Global Automotive Turbocharger Market Forecast to 2030: Development of Electric Turbochargers Present Lucrative Business Opportunities
The automotive industry is constantly evolving, with new technologies and innovations shaping the way we drive. One such innovation that has been gaining traction in recent years is the automotive turbocharger. Turbochargers are devices that help increase the efficiency and performance of an engine by forcing more air into the combustion chamber, resulting in more power output.
According to a recent report by ResearchAndMarkets.com, the global automotive turbocharger market is projected to grow significantly in the coming years. The market is expected to reach USD 22.9 billion by 2030, with a compound annual growth rate of 7.1%. This growth can be attributed to factors such as stringent emissions regulations, the growing demand for turbocharged gasoline engines, and the development of electric turbochargers.
Leading manufacturers in the automotive turbocharger market include BorgWarner Inc., Garrett Motion Inc., Mitsubishi Heavy Industries, IHI Corporation, and Cummins Inc. These companies are at the forefront of developing cutting-edge turbocharger technology that meets the demands of the modern automotive industry.
One of the key trends driving the growth of the global automotive turbocharger market is the shift towards gasoline-powered vehicles. With a growing focus on cleaner and more fuel-efficient vehicles, OEMs are increasingly turning to turbocharged gasoline engines. These engines offer improved fuel efficiency and performance, making them an attractive option for consumers and manufacturers alike.
Another emerging trend in the automotive turbocharger market is the rise of electric turbochargers. These advanced turbochargers are designed to work with hybrid powertrains and offer benefits such as reduced emissions, improved fuel efficiency, and enhanced acceleration. While electric turbochargers are currently limited to premium vehicles, their adoption is expected to increase in the future as the demand for hybrid vehicles grows.
Europe is identified as the second largest automotive turbocharger market, with a strong focus on turbocharger adoption driven by stringent emissions regulations and the demand for more fuel-efficient engines. Prominent OEMs in Europe, such as Volkswagen, Mercedes-Benz, and BMW, are leading the way in promoting turbocharged gasoline engines and hybrid powertrains.
Overall, the global automotive turbocharger market is poised for significant growth in the coming years, driven by technological advancements, changing consumer preferences, and regulatory requirements. As the industry continues to evolve, turbocharger technology will play a crucial role in shaping the future of the automotive sector.