Automotive Turbocharger Market TOC
Automotive Turbocharger Market size is estimated to reach USD 30.9 Billion by the end of 2036, growing at a CAGR of 7.85% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of automotive turbocharger was USD 11.6 Billion. The market for automotive turbochargers has grown significantly in recent years, mostly because people are choosing higher-performance cars and there are lower emission regulations. In addition to giving the car more power, turbochargers are also referred to as "free power" sources because they run without using the engine. The total number of passenger vehicles sold rose from 30,69,523 to 38,90,114. In comparison to the prior year, sales of passenger cars grew from 14,67,039 to 17,47,376, utility vehicles from 14,89,219 to 20,03,718, and vans from 1,13,265 to 1,39,020 units in FY-2022-2023.
In addition to these, today's newest cars are increasingly more likely to have turbochargers, mostly due to increased government fuel economy regulations. Since their introduction a century ago, turbochargers have seen substantial technological and scientific development. Rather than depending on exhaust gases to spin the compressor wheel, they employ an electric motor. In addition to reducing turbo lag and offering an instant boost at low engine speeds, electric turbochargers can enhance engine response.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
7.85% |
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Base Year Market Size (2023) |
USD 11.6 Billion |
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Forecast Year Market Size (2036) |
USD 30.9 Billion |
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Regional Scope |
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Vehicle Type (Passenger Cars, Heavy Commercial Vehicles, Light Commercial Vehicles)
Automotive turbocharger market size from the passenger cars segment was assessed at USD 8 billion in 2023 and is expected to have a value of USD 21.9 billion by 2036, rising at a substantial CAGR of 8.07% over the projected time frame. In passenger cars, turbochargers are frequently utilized to improve engine performance and fuel economy. A lot of automakers equip their cars with turbocharging technology to increase power output without sacrificing fuel efficiency. It is anticipated that the number of people who drive passenger cars worldwide will almost quadruple to two billion by 2040.
Fuel Type (Gasoline, Diesel)
The gasoline geometry turbocharger segment in the automotive turbocharger market is the largest and is expected to reach USD 25.9 billion by 2036, rising at a substantial CAGR of 8.08% between 2022 and 2035. In 2023, the segment was worth USD 9.4 billion. Because they increase engine efficiency and power production, turbochargers are essential for improving the performance of gasoline-powered cars. Variable geometry (VG) solutions will be essential for many future petrol applications as European emission standards continue to push the limit. Fuel efficiency can be greatly increased by continually adjusting the turbine operating point throughout all engine operating points with a VG system. Moreover, MHI has created technologies like twin scroll and dual entry turbines for gasoline-powered cars that drastically minimize turbo lag. By striking a balance between performance and environmental impact, turbochargers play a crucial role in assisting petrol engines in meeting increasingly strict emission laws. The market is characterized by a highly competitive environment, with major competitors consistently funding research and development to bring forth advances in turbocharging specifically designed for gasoline-powered cars.
Our in-depth analysis of the global automotive turbocharger market includes the following segments:
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Type |
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Component |
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Fuel Type |
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Sales Channel |
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Vehicle Type |
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APAC Market Forecast
The automotive turbocharger market in Asia Pacific is projected to surpass more than USD 15 billion by the end of 2036 growing at a CAGR of 8.24% during the forecast period. The improving socioeconomic conditions and the increasing production of passenger and commercial vehicles in nations like China and India are driving the current market's notable rise in the area. Manufacturers of turbochargers have found China to be a sizable market in recent years. When they delivered their 20 millionth turbocharger in China, Garrett Motion declared in 2020 that they had reached a significant milestone. Moreover, the manufacturing of passenger cars in China has increased significantly in recent years, which is expected to have a beneficial impact on the market for automotive turbochargers. China's total passenger car production in 2021 was 21.408 million units, according to the China Association of Automobile Manufacturers (CAAM).
North America Market Statistics
The North America automotive turbocharger market is estimated to be the second-largest by developing at a CAGR of 7.47% in the given time frame. The North America market is expected to be worth USD 6.8 billion by the end of 2036, up from USD 2.6 billion in 2023. The market for automotive turbochargers will be impacted by developments in battery-powered vehicle technology as well as the increased inclination of consumers toward electric vehicles in the region. Zero-emission car adoption is accelerating due to different governments' favorable incentives and increased emphasis on eco-friendly transportation and sustainable mobility. The swift adoption of electric vehicles is causing a threat to traditional turbocharged petrol and diesel-powered cars. The obstacles will be surmounted, though, by growing consumer demand for small-displacement SUVs and crossovers in the North America region.
Author Credits: Harshita Srivastava, Saima Khursheed
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