Automotive Turbocharger Market Regional Analysis:
APAC Market Insights
The automotive turbocharger market share in Asia Pacific is projected to surpass 48% by the end of 2034. The improving socioeconomic conditions and the increasing production of passenger and commercial vehicles in nations like China and India are driving the market expansion. 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 positive 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 Insights
North America automotive turbocharger market share is expected to surpass 22% by 2034. 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.
