The Global Automotive Turbocharger Market was valued at USD 12.2 Bn in 2020 and is expected to reach USD 24.5 Bn by 2027, with a growing CAGR of 10.5% during the forecast period.
A turbocharger is turbine-drive forced induction device that increases an internal combustion engine efficiency and power output by forcing extra air into the combustion chamber. Turbocharger relies on the volume and velocity of exhaust gases to spin the turbine wheel, which is connected to the compressor wheel through a common shaft. Turbochargers enable automobile manufacturers to provide enhanced safety and improved performance at high altitudes.
Global Automotive Turbocharger Market Dynamics:The implementation of stringent emission regulations for improving fuel efficiency is expected to accelerate the demand for the automotive turbocharger market during the forecast period. The turbocharger is used to boost the internal combustion and power output of engines by increasing density of air intake to the combustion engine of powertrains. These turbochargers offer high efficiency and are environment friendly as they provide high engine power without increasing piston displacement. Moreover, the less utilization of the resources, minimum waste production, and greater efficiency are one of the important factors that drive the automotive turbocharger market during the forecast period.
By Vehicle Type
By Fuel Type
By Technology Type
By Region
Based on the vehicle type, the passenger vehicle segment is expected to dominate the market during the forecast period owing to a large population of passenger vehicles across the globe
Based on the vehicle type, the automotive turbocharger market has been segmented into passenger vehicles, light commercial vehicles, and heavy commercial vehicles. The passenger vehicle segment is expected to dominate the automotive turbocharger market during the forecast period owing to a large population of passenger vehicles across the globe. Moreover, the higher production of passenger vehicles than commercial vehicles drive the segment growth during the forecast period.
Based on the fuel type, the gasoline segment is expected to grow at the highest CAGR during the forecast period owing to the rapid adoption of turbocharged gasoline considering stringent norms
Based on the fuel type, the automotive turbocharger market is segmented into gasoline and diesel. The gasoline segment is growing at the highest CAGR during the forecast period owing to the rapid adoption of turbocharged gasoline considering the stringent norms. OEMs are rapidly shifting from diesel to gasoline engines to reduce the particulate matter level in exhaust gases in the vehicle. However, it will support OEM to maintain the emission standards imposed by the regulatory bodies. Therefore, these factors drive the segmental growth of the automotive turbocharger market.
Based on region, the Asia Pacific is expected to grow at the highest CAGR during the forecast period
Asia Pacific is expected to grow at the highest CAGR during the forecast period owing to the increasing automotive production in the countries such as China, India, and others. However, due to the COVID-19 pandemic, the overall production of the automotive industry is negatively impacted. For instance, according to the Society of Indian Automobile Manufacturers (SIAM), the total production of automobiles in the FY 2020-21 is estimated at around 22,652,108 units as compared to 26,353,293 units in 2019-20. Moreover, China dominated the automotive turbocharger market across the region due to the mass production level in the countries. China is a quickly recovered country from the pandemic and restarts manufacturing. Therefore, this is expected to witness higher demand for the automotive turbocharger market during the forecast period.
The report also provides an in-depth analysis of automotive turbocharger market dynamics such as drivers, restraints, opportunities, and challenges:
Drivers
Restraints
Opportunities
Challenges
COVID-19 Impact on the Automotive Turbocharger Market Analysis:
The turbochargers are directly proportional to the vehicle production and due to the strict lockdown imposed by the government across the globe, the automotive industry was significantly impacted which leads to the decline in the sales of the vehicle, which in turn, impacted the demand of the automotive turbocharger. For instance, according to the report published by the Society of Indian Automobile Manufacturers (SIAM), automobile sales in June 2020, witnessed 51% drop down in the total domestic sales of 10,94,363 units as compared to 22,53,407 units in the previous year. Moreover, the COVID-19 pandemic limits the purchasing capacity of the buyer due to which there will be a gradual shift towards gasoline engines from diesel engines. The gasoline engines are cost-effective as compared to diesel engines. Thus, impacted the growth of the automotive turbocharger.
*Note: A detailed analysis is specific to the automotive turbocharger market will be provided in the report
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