The global automotive turbocharger market is garnering momentum and it is expected to record substantial gains in the forthcoming years. This growth will be primarily driven by the increasing vehicle production and sales across the globe, especially in the passenger vehicles segment. In addition, the introduction of stricter government regulations pertaining to fuel efficiency and vehicular emissions will boost the development of newer, more advanced turbocharger systems.
Considering the type of vehicle, the industry is segmented into LCV, PVC, and HCV. The automotive turbochargers industry size from LCVs is slated to grow substantially over the next few years, with the rapid upsurge in the production of LCVs. In order to address the increasing demand from the LCV segment, leading turbocharger manufactures are constantly working on new designs with a higher performance.
Citing an instance, in August 2019, UK-based Melett Turbochargers, a leading supplier of precision engineered turbocharger components, had added two new systems to its wide portfolio of turbocharger products. With this latest addition, the company aim to deliver a diverse range of OEM quality components to the U.K. aftermarket and help meet the rising demand from the LCV and passenger vehicles segment.
The market is bifurcated into diesel and gasoline on the basis of fuel. The automotive turbocharger market share from the gasoline segment will experience robust growth in the future. These trends will be driven by the shifting consumer preference towards adoption of gasoline powered vehicles.
In September 2020, BorgWarner, a leading provider of clean and efficient propulsion solutions, announced the commercialization of its latest variable turbine geometry (VTG) turbocharger. It offers numerous benefits to both combustion and hybrid engines including improved power output, high temperature capabilities, and reduced emissions.
BorgWarner’s new VTG turbochargers are designed for 1 liter gasoline engines and can supply the required boost pressure while minimizing emissions at the same time. These turbochargers can be easily applied to modern gasoline engines and support the shift from diesel powered vehicles to gasoline driven vehicles.
Based on the distribution channel, the market is classified into automotive OEMs and aftermarket. The sales of automotive turbocharger components through the aftermarket channels are expected to rise steadily over 2021-2027. A large number of automotive turbocharger hose manufacturers are relying on ecommerce channels in the aftermarket segment for the supply of hoses and other components.
Geographically, the automotive turbocharger industry in the Middle East and Africa is poised to witness notable growth in the near future. The regional demand will be largely driven by the increasing consumer demand for luxury passenger vehicles and premium sports cars.