Automotive Turbochargers Market Likely To Touch At $27.33 Billion By 2027: Grand View Research Inc.

The global automotive turbochargers market size is expected to reach USD 27.33 billion by 2027, registering a CAGR of 8.9%, according to a new report by Grand View Research Inc. Rising trend of engine downsizing across the globe in a bid to improve fuel efficiency of vehicles is expected to drive the market growth.

Governing bodies across the world are employing stringent automotive emission norms to curb the rapidly rising environmental damage. This factor is expected to boost the demand for automotive turbochargers since it is an eco-friendly device that aids in realizing fuel economy across several vehicle types.

Key players are investing in R&D to improve turbocharger performance in order to cater to further advancements for downsized diesel and gasoline engines. In addition, they are employing efforts to improve the fuel economy in hybrid vehicles and develop turbochargers for next-gen fuel cell vehicles.

Industry participants are trying to enhance profitability by increasing sales through high add-value turbochargers. In addition, they are employing efforts to secure volume sales of vehicle turbochargers capturing demand for fundamental product-lineup steadily, thereby providing a stimulus to overall market growth.

The emerging trend of light-weighting engines in commercial vehicles is leading the shift toward direct gasoline engines, thereby positively influencing the growth of vehicular turbo. Owing to the rising imposition of stringent automotive emission norms across the globe, Original Equipment Manufacturers (OEMs) are employing engine-downsizing strategies to optimize the fuel efficiency of vehicles. This trend is expected to fuel the demand for turbochargers since they play a key role in curbing vehicle emissions and enhance fuel efficiency.

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Turbochargers play a key role in boosting fuel efficiency up to 20% in automotive while maintaining the output as well as torque through the delivery of highly pressurized air into the engines. In addition, it supports in increasing the power output through the recovery of thermal energy discharges from the engine.

Automotive Turbochargers Market Report Highlights

• Other fuel type segment which includes CNG, fuel cells, and other fuel alternatives is expected to expand at a CAGR of over 15.1% during the forecast period, owing to emerging trend of hybrid and fuel cell vehicles
• Gasoline fuel segment accounted for majority of the demand for automotive turbochargers in 2020 on account of shift of light weight vehicles toward direct gasoline engines
• Heavy commercial vehicles segment is expected to witness a notable CAGR of over 9.1% over the forecast period on account of high aftermarket demand for heavy commercial vehicles turbochargers
• In terms of revenue, Asia Pacific stood at USD 3.41 billion in 2020 and is projected to expand at a CAGR of 11.1% over the forecast period on account of rising automotive production levels in the region
• Key market players are investing in development of fuel cell turbochargers to capture the rapidly growing fuel cell vehicles market, which in turn is expected to drive the overall growth over the forecast period

Key industry participants are focusing on the development of key elements of turbocharger including a compressor with improved efficiency, a bearing with reduced mechanical loss through optimization of load and a turbine with improved performance in the low-speed ratio region. These developed elements are supplied to automotive manufacturers as samples. The top players are continuously developing the production automation process and novel manufacturing techniques to produce high-quality products. They are installing equipment for durability and performance tests of turbochargers under extreme pressures and temperature circumstances. In addition, they are employing efforts for new product development through collaboration with the corporate research and development department. Some of the prominent players in the automotive turbochargers market include:

• Honeywell (U.S.)
• BorgWarner (U.S.)
• MHI (Japan)
• IHI (Japan)
• Continental (Germany)
• Bosch Mahle (Germany)
• Cummins (U.S.)
• ABB (Switzerland)

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.