Automotive Turbocharger Market Industry Size, Share, Trend Analysis

1. Global Automotive Turbocharger Market - Industry Size, Share, Trend Analysis, Outlook, Growth, Opportunity and Forecast, 2022-2028

2. Global Automotive Turbocharger Market- Industry Trends & Forecast Report 2028 A recent study conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that the global automotive turbocharger market was worth USD 11.9 billion in 2021. According to the study, the market is estimated to grow at a CAGR of 10.2% during the forecast period, i.e., 2022-2028, thereby reaching revenue figures of around USD 23.5 billion by 2028. The global automotive turbocharger market is experiencing high growth due to the growing demand for lightweight engines and the increasing production of passenger and heavy vehicles. In addition, governments in various countries are enforcing strict regulations regarding the emissions from fuel vehicles, which is likely to drive market growth over the forecast period.

3. Growth Drivers  Increasing Demand for Fuel Efficiency in Vehicles The ever-increasing fuel prices are emerging as a major concern for vehicle owners due to the declining levels of non-renewable energy resources. This factor is prompting automobile OEMs to focus on developing more fuel-efficient engines. As a result, the demand for turbochargers in automobile manufacturing is increasing at a high rate across the globe. Turbochargers are an effective tool in boosting engine performance and fuel efficiency and do not need power sources to function, which acts as a major driving factor for market growth. Sample Copy: https://www.blueweaveconsulting.com/report/automotive-turbocharger-market-bwc20013/report-sample

4. Restraints  Increasing Penetration of Electric Vehicles The growing popularity of electric vehicles is emerging as a major challenging factor for the growth of the global automotive turbocharger market. Electric vehicles do not use turbochargers since they do not serve any purpose. The reason for this is that a turbocharger injects more fuel into the engine to increase power output and electric vehicles do not use combustion engines. Therefore, the increasing production and demand for electric vehicles due to the increasing environmental consciousness among buyers is gradually declining the demand for turbochargers as well.

5. Impact of COVID-19 The automotive turbocharger market was negatively impacted by the sudden COVID-19 pandemic outbreak. The lockdown imposed by the countries to mitigate the virus spread directly halted the manufacturing and production operations of automobiles and turbochargers, which resulted in a sharp decline in its demand, incurring huge losses to the manufacturers. Furthermore, the shortage of components and turbochargers due to limited production spiked its price during the pandemic period, which also affected the overall growth of the automotive turbocharger market.

6. Regional Insights Geographically, the automotive turbocharger market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. Among these regions, the Asia-Pacific dominates the automotive turbocharger market. The high concentration of automobile manufacturers in emerging economies like China, India, Japan, etc., and their growing automobile production capacity are significantly propelling the growth of the automotive turbocharger market. Furthermore, increasing vehicle production in new economies in Asia, such as South Korea and Thailand, is expected to present growth opportunities to the market during the forecast period.

7. Competitive Landscape The leading market players in the global automotive turbocharger market are BorgWarner Inc., IHI Turbo America, Continental AG, Precision Turbo and Engine, Cummins Turbo Technologies, Mitsubishi Heavy Industries Ltd, Delphi Technologies, Magnum Performance Turbos, Honeywell International Inc., Turbo Dynamics Ltd., Rotomaster International, Bosch Mahle, ABB, WeifangFuyuan Turbocharger Co Ltd, Hunan Tyen Machinery, Ningbo Motor Industrial Co., Ltd., KompressorenbauBannewitz GmbH, CIMOS d.d., Marelli Corporation, and other prominent players.

8. Recent Development • In May 2021, BorgWarner, the American multinational automotive supplier, announced its global agreement with a major European OEM to supply its electric turbocharger, eTurbo, to be used in a high-voltage hybrid passenger car. • In June 2021, Cummins Turbo Technologies, a leading OEM for turbochargers, announced its plans to expand its turbocharger manufacturing operations in South Carolina, United States, by investing USD 10.7 million.

9. Key Players BorgWarner Inc., IHI Turbo America, Continental AG, Precision Turbo and Engine, Cummins Turbo Technologies, Mitsubishi Heavy Industries Ltd., Delphi Technologies, Magnum Performance Turbos, Honeywell International Inc., Turbo Dynamics Ltd., Rotomaster International, Bosch Mahle, ABB, WeifangFuyuan Turbocharger Co Ltd, Hunan Tyen Machinery, Ningbo Motor Industrial Co., Ltd., KompressorenbauBannewitz GmbH, CIMOS d.d., Marelli Corporation, and other prominent players.

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