The global automotive turbocharger market size is expected to grow at a CAGR of 10.5% during the forecast period, where the revenue in 2020 is estimated to be USD 11.1 billion and is projected to reach USD 18.4 billion by 2025.
The growth of the automotive turbocharger market is influenced by factors such as upcoming regulation in Asian countries such as China and India, increased production of mild – hybrid vehicles, and increased popularity of TGDI among others.
Some of the market restraining factors are the declining share of diesel vehicles, a recent decline in global vehicle production, and possible shift towards electric cars.
Aluminum is estimated to be the fastest-growing material for turbochargers.
The automotive turbocharger consists of various components like turbines, turbocharger housing, compressor housing, bearings, and turbocharger shaft.
Cast Iron, Aluminum, Stainless Steel, Nickel – based alloys, Titanium – alloys are the essential materials used for the manufacturing of turbochargers.
The durability of turbocharger components at high temperatures depends upon the type of material been used for it.
Owing to the light-weighting trend, and the benefits offered by Aluminum over cast iron, the demand for Al is estimated to be the largest in the coming years.
Passenger car segment is estimated as the largest market for turbochargers.
Passenger car is the major market for turbochargers in the vehicle segment, considering the overall production globally.
According to ACEA, the passenger car production hit 74.9 million in 2019 and is expected to go beyond ~70 – 72 million by 2024 – 2025, with Asia Pacific and North America being the leading regions.
In 2019, Asia Oceania passenger car production was around 40.2 million units as compared to 43.8 million units in 2017.
In 2019, the Asia Oceania region accounted for 79.4% of the global passenger car production.
On the other hand, China accounted for 29.2% of the worldwide passenger car production, which makes Asia Oceania is the largest market for turbochargers.
Asia Oceania to dominate the automotive turbocharger market.
Asia Oceania is estimated to be the largest market for automotive turbochargers.
The automotive industry has changed the landscape of the Asia Pacific region. Increased production of automobiles, the presence of key players such as IHI, continental AG, Mitsubishi heavy industries, BorgWarner have broadened the scope for turbochargers in this region.
China’s passenger car production is estimated to cross 20 million by 2024, with 50% of them already equipped with TGDI now will expand the turbocharger market.
Other emerging economies stress on cleaner vehicles such as Mild hybrid vehicles, and stringent emission norms will positively impact the turbocharger industry in the future.
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