Automotive Turbocharger Market is projected to show tremendous growth by 2022-2027

The automotive turbocharger market is expected to witness prominent growth on account of increasing demand for fuel-efficient engines in passenger, light-duty, and heavy-duty vehicles. Automakers worldwide are actively seeking new ways to optimize vehicle efficacy. Consequently, companies have started to equip turbochargers to engines to increase its power output and enhance performance.
Highlighting an instance on the same, in Jan. 2019, Cummins Inc. introduced its new 6.7L turbo diesel engine for heavy-duty vehicles. The new engine is equipped with Cummins-Holset Variable Geometry turbocharger integrated with heavy-duty bearings that increase a vehicle’s payload capacity. With increasing adoption of turbochargers, Global Market Insights., Inc., suggests that the automotive turbocharger market may exceed USD 27 billion by 2026.
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The aforementioned instance certainly signifies the fact that major companies are actively working on innovative technologies to enhance the performance of turbochargers. Turbochargers based on wastegate technology are witnessing increased traction due to its simple design. The technology safeguards engine and turbocharger from damage caused due to extra boost pressure from the turbine.
Engine component makers have also aligned their focus on developing advanced turbochargers to enhance its safety. Taking March 2018 for instance, Pierburg GmbH introduced its new wastegate actuator to reduce engine wear and control turbocharger pressure.
Studies suggest that turbochargers are extensively gaining traction across gasoline engine vehicles. It helps the engine to run efficiently at high RPMs and promotes engine downsizing in gasoline-powered passenger cars. On this note, it is expected that increased adoption for gasoline-powered vehicles may accelerate the deployment of gasoline-fueled turbocharger segment growth.
Based on distribution channel, the OEM segment is projected to witness prominent growth owing to strong presence of established turbocharger manufacturers worldwide. Automakers extensively depend on OEMs for the supply of turbocharges for all categories of vehicles.
On the geographical front, Europe is expected to offer lucrative growth opportunities for the companies operating in the automotive turbocharger market. The region has a strong presence of major automakers such as Audi, BMW, and Daimler. These companies are integrating advanced twin-turbocharger systems into engines to improve vehicle performance.
In 2019, BMW introduced its brand new BMW X5 SUV integrated with twin-turbocharger technology for the European market. The company has adopted this technology to improve drivability as well as engine performance of the vehicle.
Strict government regulations regarding carbon and NOx emissions across Europe may also accelerate turbocharger adoption. For instance, in 2019, European Parliament adopted new standards regarding CO2 emission for passenger vans and cars.
Reports also claim that key companies operating in the automotive turbocharger market are engaging in strategic collaborations for developing new products. Citing an instance, in November 2018, IHI Corporation collaborated with Honda for developing power units, helping the automaker to boost turbocharger production.
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Notably, companies such as Banks Power, BorgWarner, Magnum Performance Turbos, Turbonetics Inc., Turbo Energy Pvt Ltd, BMTS Technology, The TurboEngineers GmbH, Rotomaster, Precision Turbo & Engine, Montupet, Mitsubishi Heavy Industries, Linamar Corporation, IHI Corporation, Honeywell International Inc., Cummins Inc., and Cimos D.D. are currently developing advanced automotive turbochargers.
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