Global Automotive Turbocharger Market projected to double to USD 30.4 billion by 2033
From GlobeNewswire: 2024-05-28 01:00:00
The Global Automotive Turbocharger Market is projected to double in size from USD 14.85 billion in 2023 to USD 30.4 billion by 2033, with a CAGR of 7.43%. Turbochargers enhance engine power and efficiency, especially in downsized engines, making them environmentally friendly. However, the rise in zero-emission vehicles could impact market growth.
Twin turbochargers are expected to dominate the market due to their superior performance and emission reduction benefits. Diesel turbochargers, known for enhancing transit performance and fuel efficiency, are projected to grow rapidly. The passenger car segment is forecasted to see significant growth due to increased demand for turbochargers in vehicles.
Asia Pacific is set to lead the global market for automotive turbochargers, driven by the growing population and increasing demand for automobiles. Europe, known for its strong diesel engine penetration and performance vehicle market, is expected to grow rapidly. The region is also seeing a significant shift toward electrification in vehicles using turbocharging technology.
Key vendors in the global automotive turbocharger market include Continental GT, Garrett Motion, Turbonetics, and more. Recent developments include Garrett Motion’s expansion in Wuhan with advanced variable nozzle technology for turbo-passenger vehicles. Market segments include technology type, fuel type, vehicle type, and regional analysis up to 2033.
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