Yahoo Finance Automotive Turbocharger Market to value USD 38 Billion by 2032: Global Market Insights Inc.
Major automotive turbocharger market players include Audi, Banks Power, BMTS Technology GmBH & Co. Kg., BorgWarner, Chrysler, Continental AG, Cummins Inc., Dodge, Ford Motor Company, General Motors, Honda, Volkswagen, Zage Turbo, among others.
Selbyville, Delaware, Feb. 01, 2023 (GLOBE NEWSWIRE) --
The automotive turbocharger market is expected to record a valuation of USD 38 billion by 2032, according to a new research report by Global Market Insights Inc.
A steady rise in the adoption of fuel-efficient gasoline engines in vehicles will offer lucrative business prospects for automotive turbocharger manufacturers. Consumers worldwide are rapidly shifting toward advanced automotive technologies and investing heavily in turbochargers to enhance the efficiency of gasoline-powered engines. Additionally, multiple governments across the globe have implemented very strict emission norms on automakers and users to limit the surging levels of automobile pollution.
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Presence of stringent emission rules to propel deployment of turbochargers in HCVs
In terms of volume, the automotive turbocharger market from HCV vehicle segment recorded nearly 1.5 million units in 2022. Turbochargers are extensively deployed in HCVs to adhere to stringent emission norms and climate change initiatives. HCVs are widely used by construction contractors to speed up productivity and output across construction sites. As the construction sector strives to keep up with the energy transition for reducing overall carbon footprint, the demand for HCVs with energy-efficient technologies will pick pace. HCVs integrated with state-of-the-art turbocharger technology also allows operators to maximize vehicle performance and provide superior load-carrying capabilities.
Technological advancements to boost adoption of wastegate-deployed turbochargers
Automotive turbocharger market size from the wastegate technology segment is estimated to attain more than 7% gains between 2023 and 2032. Recent breakthroughs and technological advancements in exhaust bypass valves are increasing customer preference for wastegate turbochargers as they allow gases to bypass turbines by releasing unused exhaust energy. Moreover, these turbochargers are gaining significant momentum owing to their ability to manage spin speed along with enhanced power density facilitated by advanced aerodynamics. Wastegate systems offer a myriad of benefits including reduced turbo lag, optimum engine performance at all times, and minimal risk of mechanical damage to engine parts. Since the technology is relatively compact, installation is easier and requires smaller space.
Growing need for fuel-efficient systems to foster demand for diesel-powered turbos
The diesel segment accounted for around 68% of the automotive turbocharger market share in 2022. A rapid growth in the sales of heavy-duty and construction vehicles driven by urbanization and industrialization will proliferate the preference for diesel turbos. These turbochargers are also deployed in commercial diesel-based vehicles. Diesel engines are more fuel efficient as compared to their gas counterparts, despite the high compression ratios found in some of the diesel-powered products. In addition, as a fuel, diesel is more energy-dense than gasoline, which ensures more energy per gallon. Turbochargers further elevate the fuel economy of diesel engines.
Rapid penetration of online aftermarket to uptick the sales of automotive turbochargers
The aftermarket distribution channel segment held over 7% share of the automotive turbocharger market in 2022. In recent years, aftermarket channels have emerged as a critical tool in catering to the replacement needs pertaining to damaged or failed engine parts in LCVs, PCVs, and HCVs. Furthermore, the advent of digitization has spurred the online aftermarket with growing demand for better turbocharger quality and reliable delivery of products. Major online platforms, companies, and websites are upgrading their portals to facilitate prompt component delivery for aging vehicles with favorable pricing models, thus attracting large herds of customers to the aftermarket for their component needs.
Rise consumer spending capabilities to augment industry demand across LATAM
Latin America automotive turbocharger market revenue is poised to surpass more than USD 971 million by 2032 due to rising number of automobile manufacturers in the region. Substantial economic recovery along with increasing spending capacity among the population in countries such as Brazil and Mexico will augment the industry growth. Over the last decade, consumer spending in passenger vehicles has witnessed dynamic growth, consolidating high consumption of automotive turbochargers in the region.
Expansion initiatives to boost automotive turbochargers industry development
Leading players operating in the automotive turbocharger market are Audi, Banks Power, BorgWarner, Chrysler, Continental AG, Cummins Inc., Dodge, General Motors, Honda, Garett Motion Inc., IHI Corporation, Jeep, Linamar Corporation, Lincoln, Magnum Performance Turbos, Mazda, Nissan, Rotomaster, Turbo Energy Private Limited, Turbonetics, Inc., Volkswagen, Zage Turbo. These leaders are focusing on enhancing their production capacity and efficiency for enhanced customer base. For instance, in October 2022, Cummins Turbo Technologies announced plans to expand its turbo remanufacturing operations at North Charleston.
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Partial Table of Contents (ToC) of the report:
Chapter 2 Executive Summary
2.1 Automotive turbocharger industry 360° synopsis, 2018-2032
2.2 Business trends
2.2.1 Total Addressable Market (TAM), 2023-2032
2.3 Regional trends
2.4 Vehicle trends
2.5 Technology trends
2.6 Fuel trends
2.7 Distribution channel trends
Chapter 3 Automotive Turbocharger Market Insights
3.1 Introduction
3.2 Impact of COVID-19
3.3 Russia- Ukraine war impact
3.4 Industry ecosystem analysis
3.5 Comparison of turbo engine and non-turbo engine
3.6 Price trend analysis, 2022
3.7 Cost structure analysis
3.8 Technology & innovation landscape
3.9 Patent analysis
3.10 Key initiative and news
3.11 Regulatory landscape
3.12 Industry impact forces
3.13 Growth potential analysis
3.14 Porter's analysis
3.15 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
Presence of stringent emission rules to propel deployment of turbochargers in HCVs
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