The rising adoption of automotive turbochargers in heavy-duty, commercial, and passenger vehicles is driving the demand within the global automotive turbocharger market. Furthermore, the growth of the market is also driven by the rising need for improved fuel efficiency, as well as the increasing use of lightweight engines in commercial automotive vehicles. In addition to this, the increasing sales of internal combustion engine-operated vehicles that are powered by gasoline are also supplementing the development of the automotive turbocharger market. Moreover, the increasing demand within the market can also be attributed to the increase in the imposition of strict emission norms in various regions of the world.
Other notable drivers for the expansion of the automotive turbocharger market include rising demand for entry-level passenger vehicles from developing economies, increasing trend of engine downsizing in the automotive industry, and increasing consumer demand for new-age-age sports utility vehicles. However, high maintenance, as well as replacement costs associated with automotive turbochargers may hamper the development of the automotive turbocharger market in near future.
Rising Demand for Turbo Twin Technology Positively Affects Growth in Automotive Turbocharger Market
Some of the key types of technologies used in the automotive turbocharger market are variable geometry turbo, electric, twin-turbo, and wastegate. The twin-turbo products aid in reducing the lag created by single-stage turbochargers significantly. These products also offer higher output, which makes their application beneficial in sports utility vehicles or SUVs and sports cars. The rising adoption of twin-turbo technology by various leading automotive manufacturers in the world has motivated the growth of this segment in the automotive turbocharger market.
Based on the type of engine, the highest share of the automotive turbocharger market was held by the gasoline engine segment in the recent paThe risingsing penetration of small sigasoline-poweredered passenger vehicles is one of the most prominent trends supporting the expansion of this segment. This has led to increased adoption of gasoline turbochargers in the automotive industry resigning requirement for small-sizedized passenger vehicles that offer high engine output and increased fuel efficiency is also bolstering the growing application of products in the automotive turbocharger market in gasoline-powered passenger automotive vehicles.
Some of the leading companies operating in the landscape of the automotive turbocharger market are Bosch Mahle Turbo Systems Technology GmbH & Co. KG, BorgWarner Inc., Continental AG, Eaton Corporation PLC, IHI Corporation, Rotomaster International, Precision Turbo & Engine Inc., The Turbo Engineers GmbH, Turbonetics, Inc., American Industrial Ltd., Garrett Motion Inc., Honeywell International Inc., Mitsubishi Heavy Industries Ltd., and Turbo Energy Private Limited, among others.
Players in Automotive Turbocharger Market Focused on Expanding their Product Portfolio and Production Capacities
The key manufacturers and stakeholders in the automotive turbocharger market are focusing on enhancing their industry presence through mergers and acquisitions. In addition to this, several leading players in the market are also creating new production facilities to meet the increasing global demand for turbochargers. Several players in the automotive turbocharger market are also developing innovative new products to enhance their product portfolio. For example, a new line of aftermarket turbochargers for automotive brands such as VW Group, MINI, and BMW was announced by Continental AG in November 2020.
Geographically, the automotive turbocharger market can be divided into Europe, the Middle East and Africa, North America, Latin America, and Asia Pacific. Amongst these, a leading share of the automotive turbocharger market was held by Europe in the recent past. The presence of stringent anti-emisslegislationions by the European Union has compelled the shift of various gasoline and diesel-powered automotive vehicles to turbocharging. This trend is favoring the growth of the Europe automotive turbocharger market. However, the rising focus of automotive manufacturers on developing battery-operated dated electric vehicles, as well as the high cost of turbochargers may restrain the development of Europe’s automotive turbocharger market in coming years.