The global automotive turbochargers market will be valued at US$ 14.3 Bn in 2023. It will exhibit s robust growth at 9.5% CAGR between 2023 and 2033.
Automotive turbochargers sales exhibit year-on-year growth of over 6.5% in 2021. Top players, comprising Garrett Motion, BorgWarner, IHI, and Mitsubishi Heavy Industries account for approximately 85% of the market share.
Tightening restrictions to curb harmful greenhouse gas emissions, coupled with growing consumer demand for high-performance passenger cars are chief factors fostering sales in the global automotive turbocharger markets.
E-turbochargers are gaining traction in the automotive industry, thereby encouraging manufacturers to focus on product development and innovations.
Additionally, the increasing adoption of electric and hybrid vehicles in developed countries such as the U.S., the U.K., and Germany, along with growing applications of variable geometry technology in turbochargers is promoting sales in the market.
Meanwhile, in developing countries automotive turbocharger market growth can be attributed to growing consumer preference for high-performance and fuel-efficient passenger cars. This creates lucrative opportunities for leading manufacturers in the market.
Key Takeaways
- In terms of product type, variable geometry technology will remain dominant over the forecast period.
- Passenger cars will lead the vehicle type segment, accounting for 3/5th of the total sales.
- China will emerge as a lucrative market, owing to tough emission control regulations.
- Germany will lead the expansion of automotive turbochargers market in Europe throughout the assessment period.
- South Korea and Japan will account for 6% of the total automotive turbochargers market share.
Competitive Landscape
Garret Advancing Motion (formerly Honeywell), BorgWarner Inc., IHI Corporation, Cummins Inc., Bosch Mahle Turbo Systems GmbH & Co, Eaton Corporation plc, Weifang FuYuan Turbochargers Co., Ltd., Mitsubishi Heavy Industries, Continental AG, and Toyota Industries Corporation are some leading manufacturers operating in the automotive turbochargers market.
As per FMI’s analysis, the global automotive turbochargers market is dominated by the top 5 players, including Garret Advancing Motion (formerly Honeywell), BorgWarner Inc., IHI Corporation, Mitsubishi Heavy Industries, and Cummins Inc., accounting for nearly 85% of the market share.
Key players are striving to strengthen their foothold in the market by emphasizing various inorganic strategies. For instance:
- In May 2021, BorgWarner entered into a global agreement to supply its electronic turbochargers to OEMs for hybrid electric vehicles. This agreement will provide a significant boost to ongoing research and development in the automotive turbochargers market.
- In June 2021, Cummins Inc announced the expansion of its production facility to two new locations which is expected to be completed by the end of 2021. The expansion will allow the company to remanufacture and develop new turbocharger products, improving cost competitiveness simultaneously.
These insights are based on a report on Automotive Turbochargers Market by Future Market Insights
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