The automotive turbocharger market is projected to reach USD 19.2 billion by 2026 from USD 11.8 billion in 2021, at a CAGR of 10.2% during the forecast period. The growth of the automotive turbocharger market is influenced by factors such as the increasing average life of vehicles, changing consumer preferences for greater power generating vehicles, and stringent emission regulations.
The automotive turbocharger market is dominated by a few global players and several regional players. Some of the key players in the automotive turbocharger market are Garrett Motion Inc. (Switzerland), Continental AG (Germany), BorgWarner Inc. (US), and IHI Corporation (Japan). New product development, expansion, acquisition, and partnership strategy have been the most dominating strategy adopted by major players from 2017 to 2021, which helped them to innovate on their offerings and broaden their customer base.
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BorgWarner (US) adopted business strategies like new product development and expansions. In April 2019, the company expanded its turbocharger product line by introducing 13 new turbochargers. Its aftermarket product portfolio is designed for heavy-duty and utility vehicles. It also launched its 48V electric turbo at the Vienna Motor Symposium to showcase its dedication to cleaner mobility.
Garrett Motion Inc. is one of the oldest established and leading manufacturers of turbochargers for the automotive industry. The company is known for its effective solutions in turbochargers for passenger cars and commercial vehicles and actively innovates its technology. In September 2019, Garrett Motion introduced E-Turbos at IAA 2019, which showed exciting potential and equal applicability in light & commercial vehicles of all fuel types such as gasoline, diesel, and CNG.
Mitsubishi Heavy Industries focuses on delivering innovative automotive components. The turbocharger business strengthens the company’s position in the market with strong R&D to improve mobility solutions for the future. In Europe, Mitsubishi turbocharger and engine R&D and engineering teams have been working with Europe’s leading automotive manufacturers to provide sustainable mobility solutions. The turbocharger division manufactures products for all European car manufacturers. The company has recently invested heavily in the turbocharger development center in Almere, Netherlands.
Automotive Turbocharger Market by Technology (VGT, Wastegate, Electric), Material (Cast Iron, Aluminum), Fuel Type, Application (Agriculture, Construction), Vehicle (Passenger Car, LCV, Truck & Bus), Aftermarket and Region - Global Forecast to 2026
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