Automotive Turbocharger Market worth $19.2 billion by 2026

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. Stringent emission norms and increasing adoption of TGDI (Turbocharged Gasoline Direct Injection) technology will drive the automotive turbocharger market.

DRIVER: Increasing demand of passenger cars with gasoline engines.

There are various reasons for the decline in the growth of diesel engines. Some of them are rising fuel prices, rising global warming, and higher prices of diesel vehicles than petrol vehicles. In countries like India, South Korea, and Indonesia, diesel vehicles have witnessed a slowdown, and the demand for petrol engines has increased. Various emission norms such as Euro-6, China-VI, and PROCONVE P-8 have propelled the market for gasoline engines. This has accelerated the growth of passenger car turbochargers production.

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OPPORTUNITY: Development of electric turbochargers

Electric turbochargers offer more power and better fuel efficiency owing to the elimination of turbo lag. Electric turbochargers are a combination of a high-powered turbine and a motor-driven compressor, which operates as soon as the driver presses on the pedal. Electric turbos offer various benefits and fewer technical challenges. Various major players such as Garrett Motion, BorgWarner, and Continental AG have been successful in launching their 48V e-turbos in the market. These e-turbos are fuel-efficient and offer better power output. Therefore, the demand for these turbochargers is expected to be high in the coming years

The electric turbocharger?segment by technology is expected to be the fastest-growing market

The electric turbocharger has high potential and can be used in both light-duty as well as commercial vehicles that run on fuels such as gasoline, diesel, and CNG. The demand for electric turbochargers with 48V mild hybrid and full hybrid technology is expected to grow in the coming years. Asia Pacific will be the largest market, followed by Europe and North America. The 48V hybrid technology, which makes internal combustion engines significantly more efficient at relatively low costs, is a better option in terms of costs and emissions. These advantages would drive the demand for electric turbochargers.

Asia Pacific is estimated to be the dominant regional market

Asia Pacific is the largest producer of passenger cars in the world, owing to the presence of leading automotive manufacturers in the region. Major automobile-producing countries in Asia Pacific are China, Japan, India, and South Korea. Asia Pacific is also the largest market for automotive turbochargers owing to the stringent emission norms implemented in this region. China VI-a, with its limits lower than Euro VI, was implemented in 2019 for gas engines, and China VI-b is set to be implemented in 2021. India’s BS-VI norms were implemented in 2020 (skipping BS V norms).

Key Market Players:

Garrett Motion Inc. (US), Continental AG (Germany), BorgWarner Inc. (US), Mitsubishi Heavy Industries (Japan), and IHI Corporation (Japan) are the leading manufacturers of automotive turbocharger in the global market. These companies adopted new product development, and expansion strategies to gain traction in the automotive turbocharger market.

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