Automotive Turbochargers Market Set to Zoom to $23.01 billion by 2029, Aided by Rising Demand for Fuel-Efficient, High-Performance Vehicles
21 Jan, 2025
What have been the Key Market Size Movements for Automotive Turbochargers in Recent Years?
The Automotive Turbochargers Market has experienced robust growth in recent years.
• In 2024, the market size was estimated at $15.47 billion, and it rose to $16.68 billion in 2025, marking a compound annual growth rate (CAGR) of 7.8%.
This growth was spurred by factors such as fuel efficiency regulations, performance enhancement demands, engine downsizing, emission control standards, and increased use in the military industry.
What is the Projected Growth for the Automotive Turbochargers Market in the Coming Years?
The automotive turbochargers market is forecast to see strong growth over the next few years.
• By 2029, the market is expected to swell to $23.01 billion, growing at a CAGR of 8.4%.
This forecast growth is credited to the increasing demand for electric turbochargers, fuel-efficient vehicles, high-performance vehicles, commercial vehicles, and hybrid vehicles. Furthermore, trends such as lightweight materials integration, twin-scroll turbochargers development, the application of 48v electric turbocharging systems, and e-boosting technology adoption will influence the market.
What are the Key Factors Driving the Automotive Turbochargers Market?
The rising demand for passenger cars is significantly driving the growth of the automotive turbochargers market, largely due to their higher power density and fuel efficiency. The increased purchasing power and low-interest rates in developing economies, along with a preference for personal mobility, are expected to drive passenger cars' demand, thereby boosting the demand for automotive turbochargers. For instance, in March 2022, a report by the European Automobile Manufacturers' Association (ACEA) indicated that passenger car sales in the US increased by 5.5%, reaching 11.9 million units in 2021, while over 6.3 million passenger cars were produced in US auto facilities that year, an increase of 3.1%.
How is the Automotive Turbochargers Market Segmented?
The automotive turbochargers market is classified as follows:
1) By Vehicle Type: PCV, LCV, HCV
2) By Technology: VGT Or VNT, Wastegate, Twin-Turbo
3) By Sales Channel: OEM, Aftermarket
4) By Fuel Type: Gasoline, Diesel
Which Trends are Shaping the Automotive Turbochargers Market?
Companies in the automotive turbocharger market are focusing on creating technologically advanced solutions like turbochargers for hybrid and non-hybrid vehicles, aimed at improving performance and efficiency. For example, in April 2023, Garrett, a turbocharging company, launched advanced turbochargers that support hydrogen internal combustion engine (H2-ICE) vehicles, utilizing hydrogen as fuel, notably resonating with China's significant investments in hydrogen fueling infrastructure and green hydrogen initiatives.
Who are the Key Players in the Automotive Turbochargers Market?
Key players influencing the automotive turbochargers market include:
• Honeywell International Inc.
• Borg-Warner Automotive Inc.
• Mitsubishi Heavy Industries Ltd.
• IHI Corporation
• Continental AG
• Bosch Mahle GmbH
• Cummins Inc.
• Delphi Technologies
• Precision Turbo & Engine Inc.
• Turbonetics Inc.
What are the Leading Regions in the Automotive Turbochargers Market?
In 2024, Western Europe was the leading region for the automotive turbocharger market. However, Asia-Pacific is set to be the fastest-growing region in the forecast period. The regions covered include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.