According to the report, the global automotive turbocharger market is projected to surpass US$ 23.28 Bn by 2031, expanding at a CAGR of 7.6% during the forecast period. Turbochargers were first introduced for diesel engines to deliver higher-power output, lower emissions, and increase fuel efficiency, as diesel engines were generally utilized in commercial vehicles. After gaining importance in diesel engines, turbochargers are also being preferred to increase the efficiency of gasoline engines.
The rise in demand for more powerful and fuel-efficient gasoline-powered vehicles is likely to boost the demand for turbochargers. This factor is likely to have a positive impact in the global automotive turbochargers market during the forecast period. Countries in Asia Pacific, such as India, China, and Japan, are expected to be major contributors to the global turbocharged gasoline engines market. For instance, in India, TATA Motors introduced a 1.2L Turbocharged MPFi petrol engine with a peak power output of 90 HP, while the TATA Indica Vista (2013) employed a 1.2L non-turbocharged engine with a peak power output of 65 HP. Thus, turbocharging a petrol engine also enhanced its power output.
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Expansion of Automotive Turbocharger Market
Turbochargers help reduce emissions and increase fuel-efficiency, along with engine’s power output, generally by reducing the engine size. Various emission standards enacted by governments and various organizations, such as EURO-6 in European Union, Environment Protection Agency (EPA) in North America, and Bharat Stage Emission Standards in India, have led toward the compliance to these standards by vehicle manufacturers in their respective regions. All these standards focus on lowering the emission of carbon dioxide (CO2), nitrogen monoxide (NOx), and non-methane hydrocarbons (NMHC). The standards of emission have led to the invention of new technologies that aim to reduce the emission of these harmful gasses from the vehicles engine. The turbocharger is one such technology that is being employed to comply with these emission standards.
Turbochargers help downsize a vehicle’s engine, which, in turn, burns less fuel and emits less harmful gases. This is attained by the forced induction of compressed air into the combustion chambers, which leaves very little or no unburnt fuel in the combustion chamber, thus reducing the emission of harmful gasses. Thus, the implementation of new, more stringent emission norms is anticipated to boost the automotive turbocharger market.
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Key Restraint for Automotive Turbocharger Market
Turbo lag is a major challenge with conventional turbochargers. Turbo lag is the time a turbocharger takes to produce a positive pressure from the time the exhaust gases hit the turbine blades. Frictional and thermal losses cause a delay for the turbocharger to generate enough pressure to suck the air in. If a turbocharger is not installed properly, it leads to leakages, further worsening the turbo lag. Most diesel engines are equipped with conventional turbochargers, which have this lag. This, in turn, is likely to hamper the automotive turbocharger market during the forecast period.
Regional Analysis of Automotive Turbocharger Market
Based on region, the global automotive turbocharger market has been segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Countries in Europe, such as Germany, France, Italy, and Spain have been home to top automotive brands in the world. Thus, the region dominated the overall market, and the market in the region is also expected to expand significantly during the forecast period.
The presence of leading manufactures in Germany, including Cummins, Mitsubishi, and BorgWarner is a key factor driving the market. It has also made Germany the hub of research & development and product innovation. Trends such as automotive performance tuning and engine remapping, and additive manufacturing are also gaining traction in Germany, which, in turn, is encouraging manufacturers to incorporate these trends to innovate superior automotive turbochargers.
The rising need for revolutionary automotive turbochargers has prompted manufacturers to also focusing on partnerships with consumers to gain insights into fuel economy, engine downsizing, and emission control. These collaborations are intended to derive benefits such as lower prices, green solutions, enhanced safety, and better driving experience, thereby further boosting sales in the global automotive turbocharger market.
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Automotive Turbocharger Market Players
Prominent players operating in the global automotive turbocharger market include American Industrial Ltd., Continental AG, BorgWarner Inc., Garrett Motion Inc., Eaton Corporation PLC., Honeywell International Inc., IHI Corporation, Mitsubishi Heavy Industries Ltd., Precision Turbo & Engine Inc., Rotomaster International, THE TURBO ENGINEERS GmbH, Turbo Energy Private Limited., and Turbonetics Inc.
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