Automotive Turbochargers Market worth over $38 Bn by 2032

Automotive Turbochargers Market size is set to surpass 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 turbochargers market from HCV vehicle segment recorded more than 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 turbochargers market size from the wastegate technology segment is projected to exhibit over 7% CAGR 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

In terms of fuel, the diesel segment held more than 68% of the automotive turbochargers 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

In terms of distribution channel, the aftermarket segment accounted for 7% share of the automotive turbochargers 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.
 

Browse key industry insights spread across 275 pages with 509 market data tables & 37 figures & charts from the report, “Automotive Turbocharger Market Size By Vehicle (PCV, LCV, HCV), By Technology (VGT/VNT, Wastegate, Twin Turbo), By Fuel (Gasoline, Diesel), By Distribution Channel (OEM, Aftermarket), COVID-19 Impact Analysis, Growth Potential, Regional Outlook, Competitive Market Share & Forecast, 2023 – 2032”, in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/automotive-turbocharger-market
 

Rise consumer spending capabilities to augment industry demand across LATAM

Latin America automotive turbochargers market value is anticipated to reach nearly 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

Key participants operating in the automotive turbochargers 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.