The Automotive Turbocharger Market is projected to grow from USD 15.2 billion in 2024 to USD 22.9 billion by 2030, at a CAGR of 7.1%. The growth of the automotive turbocharger market is propelled by harsh emission regulations and shifting consumer inclination for high-performance vehicles. As the automotive industry is transitioning from diesel to gasoline light-duty vehicles and a surge in vehicle hybridization, there could be a promising opportunity for turbocharger manufacturers in gasoline and hybrid variants.
Heavy-duty vehicles hold the largest demand for automotive turbochargers aftermarket.
The automotive turbochargers aftermarket for heavy-duty vehicles (HDV) is estimated to grow steadily during the forecasted period. The growth in the aftermarket for heavy vehicles such as trucks and buses can be attributed to the increasing average life of vehicles, rising average miles driven per year, changing consumer preferences for high-power vehicles, and higher replacement rates, mainly in the European and North American markets. These vehicles have extended hours of continuous operation under rigorous conditions. The average miles driven by HCVs in different regions range from 35,000 miles to 40,000 miles per year, either hauling heavy loads or transporting passengers, which puts significant strain on their engines.
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Cast iron will dominate the Automotive Turbocharger Material market.
Cast iron is the top choice for manufacturing automotive turbochargers due to its exceptional heat resistance and ability to withstand high temperatures, reaching up to 900°C. Due to this resilience and durability, cast iron is widely preferred for manufacturing turbocharger housing. Grey cast iron, Ductile Iron, and Silicon Molybdenum are some of the cast iron material grades used for automotive turbocharger housing. Several tier-1 suppliers are using this material to make turbochargers. For instance, Mitsubishi Heavy Industries (MHI) offers turbine housings constructed from cast iron, capable of withstanding temperatures of up to 700°C, and austenitic stainless cast steel, engineered to resist temperatures surpassing 1,000°C.
Asia Pacific is estimated to be the dominant region in the automotive turbocharger market.
Asia Pacific is the largest automotive market, and China, Japan, and India contribute >85% of the overall vehicle production in the region. The region also has a higher demand for smaller and compact cars, with more than 80% of the passenger cars running on gasoline. Further, the automotive turbocharger market expansion in countries like China, India, South Korea, and Japan is primarily driven by growing demand for gasoline engines incorporating turbocharged gasoline direct injection (TGDI) technology. Among these, China has become a key market for automotive turbochargers in the Asia Pacific region, with TGDI engines followed by Japan, South Korea, and India. The stricter vehicle emission norms are driving the automakers in this region to adopt more fuel-efficient technologies. The Governments of major countries, India and China have made it mandatory for all automakers to comply with the BS6 Phase 2 and China 6 emission norms respectively. Under the China 6 standards, the PM emissions limit for gasoline-powered vehicles is 4.5 mg/km, while diesel vehicles must emit no more than 0.5 mg/km. In India, the diesel vehicle emission limits are lowered by 68% and the gasoline vehicle emissions are lowered by 25%. Thereby, the demand for GDI engines will be growing in this region which will drive the automotive turbocharger market.
Key Market Players:
Major regional automakers such as Toyota Motor Corporation (Japan), Honda Motor Co., Ltd. (Japan), The Hyundai Motor Company (South Korea), Mitsubishi Motors Corporation (Japan), and Nissan Motor Co. Ltd. (Japan) have been using turbocharging technology in some gasoline engines to improve the performance and fuel efficiency of the vehicles. Moreover, the Asia Pacific region has recently seen a surge in hybrid vehicle adoption, with Japan.
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