Global Automotive Turbochargers Market to Reach $21.01 Billion by 2027

Automotive Turbochargers Global Market Report 2023 – Market Size, Trends, And Global Forecast 2023-2032

The Business Research Company's Automotive Turbochargers Global Market Report 2023 – Market Size, Trends, And Global Forecast 2023-2032

LANDON, GREATER LANDON, UK, November 20, 2023 /EINPresswire.com/ -- The global automotive turbochargers market, segmented by vehicle type, technology, sales channel, and fuel type, is poised for significant growth in the upcoming years. Commencing at $13.36 billion in 2022, the market is anticipated to escalate to $14.6 billion in 2023, reflecting a noteworthy Compound Annual Growth Rate (CAGR) of 9.3%. Despite the challenges arising from the Russia-Ukraine conflict and the residual effects of the COVID-19 pandemic, the market is projected to expand to $21.01 billion by 2027, demonstrating a steady CAGR of 9.5%.

Rise in Demand for Passenger Cars Driving Market Growth

The burgeoning demand for passenger cars is a key driver propelling the growth of the automotive turbocharger market. Turbocharged engines generally offer greater power density and enhanced fuel efficiency, allowing for increased horsepower and torque. The surge in purchasing power and low-interest rates in developing economies, coupled with consumer preference for personal mobility, are expected to fuel the demand for passenger cars, consequently boosting the demand for automotive turbochargers. The global passenger car market size is projected to increase from $1,321.7 billion in 2020 to $1,988.7 billion by 2025.

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Key Players at the Forefront of Technological Innovations

Prominent entities in the automotive turbocharger market, such as Honeywell, BorgWarner, Mitsubishi Heavy Industries, Ltd., IHI, Continental, Bosch, Mahle, Cummins, Delphi Technologies, Precision Turbo & Engine, Inc., Turbonetics, Turbo International, ABB Turbo Systems Ltd., TEL, Rotomaster International, Fuyuan Turbocharger Co., Ltd., and Hunan Tyen Machinery Co., Ltd., are focusing on the development of electric turbochargers for use in both light and commercial vehicles across various fuel types including gasoline, diesel, and natural gas (CNG).

Market Segmentation:

• Vehicle Type: PCV, LCV, HCV
• Technology: VGT/VNT, Wastegate, Twin-Turbo
• Sales Channel: OEM, Aftermarket
• Fuel Type: Gasoline, Diesel
Geographical Insights and Market Analysis

Western Europe emerged as the largest region in the automotive turbocharger market in 2022, while Asia-Pacific is forecasted to be the fastest-growing region during the projected period. The comprehensive market report offers detailed insights into regional dynamics, market trends, and growth opportunities across various regions.

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Automotive Turbochargers Global Market Report 2023 from TBRC covers the following information:

• Market size date for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.

The Automotive Turbochargers Global Market Report 2023 by The Business Research Company is the most comprehensive report that provides insights on automotive turbochargers market size, automotive turbochargers market drivers and trends, automotive turbochargers market major players, automotive turbochargers market competitors' revenues, automotive turbochargers market positioning, and automotive turbochargers market growth across geographies. The automotive turbochargers market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the automotive turbochargers market report and tap into segments with the highest growth potential.

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