The global automotive turbocharger market size was US$ 12.5 billion in 2021. The global automotive turbocharger market is forecast to grow to US$ 31.7 billion by 2030, registering a compound annual growth rate (CAGR) of 10.5% during the forecast period from 2022 to 2030.
An automotive turbocharger is used to exhaust gases from the engine in order to drive the turbine. Turbochargers are essential to boost fuel efficiency in the automotive. It also maintains the output and increases the power output.
COVID-19 Impact Analysis
The COVID-19 pandemic has negatively impacted the global automotive turbocharger market. Temporary shutdown of assembly lines, limitations in trade activities, and unavailability of raw materials were the primary factors limiting the market growth. In addition, import-export trade was highly impacted due to trade restrictions. As a result, it declined the demand for the automotive turbocharger.
Factors Influencing the Market
The rising demand for engine downsizing is propelling the growth of the global automotive turbocharger market.
The growth of the electric vehicle segment is driving the growth of the automotive turbocharger market. In addition, stringent government regulations towards vehicle emission, such as China-VI, Euro-6, and PROCONVE P-8 will surge the demand for the automotive turbocharger in the coming years.
The growing industrialization and favorable government initiatives to boost the trade of electric vehicles will ultimately contribute to the market growth.
Ongoing advancements in electric turbochargers will benefit the global automotive turbocharger market. Furthermore, the emergence of electrical assist turbos is gaining high traction due to their fuel efficiencies in electric vehicles. Thus, more such advancements will contribute to the growth of the global automotive turbocharger market.
The high maintenance cost of the automotive turbocharger may hamper the growth of the market.
Regional Analysis
Asia-Pacific automotive turbocharger market is forecast to register the highest growth rate due to the rising demand for automobiles and the presence of prominent automotive manufacturers in the region. Furthermore, countries like India and China are predicted to have maximum contribution in the global automotive turbocharger market during the study period, owing to the surging sales and production of automobiles. In addition, robust urbanization and industrialization in these countries will accelerate the growth of the Asia-Pacific automotive turbocharger market. Government initiatives for infrastructural development, together with increasing disposable income will prompt the growth of the Asia-Pacific automotive turbocharger market.
Competitors in the Market
Market Segmentation
The global automotive turbocharger market segmentation focuses on Fuel Type, Vehicle Type, and Region.
Fuel Type Outlook
Vehicle Type Outlook
Technology Outlook
By Region
