Global Turbocharger Market

Turbocharger Market Size, Share, Growth Analysis, By Fuel Type(Gasoline, Diesel, Other), By Vehicle Type(Passenger Vehicle, Light Commercial Vehicle, Heavy Commercial Vehicle), By Region - Industry Forecast 2024-2031


Report ID: SQMIG45K2063 | Region: Global | Published Date: March, 2024
Pages: 197 |Tables: 63 |Figures: 76

Turbocharger Market Insights

Global Turbocharger Market size was valued at USD 17.99 billion in 2022 and is poised to grow from USD 19.65 billion in 2023 to USD 39.72 billion by 2031, growing at a CAGR of 9.2% during the forecast period (2024-2031).

Due to the enhanced engine performance and fuel efficiency that these chargers ensure, the global turbocharger industry is anticipated to grow dramatically over the next several years. As they convert the exhaust gas emitted from the fuel energy spent into power, turbochargers are regarded as a fantastic option. Turbochargers have become more and more common among car manufacturers in recent years. It enables them to scale back the size of the combustion engines, potentially reducing fuel usage by more than 30%. Furthermore, compared to non-turbocharged engines, the technology offers lower CO2 emissions, better fuel efficiency, and superior engine performance. The engine's usage of turbos makes it possible to drive with low engine loads and to accelerate with light pedal pressure. Furthermore, it contributes significantly to lowering particulate matter emissions, resulting in cleaner exhaust, as one of the key components. Reduced fuel use and little environmental effect are the results of the aforementioned attributes. The present conventional turbocharger market's development is anticipated to be constrained by a mature market, a quick shift to hybrid vehicles, and severe restrictions. However, the major players are currently working to create better turbos for fuel cell and electric vehicles, which will result in a sizable potential market that may be served over the projection period. The industry's prospects will be positively impacted by a rapid increase in vehicle production and sales. The industry has developed over the last few decades into a more adaptable, trustworthy, effective, and robust industry. A lot of resources and money are being invested by automakers and producers of products around the world, but especially in developed countries.

Market snapshot - 2024-2031

Global Market Size

USD 17.99 billion

Largest Segment

Passenger Vehicle

Fastest Growth

Passenger Vehicle

Growth Rate

9.2% CAGR

Global Turbocharger Market ($ Bn)
Country Share for Europe Region (%)
Global Turbocharger Market By Vehicle Type ($ Bn)
Global Turbocharger Market By Vehicle Type (%)

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Turbocharger Market Segmental Analysis

Global Turbocharger Market is segmented on the basis of fuel type, vehicle type and region. By fuel type, the market is segmented into gasoline, diesel, others. By vehicle type, market is segmented into passenger vehicle, light commercial vehicle, heavy commercial vehicle. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Turbocharger Market Analysis by Vehicle Type

Due to the widespread use of passenger vehicles around the world, the passenger vehicle type turbochargers held a value share of over 60% of the market. Fuel cell vehicle turbochargers, which improve power generation efficiencies by supplying clean air to fuel cell batteries, have been commercialized by a number of leading companies. The expansion of fuel cell technology in the market for passenger vehicles is also anticipated to contribute to the aforementioned development, fueling the expansion of the turbocharger industry.

Because most commercial vehicles run on diesel and most of them have turbochargers, the market for diesel turbochargers is established. As a result, commercial vehicle manufacturers are quickly switching to petrol engines in order to reduce emissions and uphold regulatory standards in the face of strict emission laws.

Turbocharger Market Analysis by Fuel Type

With over 50% of the market in 2022, the Gasoline sector is anticipated to continue to hold the top position. Over the projection period, it is anticipated to grow at a CAGR of 8.7%. The demand for the aforementioned market is anticipated to be fueled by the quick uptake of Turbocharged Gasoline Direct Injection (TGDI) engines in gasoline-powered automobiles.

The global market for turbochargers is increasingly growing due to diesel. By 2030, it is anticipated to reach USD 26,920 million with a CAGR of 6.8%. Most trains, buses, boats, farms, construction and military equipment, as well as goods and delivery trucks, use diesel as their fuel. Diesel-powered automobiles and compact vehicles are also available. The expansion of this market segment for turbochargers around the world is fueled by the rising demand for diesel fuel in these cars.

Global Turbocharger Market By Vehicle Type, 2023 (%)

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Turbocharger Market Regional Insights

In the global market for turbochargers, Europe has the biggest market share. The top car brands in the world have historically been based in European nations like Germany, France, Italy, and Spain. As a result, the region now controls the market as a whole and is anticipated to experience rapid growth over the forecast period. The need for turbochargers has increased as a result of the expansion of commercial vehicles in this area. By 2030, it is anticipated to grow at a CAGR of 6.4% to reach USD 20,975 million.

