The automotive turbochargers market is set to grow at an 8.8% CAGR, reaching $9.6 Bn in 2021, driven by emission regulations and demand for high-performance vehicles.
As per a recent study by ESOMAR-certified firm Future Market Insights (FMI), the global automotive turbochargers market will be valued at US$ 9.6 Bn in 2021, exhibiting robust growth at 8.8% CAGR between 2021 and 2031.
Growth prospects are expected to be positive as automotive turbochargers sales exhibit year on year growth of over 6.5% in 2021. Top players, comprising Garrett Motion (Formerly Honeywell), BorgWarner, IHI, Mitsubishi Heavy Industries account for approximately 85% of the market share.
Tightening restrictions to curb harmful greenhouse gas emissions across various countries, coupled with growing consumer demand for high-performance passenger cars are chief factors fostering sales in the global automotive turbocharger markets.
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E-turbochargers are gaining traction in the automotive industry, thereby encouraging manufacturers to focus on product development and innovations regarding e-turbochargers for their incorporation in hybrid vehicles, which is driving the market growth.
Additionally, increasing adoption of electric and hybrid vehicles in developed countries such as the U.S., the U.K., and Germany, along with growing applications of variable geometry technology in turbochargers is promoting sales in the market.
In developing countries such as China, India, South Korea, and Brazil, automotive turbochargers market growth can be attributed to growing consumer preference for high-performance and fuel-efficient passenger cars, creating lucrative opportunities for leading manufacturers in the market.
Key Takeaways from FMI’s Automotive Turbochargers Market Study
“Technological advancements in automotive turbochargers that support fuel efficiency and optimal performance, coupled with increasing automotive sales will broaden growth prospects for players operating in the market,” says the FMI analyst.
Competitive Landscape
Garret Advancing Motion (formerly Honeywell), BorgWarner Inc., IHI Corporation, Cummins Inc., Bosch Mahle Turbo Systems GmbH & Co, Eaton Corporation plc, Weifang FuYuan Turbochargers Co., Ltd., Mitsubishi Heavy Industries, Continental AG, and Toyota Industries Corporation are some leading manufacturers operating in the automotive turbochargers market.
As per FMI’s analysis, the global automotive turbochargers market is dominated by top 5 players, including Garret Advancing Motion (formerly Honeywell), BorgWarner Inc., IHI Corporation, Mitsubishi Heavy Industries, and Cummins Inc., accounting for nearly 85% of the market share.
Key players are striving to strengthen their foothold in the market by emphasizing on various inorganic strategies that include site expansion, new product launches, increased research and development, and strategic collaborations. For instance:
More Insights on the Automotive Turbochargers Market
In its latest report, FMI offers an unbiased analysis of the global automotive turbochargers market, providing historical data for the period of 2016-2020 and forecast statistics for the period of 2021-2031. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of fuel type (gasoline and diesel), vehicle type (passenger car, LCV, HCV, agricultural machinery, and construction machinery), product type (wastegate, variable-geometry technology and twin-turbo), sales channel (OEMs and aftermarket), actuator type (hydraulic, pneumonic and electric) and across seven regions. (North America, Latin America, Eastern Europe, Western Europe, Asia Pacific excluding Japan (APEJ), Japan, and Middle East & Africa).
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Automotive Turbochargers Market by Category
By Vehicle Type:
By Product Type:
By Fuel Type:
By Sales Channel:
By Actuators:
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Key Points Covered in Automotive Turbochargers Market Survey
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Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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The article discusses the growth and future prospects of the automotive turbochargers market.
Growth is driven by emission regulations and demand for high-performance cars.
Key players include Garrett Motion, BorgWarner, IHI, and Mitsubishi Heavy Industries.
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