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3. Automotive Turbocharger Market Size & Share - Future Growth Expectations

The automotive turbocharger market is projected to grow from USD 15.2 billion in 2024 to USD 22.9 billion by 2030, at a CAGR of 7.1%. The growth in automotive turbocharger market is fueled by reduction in NOx limits within emission regulations, rising consumer demand for gasoline-powered passenger vehicles, and advancements in electric turbocharger technology.

The automotive turbocharger market is poised for substantial growth in the coming years, driven by several key factors:

• Stringent Emission Regulations driving turbocharger adoption
• Demand surge for Fuel Efficiency without sacrificing performance
• Engine Downsizing trend bolstering turbocharger usage
• Turbochargers finding applications in Electric and Hybrid Vehicles
• Advancements in Turbocharger Technology enhancing performance and efficiency
• Momentum in Emerging Markets boosting turbocharger demand
• OEMs widely adopting turbocharging across vehicle segments

To know about the assumptions considered for the study download the pdf brochure

Rigorous Emission Regulations:

• Governments worldwide are tightening the reins on emissions, nudging automakers towards turbochargers as a solution for heightened engine efficiency and reduced emissions. Turbocharged engines offer a sweet spot of improved fuel economy and lower carbon footprints, perfectly aligning with regulatory mandates.

Thirst for Fuel Efficiency:

• In an age marked by fluctuating fuel prices and eco-consciousness, consumers are flocking towards vehicles offering better fuel efficiency sans performance compromises. Turbocharged engines, with their boosted power output and optimized fuel consumption, emerge as the prime choice for contemporary drivers seeking both power and economy.

Embrace of Engine Downsizing:

• Automakers are embracing the mantra of downsizing engines to meet emission standards and bolster fuel economy. Turbochargers play a pivotal role in this narrative, elevating the power output of smaller engines and effectively substituting displacement with forced induction.

Electric and Hybrid Vehicle Surge:

• As the automotive landscape transitions towards electrification, turbochargers find fresh relevance in hybrid and electric powertrains. Electric turbochargers, for instance, eliminate turbo lag in hybrids, amplifying performance and efficiency.

Turbocharger Tech Evolution:

• Ongoing turbocharger tech innovations, like variable geometry turbochargers (VGT) and twin-scroll variants, are steering market growth. These advancements empower turbochargers to deliver superior performance, efficiency, and reliability across diverse operating conditions.

Emerging Market Momentum:

• The automotive realm witnesses a burgeoning demand from emerging markets, where rapid urbanization and rising incomes fuel vehicle sales. Turbocharged engines gain ground in these markets, lauded for their performance prowess and fuel thriftiness.

OEM Turbocharger Adoption:

• Original Equipment Manufacturers (OEMs) are turbocharging their vehicle lineups across segments, from passenger cars to commercial vehicles and high-performance sports cars. This widespread turbocharger integration further stokes market expansion.

Automotive Turbocharger Market Share - Global Industry Landscape

The automotive turbocharger market is characterized by the presence of several key players competing for market share. Some of the leading companies in the automotive turbocharger industry include:

• BorgWarner Inc. (US),
• Garrett Motion Inc. (Switzerland),
• Mitsubishi Heavy Industries, Ltd. (Japan),
• IHI Corporation (Japan),
• Cummins Inc. (US).

Market dynamics in the automotive turbocharger industry are influenced by factors such as technological innovation, regulatory compliance, strategic partnerships, and market consolidation. As the demand for turbochargers continues to grow, companies are expected to escalate their endeavors to seize market share and propel innovation in turbocharger design, development, and commercialization.

BorgWarner Inc. (United States)

• Market Share: BorgWarner Inc. commands a notable share in the global automotive turbocharger market, especially known for its innovative turbocharging solutions tailored to various vehicle segments.
• Key Offerings: The company boasts a diverse portfolio of turbocharger products, catering to passenger cars, commercial vehicles, and high-performance applications. BorgWarner's lineup includes cutting-edge technologies like variable geometry turbochargers (VGT) and twin-scroll turbochargers, aimed at optimizing engine performance and fuel efficiency. With a commitment to engineering excellence and continuous innovation, BorgWarner remains a leader in turbocharger development and application across the automotive industry.

Garrett Motion Inc. (Switzerland)

• Market Share: Garrett Motion Inc. is a prominent player in the global automotive turbocharger market, recognized for its trailblazing turbocharging solutions and extensive industry expertise.
• Key Offerings: The company offers an extensive range of turbocharger products tailored to diverse vehicle types and engine configurations. Garrett's portfolio encompasses advanced technologies such as variable geometry turbochargers (VGT), dual ball bearing turbochargers, and electric turbochargers, all aimed at delivering superior performance, efficiency, and durability. With a focus on pushing the boundaries of turbocharging technology, Garrett Motion continues to set new standards and drive innovation in the automotive turbocharger market.

Mitsubishi Heavy Industries, Ltd. (Japan)

• Market Share: Mitsubishi Heavy Industries, Ltd. holds a significant share in the global automotive turbocharger market, leveraging its engineering prowess and extensive industry experience.
• Key Offerings: The company provides a wide range of turbocharger solutions designed to meet the diverse needs of automotive manufacturers worldwide. Mitsubishi Heavy Industries' turbocharger portfolio includes innovative technologies such as variable geometry turbochargers (VGT), water-cooled turbochargers, and hybrid turbocharger systems, all aimed at enhancing engine performance, fuel efficiency, and emissions control. With a focus on continuous improvement and customer satisfaction, Mitsubishi Heavy Industries remains a trusted partner for turbocharger solutions in the automotive sector.

IHI Corporation (Japan)

• Market Share: IHI Corporation is a leading player in the global automotive turbocharger market, renowned for its advanced turbocharging solutions and unwavering commitment to quality and reliability.
• Key Offerings: The company offers a comprehensive lineup of turbocharger products engineered to meet the demands of modern vehicle engines. IHI's turbocharger portfolio includes cutting-edge technologies such as variable nozzle turbochargers (VNT), ball bearing turbochargers, and electrically assisted turbochargers, all delivering superior performance and efficiency across various operating conditions. With a focus on innovation and sustainability, IHI Corporation continues to drive advancements in turbocharger technology and contribute to the evolution of the automotive industry.

Cummins Inc. (United States)

• Market Share: Cummins Inc. is a key player in the global automotive turbocharger market, renowned for its robust turbocharging solutions and extensive presence in the commercial vehicle segment.
• Key Offerings: The company offers a comprehensive range of turbocharger products tailored for commercial trucks, buses, and off-highway vehicles. Cummins' turbocharger lineup includes advanced technologies such as wastegate turbochargers, variable geometry turbochargers (VGT), and two-stage turbocharger systems, designed to maximize engine performance, fuel efficiency, and durability. With a focus on innovation and customer satisfaction, Cummins Inc. remains a trusted partner for turbocharger solutions in the commercial vehicle industry.

Related Reports:

Automotive Turbocharger Market by Diesel & Gasoline Turbo (VGT, Wastegate, e-Turbo), Component (Turbine Wheel, Compressor Wheel, Housing), Material, Off-Highway Equipment, Vehicle Type, Fuel Type, Aftermarket and Region - Global Forecast to 2030