The turbocharger market in Asia-Pacific is anticipated to grow at the highest CAGR, 9.8%, and reach a value of USD 5,840 million by 2030. Numerous industries are booming in this area as a result of the strong industrialization and urbanization. among them is the automobile industry. The market for turbochargers in this area is boosted by the rising demand for automobiles as a result of the expanding population. Due to the shift in manufacturing priorities brought about by low labor and material costs, the region now has a significant presence from top automakers, which has boosted the region's production, sales, and export of cars as well as the demand for turbochargers.

Global Turbocharger Market By Region, 2024-2031
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  • Fastest

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Turbocharger Market Dynamics

Turbocharger Market Drivers

Growing Emphasis on Fuel Efficiency

  • One of the primary drivers for the adoption of turbochargers is the increasing focus on fuel efficiency and stricter emission regulations. Turbochargers enable downsized engines to deliver the same power output as larger engines while consuming less fuel. By compressing the incoming air, turbochargers improve engine efficiency and reduce fuel consumption.

Increasing Vehicle Production

  • The global industry has been experiencing steady growth, particularly in emerging economies. Rising disposable incomes, urbanization, and improving infrastructure have led to increased vehicle ownership. As a result, the demand for turbochargers has also witnessed a surge.

Turbocharger Market Restraints

Turbo Lag to Hinder Market Growth

  • Turbo lag refers to the delay in power delivery that occurs when the engine's turbocharger takes time to build up sufficient boost pressure. This lag can result in a perceived lack of responsiveness and slower acceleration, which can be a concern for some drivers. Although advancements in turbocharger technology have reduced lag, it remains a characteristic that can impact the overall driving experience.

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Turbocharger Market Competitive Landscape

The development of crucial turbocharger components, such as a compressor with increased efficiency, a bearing with decreased mechanical loss through load optimization, and a turbine with enhanced performance in the low-speed ratio zone, is the focus of major industry players. Manufacturers of automobiles receive samples of these designed components. For the purpose of producing high-quality goods, the major companies are constantly developing the production automation process and new manufacturing processes. They are putting in equipment to test the endurance and efficiency of turbochargers under conditions of severe pressure and temperature.

Turbocharger Market Top Player’s Company Profiles

  • Honeywell International Inc. (United States)
  • BorgWarner Inc. (United States)
  • Mitsubishi Heavy Industries Ltd. (Japan)
  • Cummins Inc. (United States)
  • Continental AG (Germany)
  • IHI Corporation (Japan)
  • Eaton Corporation PLC (Ireland)
  • Bosch Mahle Turbo Systems GmbH & Co. KG (Germany)
  • Rotomaster International (Canada)
  • Turbo Energy Private Limited (India)
  • Precision Turbo & Engine (United States)
  • Magnum Performance Turbos (United States)
  • Garrett Motion Inc. (Switzerland)
  • Turbo International (United States)
  • Delphi Technologies (United Kingdom)
  • MHI Turbocharger (Thailand) Co., Ltd. (Thailand)
  • ABB (Switzerland)
  • Rajamane Industries Pvt. Ltd. (India)
  • Cheetah Turbochargers (China)
  • Weifu Tianli (China)
  • Hunan Tyen Machinery Co., Ltd. (China)

Turbocharger Market Recent Developments

  • In March 2023, Garrett Motion announced the launch of its new turbocharger for the Ford F-150 Raptor. The new turbocharger is designed to deliver more power and torque, while also improving fuel efficiency.
  • In February 2023, BorgWarner announced the acquisition of Delphi Technologies' turbocharger business. The acquisition will strengthen BorgWarner's position in the global turbocharger market and expand its product portfolio.
  • In January 2023, Mitsubishi Heavy Industries announced the launch of its new turbocharger for the Toyota GR Yaris. The new turbocharger is designed to deliver more power and torque, while also improving fuel efficiency.

Turbocharger Key Market Trends

  • To meet the increasing demand for high-performance vehicles, automakers are exploring two-stage and twin turbocharger systems. These systems involve the use of multiple turbochargers, typically of different sizes, to deliver higher levels of power and torque. Two-stage and twin turbocharger setups can provide improved throttle response, reduced turbo lag, and enhanced engine performance across a wide RPM range.
  • The rise in adoption of electric turbocharger which enhances the engine efficiency people the growth of the market. In addition, the key players are engaged in research and development activities to enhance the durability of turbocharges. 
  • The turbocharger is increasingly used in various commercial vehicles, such as buses, trucks, to enhance fuel efficiency, power output.

