The automotive turbocharger market is projected to grow from USD 15.0 billion in 2023 to USD 22.2 billion by 2028, at a CAGR of 8.1%. The growth of this market can be attributed to a decrease in NOx limits in emission regulations, increased demand for gasoline-based passenger cars, and the development of electric turbochargers.
Major OEMs of the automotive turbocharger market are from Asia Pacific and the US. The top 5 OEMs of the automotive turbocharger market are Garrett Motion Inc. (Honeywell) (Switzerland), BorgWarner (US), Mitsubishi Heavy Industry (Japan), IHI Corporation (Japan), and Cummins Inc. (US). Key automotive turbocharger key players are investing in new technologies such as VGT and electric turbochargers to improve fuel efficiency and reduce harmful emissions from the vehicle.
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Garrett Motion Inc. company is one of the oldest and most well-known manufacturers of turbochargers for the automotive industry. The company operates through five segments: diesel, gas, commercial vehicle, aftermarket, and others. In 2020 the company invested 4.2% of its annual revenue in R&D, and the spending increased from the preceding years. The company keeps innovating its products; for instance, they have launched an electric turbocharger, which will be used by hybrid and fuel cell vehicles to increase fuel economy and exhaust emissions. The company also partnered with Mercedes Benz (Germany) to install e-turbos in their AMG series cars. Recovering from the disruptions caused by the covid-19 pandemic 2020, the company's aftermarket sales have grown to 12% of the annual revenue due to the increasing customer demand.
The company is expanding its business by leveraging the increased adoption of electric and fuel-cell vehicles. To expand the business in the Asia Pacific region and to meet the growing demand, the company has modernized its production facility in Wuhan, China. The company plans to manufacture variable geometry technologies at a larger scale by using high-temperature materials to meet the increasing demand for global OEMs due to the gasoline growth.
BorgWarner Inc. has a wide range of product portfolios with a global reputation for its turbochargers. The company offers product-specific advantages according to the regional and company-specific demand for turbochargers. The company has used 1.9% of its annual revenue in R&D activities to provide sustainable mobility solutions. Recognized as one of the top players in the automotive turbocharger market, the company has a strong base in the Asian and European regions. The company offers product-specific and company-specific demands for turbochargers.
The company has launched the VTG technology for turbochargers for both the IC and hybrid engines, and it has also launched a two-stage turbocharger for the 2.0-liter engine, which is being used by BMW (Germany) group for increased fuel efficiency and reduced emissions. The company also got into a supply agreement contract with Volkswagen (Germany) to supply B01 turbochargers for the Nivus car model in the Brazilian market. The company expanded its business in the North American region by expanding its production facility in Mexico.
Automotive Turbocharger Market by Diesel & Gasoline Turbo (VGT, Wastegate, e-Turbo), Material (Cast Iron, Al), Component (Turbine, Compressor, Housing), Off-Highway Equipment, Vehicle Type, Fuel Type, Aftermarket and Region - Global Forecast to 2028
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