What is the key market trend for Global Turbocharger Market?

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.

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

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

Global 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 Report Snapshots

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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).

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.

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

Global Turbocharger Market Regional Insights

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