Automotive Turbocharger Market

Automotive Turbocharger Companies - BorgWarner Inc. (US), Garrett Motion Inc. (Switzerland) and Mitsubishi Heavy Industries Ltd. (Japan) are Leading Players

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.

Major Automotive Turbocharger Companies include

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

Major OEMs of the automotive turbocharger market are from the US and Asia Pacific. Key automotive turbocharger 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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BorgWarner Inc. (US)

BorgWarner Inc. has a wide range of product portfolios and a global reputation for its turbochargers. The company offers product-specific advantages according to the regional and company-specific demand for turbochargers. In 2023, the company utilized 6.0% of its annual revenue in R&D activities to strengthen its presence in the global market. The company operates through three business segments: Air Management, Drivetrain & Battery Systems, and ePropulsion. The Air Management segment provides turbochargers for light, commercial, and off-highway applications for combustion and hybrid vehicles in Europe, the Americas, and Asia. Due to the company's expertise in turbocharger technology, it has created various cutting-edge products, including variable geometry turbos and electrically assisted turbos, that further improve the engine's functionality and efficiency. In general, BorgWarner's turbochargers are a crucial part of contemporary engines, because they increase fuel efficiency, lower emissions, and provide a better driving experience. The sales of turbochargers for light vehicles constituted approximately 21%, 26%, and 24% of the company's net sales for the fiscal years ended December 31, 2023, 2022, and 2021, respectively.

Garrett Motion Inc. (Switzerland)

Garrett Motion Inc. is one of the oldest and most well-known manufacturers of turbochargers in the automotive industry. The company designs, manufactures, and sells highly engineered turbochargers and electric-boosting technologies for light and commercial vehicle OEMs, global vehicle independent aftermarkets, and automotive software. It offers turbocharging, electric boosting, and connected vehicle technologies for the automobile industry. The company's comprehensive portfolio of turbochargers, electric-boosting, and connected vehicle technologies is supported by 5 R&D centers, 11 close-to-customer engineering facilities, and 13 manufacturing units strategically located globally. In late 2023, the company unveiled an augmentation of its turbocharger selection tailored to cater to sizable bore engines utilized in industrial sectors such as marine operations, power generation, and various machinery applications. The company is also extending its efforts in new product R&D, for which in 2023, it allocated about 4.5% of the revenue to R&D expenditure. As of December 2023, the company had a total workforce of 9,700 people, of which 7,600 were permanent employees and 2,100 were temporary and contract workers.

Mitsubishi Heavy Industries, Ltd. (Japan)

Mitsubishi Heavy Industries, Ltd. is also one of the major players in the automotive turbochargers market. The company operates in four business segments: Energy Systems; Plants and Infrastructure Systems; Logistics, Thermal, and Drive Systems; and Aircraft, Defense, and Space Segments. The Logistics, Thermal, and Drive Systems business segment offers material handling equipment, turbochargers, engines, air-conditioning & refrigeration systems, and automotive thermal systems.

IHI Corporation (Japan)

IHI produces turbochargers for a variety of applications, including automotive, marine, and power generation. The company is also involved in developing and producing turbochargers for the aftermarket, which are used to upgrade and improve the performance of the existing engines. In addition to turbochargers, it produces other engine components, such as fuel injection systems, cylinder heads, and valves.

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

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Automotive Turbocharger Market Size,  Share & Growth Report
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