The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

As per The Business Research Company’s Automotive Turbochargers Global Market Report 2024, the automotive turbochargers market is expected to show significant growth in the forecast period.

The automotive turbochargers market has witnessed significant growth in recent years, driven by various factors. Let’s explore the trends and projections shaping this dynamic industry.

Market Growth Trajectory

• The automotive turbochargers market size is on an upward trajectory, with a growth from $14.46 billion in 2023 to $15.69 billion in 2024, boasting a compound annual growth rate (CAGR) of 8.5%.
• Projections suggest continued expansion, with the market expected to reach $21.42 billion by 2028, growing at a CAGR of 8.1%.

Factors Driving Growth

• Fuel Efficiency Regulations: Stringent fuel efficiency regulations worldwide have propelled the adoption of turbochargers to enhance engine efficiency and reduce emissions.
• Performance Enhancement Demands: Consumers’ increasing demand for high-performance vehicles has driven the integration of turbocharger technology.
• Downsizing of Engines: Turbochargers enable automakers to downsize engines while maintaining or even enhancing performance, contributing to fuel efficiency.
• Emission Control Standards: Turbochargers aid in meeting stringent emission control standards by improving combustion efficiency.
• Increased Use in Military Industry: Turbochargers find applications in military vehicles, where performance and reliability are paramount.

Foreseen Growth Drivers

• Growing Demand for Electric Turbochargers: The automotive industry is witnessing a surge in demand for electric turbochargers, driven by the need for enhanced performance and efficiency.
• Increasing Demand for Fuel-Efficient Vehicles: With rising environmental concerns, consumers are gravitating towards fuel-efficient vehicles, boosting the demand for turbochargers.
• Rising Demand for High-Performance Vehicles: Enthusiasts and consumers alike seek vehicles with enhanced performance characteristics, spurring turbocharger adoption.
• Growing Demand for Commercial Vehicles: Commercial vehicle operators prioritize efficiency and performance, driving the uptake of turbocharged engines.
• Increasing Demand for Hybrid Vehicles: Hybrid vehicles leverage turbocharger technology to enhance efficiency and performance.

View More On The Automotive Turbochargers Market Report 2024 – https://www.thebusinessresearchcompany.com/report/automotive-turbochargers-global-market-report

Emerging Trends

• Integration of Lightweight Materials: Lightweight materials in turbocharger construction contribute to improved efficiency and performance.
• Development of Twin-Scroll Turbochargers: Twin-scroll turbochargers enhance engine response and power delivery, offering improved performance characteristics.
• Application of 48v Electric Turbocharging Systems: 48v electric turbocharging systems offer enhanced power delivery and efficiency, catering to performance-oriented consumers.
• Adoption of E-Boosting Technology: E-boosting technology optimizes turbocharger performance, offering seamless power delivery and enhanced efficiency.

Industry Dynamics and Innovations

• Advancements in Electric Turbochargers: Companies are investing in the development of electric turbochargers to meet evolving performance and efficiency demands.
• Cummins Inc. Expands Portfolio: Cummins Inc.’s acquisition of Meritor Inc. expands its product offerings, reinforcing its position in the automotive turbochargers market.

Market Segmentation

• The automotive turbochargers market is segmented by vehicle type (PCV, LCV, HCV), technology (VGT/VNT, wastegate, twin-turbo), sales channel (OEM, aftermarket), and fuel type (gasoline, diesel).
• Western Europe emerged as the largest region in the automotive turbocharger market in 2023, with Asia-Pacific expected to be the fastest-growing region in the forecast period.

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The Automotive Turbochargers Global Market Report 2024  provides an in-depth analysis on the automotive turbochargers market size, trends and drivers, opportunities, strategies, and companies analysis. The countries covered in the automotive turbochargers market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

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