Market Overview
The automotive turbocharger industry is experiencing a high demand for the last few years and is estimated to experience significant growth in the forecasted period. Turbochargers are used in car engines to stop the extra amount of air flowing into the cylinder of the engine. These are responsible for boosting the horsepower of the engine without even increasing the weight of the vehicle. This is a great benefit of turbochargers, and so the demand for turbochargers has increased among people. This creates a huge opportunity for the market of turbochargers.
Governments across the world have taken strict policies in order to reduce the emissions from vehicles. Hence, the demand for turbochargers is likely to increase more in the coming years because turbochargers help in reducing the emissions caused by vehicles and increases fuel efficiency. However, the increase in the adoption of electric cars due to the stringent emission standards can restrain the growth of the market.
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The global automotive turbocharger market size is estimated to show a huge expansion in the coming years due to the growth that is expected at a valuation of USD 24,223.3 million at a CAGR of 7.97%. This market growth is estimated based on the sudden increase in the global automotive industry and the strict regulations imposed on the emission of vehicles.
Market Segmentation
The automotive turbocharger market is segmented on the basis of material, application, and type. On the basis of materials, the automotive turbocharger market is further segmented into aluminum, cast iron, and other such materials. On the basis of application, the market is segmented into passenger vehicles and commercial vehicles. The segment of passenger vehicles is expected to lead the automotive turbocharger industry during the forecast period.
The need for passenger vehicles is increasing with the rise in the population rate of the countries. Based on type, the market of the automotive turbocharger is further segmented into gasoline, diesel, and new energy engine. Among these, the segment of gasoline is going to be leading in the automotive turbocharger market due to its value and volume. There has been a significant increase in the demand for passenger vehicles which is adding to the automotive turbocharger market growth of the gasoline segment.
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Regional Overview
Geographically, the automotive turbocharger market size is segmented into five major regions. They are the Asia-Pacific, North America, Latin America, Europe, and the Middle East and Africa. Among these, the Asia Pacific region is expected to lead the automotive turbocharger market during the forecast period. Due to the large population of China and India, the demand for cars is increasing, which in turn is increasing the production of the cars. The rise in disposable income, strict regulations in vehicle emission, and high demand for diesel passenger cars in India are boosting up the growth of the market. North America is also expected to hold the second position in the automotive turbocharger market trends due to the growing demand for passenger vehicles and the adoption of turbochargers in the engines.
Industry News
The sudden outbreak of the COVID-19 pandemic has affected the automotive turbocharger market growth immensely. The spread of the virus has led to a halt in the supply chain, which created a huge gap between demand and supply. However, the lifting of the lockdowns in a few countries is allowing the companies to resume their work with safety measures in order to make sure that the supply chain is no more disrupted. The reopening of the market operations will soon boost the sales of cars linked with turbochargers which in turn will increase the automotive turbocharger market share.
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