| Status : Published | Published On : Dec, 2021 | Report Code : VRAT9613 | Industry : Automotive & Transportation | Available Format :
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Page : 200 |
Global Automotive Turbocharger Market – Analysis and Forecast (2021-2027)
Industry Insight by Fuel Type (Gasoline and Diesel), by Technology (VGT/VNT, Wastegate, and Twin-Turbo), by Vehicle Type (PCV, LCV, and HCV), by Distribution Channel (OEM and Aftermarket), and Geography (U.S., Canada, Germany, U.K., France, China, Japan, India, and Rest of the World)
Industry Overview
The global automotive turbocharger market is anticipated to grow from USD 11.65 billion to USD 19.7 billion by 2027, witnessing a CAGR of 10.1% during the forecast period 2021-2027. An automotive turbocharger is an enforced initiation system that uses the energy of exhaust gases from the engine to drive the turbine. This helps in stimulation the volume of air into the combustion chamber as it burns the fuel efficiently with great power and saves fuel. Turbochargers are one of the essential components as they increase the efficiency of the engine.
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The rising adoption of passenger, commercial, and heavy-duty vehicles to increase fuel efficiency will drive the growth of the market. The mandatory emission norms, mounting production of mild hybrid vehicles, and rising usage of TGDI (Turbocharged Gasoline Direct Injection) technology will fuel the growth of the global automotive turbocharger market.
The COVID-19 pandemic has impacted the industry as there was a temporary shutdown of assembly lines, resulting in a slowdown in the economy. With almost no vehicle movement, there were no new requirements for installing a turbocharger on a new vehicle or additional turbocharger to replace is already present in the vehicle, resulting in a slowdown in the turbocharger market. Nevertheless, the rising demand for performance and luxury cars will led to increased demand for automotive turbochargers leading to growth in the market.
Market Segmentation
Insight by Fuel Type
Based on fuel, the global automotive turbocharger market is bifurcated into gasoline and diesel. The gasoline segment is anticipated to witness the largest segment over the projected period due to the reduced price of turbocharged gasoline engine technology and novel emission regulations. Moreover, exhaust gas turbocharger technology which is built into gasoline-powered automotive turbochargers helps to burn engine fuel efficiently, thereby improving engine performance. Thus, encouraging OEMs to adopt turbochargers in gasoline passenger cars.
Insight by Technology
Based on technology, the global automotive turbocharger market is segregated into VGT/VNT, wastegate, and twin-turbo. VGT dominates the market and is generally used in diesel-powered vehicles. The twin-turbo segment is having a significant growth owing to its increased output and is highly adopted in sports cars and Sports Utility Vehicles (SUVs).
Insight by Vehicle Type
Based on vehicle type, the automotive turbocharger market is divided into PCV, LCV, and HCV. The passenger vehicle contributes to the largest share in the market due to the large population of passenger vehicles worldwide. The industry players have commercialized fuel cell vehicle turbochargers that efficiently generate power via the delivery of clean air to fuel cell batteries. This has resulted in the growth of fuel cell technology in the PCV market, thus fuelling the growth of the automotive turbocharger market.
Insight by Distribution Channel
Based on the distribution channel, the global automotive turbocharger market is bifurcated into OEM and aftermarket. There is stable growth in the aftermarket distribution channel segment owing to the rising demand for engine components in the automotive industry as a result of frequent engine-component failures will drive the growth of the automotive turbochargers. Furthermore, the automotive component makers are offering e-commerce platforms to serve customers with aftermarket turbochargers.
Industry Dynamics
Industry Trends
The development of commercial vehicles and the rising adoption of technologically developed products in the automotive industry are the key trends in the automotive turbocharger market.
Growth Drivers
The increased engine downsizing requirements, increased penetration of electric vehicles, mounting adoption of zero-emission vehicles, and stringent government regulations will attribute to the growth of the global automotive turbocharger market. Furthermore, the emission norms like Euro-6, China-VI, and PROCONVE P-8 have fueled the market for gasoline products, resulting in the growth of passenger car turbocharger production. In addition, the increased deployment of electronic systems and ECUs in automobiles will further propel the growth of the automotive turbocharger market.
Challenges
The increased maintenance cost and increased cooling oil requirements as it needs to withstand hot exhaust gases having a temperature of 1200°F. Furthermore, turbo lag is one of the challenges in conventional turbochargers and if not installed properly can create leakages, thereby hampering the growth of the automotive turbocharger market.
Opportunities
The advancement in electric turbochargers will provide more power and be highly fuel-efficient due to the elimination of turbo lag and growth in the electric vehicle industry will create promising opportunities for the growth of the market.
Geographic Overview
Asia-Pacific contributes to the largest share in the global automotive turbocharger market owing to the increased volume of passenger cars in the region. Moreover, countries like India and China are holding the maximum sales and production of automotive which fuels the growth of the automotive turbocharger market in the region. The robust urbanization, industrialization, enhancement in infrastructure, increased disposable income, and stringent government norms and emission standards like BS-VI in India will accelerate the growth of the automotive turbocharger market in the region.
Competitive Insight
The market players focus on the development of major elements of the turbocharger and include a compressor with enhanced efficiency, a bearing having reduced mechanical loss and a turbine that enhances performance. The industry participants are developing the production automation process and new manufacturing techniques to develop high-quality products. The strategies adopted include collaborations, M&A, product expansion, R&SD activities, etc. to sustain in the competitive market.
Garrett’s turbo portfolio provides an extensive range of products in the automotive industry and offers solutions for gasoline, diesel, CNG, hybrid powertrains, and hydrogen fuel cells. Garrett is a pioneer in diesel turbo technology, providing fuel-efficient, emission reductions, and drivability for passenger and light commercial vehicles. Also, their innovative boosting systems provide engine downsizing options for automakers through class-leading power density, driving performance, thereby improving fuel consumption and reducing NOx and CO2 in real-world driving conditions.
BorgWarner is a prominent leader in clean and eco-efficient technologies. BorgWarner's turbocharger technology offers enhanced energy-efficient engine performance and reduces emissions and fuel consumption.
In April 2021, IHI Corporation signed a technical collaboration agreement for electric turbochargers for fuel cell systems with AVL List GmbH.
In May 2021, BorgWarner signed a contract to supply electric turbochargers, i.e., eTurbo a major European OEM for use in high voltage hybrid vehicles.The eTurbo is a mechanical turbocharger with an ultra-fast electric motor connected directly to the shaft.
Some of the key players operating in the automotive turbocharger market: GARRETT MOTION INC., Continental AG, BorgWarner Inc., MITSUBISHI HEAVY INDUSTRIES, LTD., IHI Corporation, Honeywell International Inc., Cummins Inc., ABB, Linamar Corporation, and Rotomaster.
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Source: VynZ Research
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Automotive Turbocharger Market