
enthusiasts to produce cars with increased power and acceleration.
By raising the engine's power output without unnecessarily adding
weight or complexity, turbochargers significantly improve
performance. This desire extends beyond only sports vehicles to
include high-performance versions of sedans and SUVs, as well as
mainstream models. The market for turbochargers will continue to
profit from this market segment as long as consumers' interest in
performance-oriented automobiles is high.
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AUTOMOTIVE TURBOCHARGERS MARKET SHARE ANALYSIS:
The major companies in the global automotive turbocharger market
include Honeywell, BorgWarner, IHI, MHI, and so forth. With a share
of nearly 75%, the top four producers worldwide.
Europe holds a nearly 40%
stake, making it the largest market. Due to a number of variables,
Europe has the biggest market
share in the automobile turbocharger industry. The need for
turbochargers is driven by strict pollution rules, including the
Euro 6 standards, which force
automakers to use technology that improves fuel economy and reduces
emissions. Additionally, diesel cars—which frequently employ
turbochargers to increase performance and fuel efficiency—are
highly preferred by European buyers. Furthermore, the use of
turbocharged engines is encouraged by European governments'
measures to promote cleaner automobiles and lessen carbon
footprints, which further solidifies the region's dominant position
in the industry.
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Key Companies:
- Honeywell
- BorgWarner
- IHI
- MHI
- Cummins
- Bosch Mahle
- Continental AG
- Hunan Tyen
- Weifu Tianli
- Weifang Fuyuan
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DISCOVER MORE INSIGHTS: EXPLORE SIMILAR REPORTS!
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Turbocharger Market
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Turbocharger Parts Market
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Automotive Single Turbocharger Market
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global market for Ships Turbocharger was estimated to be worth
USD 738.2 Million in 2023 and is
forecast to a readjusted size of USD 974.6
Million by 2030 with a CAGR of 4.0% during the forecast
period 2024-2030.
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Industrial Machinery Turbocharger Market
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Automotive Turbo Heat Shield Market
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Automotive Charge Air Cooling System market was valued at
USD 13900 Million in 2023 and is
anticipated to reach USD 19790
Million by 2030, witnessing a CAGR of 5.2% during the
forecast period 2024-2030.
- The
global market for Overall Turbochargers was estimated to be worth
USD 19440 Million in 2023 and is
forecast to a readjusted size of USD 40700
Million by 2030 with a CAGR of 11.0% during the forecast
period 2024-2030.
- The
global Automotive Charge Air Cooler market is projected to grow
from USD 3018.8 Million in 2023 to
USD 4333.4 Million by 2029, at a
Compound Annual Growth Rate (CAGR) of 6.2% during the forecast
period.
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Automotive Torque Actuator Motors Market
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Automotive Smart Actuators Market
- The
global Superalloy Master Alloys market was valued at USD 542 Million in 2023 and is anticipated to
reach USD 811.1 Million by 2030,
witnessing a CAGR of 6.4% during the forecast period 2024-2030.
-
Automotive Twin Turbochargers Market
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global Superalloy for Automotive market was valued at USD 237.8 Million in 2023 and is anticipated to
reach USD 297.5 Million by 2030,
witnessing a CAGR of 3.3% during the forecast period 2024-2030.
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