Turbocharger Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.

According to our analyses, the global turbocharger market has been experiencing growth driven by emission regulations, fuel efficiency demands, and technological advancements. However, the rise of electric vehicles poses a challenge to the traditional turbocharger market. The market's future will be shaped by regulatory trends, advancements in turbocharger technology, and the adoption of electrification in the industry. The turbocharger market has been experiencing significant growth over the years. the increasing stringency of emission regulations, the need for improved fuel efficiency, and the growing trend towards downsized engines with higher power outputs. The market size has been expanding, with a steady increase in adoption across passenger vehicles, commercial vehicles, and off-highway vehicles.

Report Metric Details
Market size value in 2023 USD 17.99 billion
Market size value in 2031 USD 39.72 billion
Growth Rate 9.2%
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Fuel Type
    • Gasoline, Diesel, Other
  • Vehicle Type
    • Passenger Vehicle, Light Commercial Vehicle, Heavy Commercial Vehicle
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • Honeywell International Inc. (United States)
  • BorgWarner Inc. (United States)
  • Mitsubishi Heavy Industries Ltd. (Japan)
  • Cummins Inc. (United States)
  • Continental AG (Germany)
  • IHI Corporation (Japan)
  • Eaton Corporation PLC (Ireland)
  • Bosch Mahle Turbo Systems GmbH & Co. KG (Germany)
  • Rotomaster International (Canada)
  • Turbo Energy Private Limited (India)
  • Precision Turbo & Engine (United States)
  • Magnum Performance Turbos (United States)
  • Garrett Motion Inc. (Switzerland)
  • Turbo International (United States)
  • Delphi Technologies (United Kingdom)
  • MHI Turbocharger (Thailand) Co., Ltd. (Thailand)
  • ABB (Switzerland)
  • Rajamane Industries Pvt. Ltd. (India)
  • Cheetah Turbochargers (China)
  • Weifu Tianli (China)
  • Hunan Tyen Machinery Co., Ltd. (China)
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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Turbocharger Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Turbocharger Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Turbocharger Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Turbocharger Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Turbocharger Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Turbocharger Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Turbocharger Market size was valued at USD 17.99 billion in 2022 and is poised to grow from USD 19.65 billion in 2023 to USD 39.72 billion by 2031, growing at a CAGR of 9.2% during the forecast period (2024-2031).

The development of crucial turbocharger components, such as a compressor with increased efficiency, a bearing with decreased mechanical loss through load optimization, and a turbine with enhanced performance in the low-speed ratio zone, is the focus of major industry players. Manufacturers of automobiles receive samples of these designed components. For the purpose of producing high-quality goods, the major companies are constantly developing the production automation process and new manufacturing processes. They are putting in equipment to test the endurance and efficiency of turbochargers under conditions of severe pressure and temperature. 'Honeywell International Inc. (United States)', 'BorgWarner Inc. (United States)', 'Mitsubishi Heavy Industries Ltd. (Japan)', 'Cummins Inc. (United States)', 'Continental AG (Germany)', 'IHI Corporation (Japan)', 'Eaton Corporation PLC (Ireland)', 'Bosch Mahle Turbo Systems GmbH & Co. KG (Germany)', 'Rotomaster International (Canada)', 'Turbo Energy Private Limited (India)', 'Precision Turbo & Engine (United States)', 'Magnum Performance Turbos (United States)', 'Garrett Motion Inc. (Switzerland)', 'Turbo International (United States)', 'Delphi Technologies (United Kingdom)', 'MHI Turbocharger (Thailand) Co., Ltd. (Thailand)', 'ABB (Switzerland)', 'Rajamane Industries Pvt. Ltd. (India)', 'Cheetah Turbochargers (China)', 'Weifu Tianli (China)', 'Hunan Tyen Machinery Co., Ltd. (China)'

One of the primary drivers for the adoption of turbochargers is the increasing focus on fuel efficiency and stricter emission regulations. Turbochargers enable downsized engines to deliver the same power output as larger engines while consuming less fuel. By compressing the incoming air, turbochargers improve engine efficiency and reduce fuel consumption.

In the market for turbochargers, Europe has the biggest market share. The top car brands in the world have historically been based in European nations like Germany, France, Italy, and Spain. As a result, the region now controls the market as a whole and is anticipated to experience rapid growth over the forecast period. The need for turbochargers has increased as a result of the expansion of commercial vehicles in this area. By 2030, it is anticipated to grow at a CAGR of 6.4% to reach USD 20,975 million.

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Global Turbocharger Market

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