According to the market research report Automotive Turbocharger Market by Technology (VGT, Wastegate, Electric), Material (Cast Iron, Aluminum), Ice & Hybrid Vehicle, Fuel Type, Off-Highway (Agricultural, Construction, Locomotive), Aftermarket, and Region - Global Forecast to 2025, published by MarketsandMarkets™, China and India are among the top countries which are undergoing rapid transformation in terms of industrialization, infrastructure development, and manufacturing. Commercial vehicles run mostly on diesel, and the turbocharger is a standard fitment in medium and heavy diesel vehicles.
The automotive turbocharger market, by value, is estimated to be USD 16.87 billion in 2018 and is projected to reach USD 31.61 billion by 2025, at a CAGR of 9.39% from 2018 to 2025.
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Globally, the automotive industry is driven by legislation and consumer demands to reduce emissions and increase fuel efficiency. With the increase in fuel prices, the end users prefer vehicles with higher fuel efficiency. The regulatory bodies around the world are also demanding better fuel economy, which would ultimately result in lower emissions from the vehicles. This has encouraged the OEMs to develop new technologies and use lightweight materials and advanced engine designs that promise fuel-efficiency, along with the reduction in emissions. Engine downsizing is an efficient way of enhancing indicated fuel conversion efficiency (IFCE) and the lowering of CO2 and NOx emissions. A downsized engine with a turbocharger can generate more power and more efficiency than a naturally aspirated engine. Engine downsizing has resulted in an increase in fuel economy. The trend of engine downsizing is expected to continue its growth rate, and it is driving the market for automotive turbocharger.
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The turbocharger technologies considered are VGT/VNT, wastegate, and electric turbocharger, which can enhance the fuel efficiency and achieve better torque and power generation with less emission. According to MarketsandMarkets analysis, in Europe and North America, majority of the passenger cars are equipped with VGT/VNT turbochargers. However, in Asia wastegate turbocharger is widely used due to its cost advantage. VGT turbocharger is expensive than wastegate turbocharger. Turbocharger manufacturers and its component suppliers can target such region where VGT technology is in growing trend. The electric turbocharger is a new technology and can be operational only with 48-volt architecture. Cars based on 48-volt architecture are expected to get commercialized by 2020 as per MarketsandMarkets analysis.
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The US and China are the global leaders in automotive manufacturing. The automotive sectors of these countries are dominated by gasoline vehicles. The US and China are thus expected to be the largest markets for gasoline turbocharger.
Automotive turbocharger market is dominated by manufacturers such as Honeywell (US), BorgWarner (US), MHI (Japan), IHI (Japan), and Continental (Germany).
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