Automotive Turbocharger Market Size

Automotive Turbocharger Market Size

Automotive Turbocharger Market size exceeded USD 17 billion in 2022 and is projected to expand at over 8% CAGR from 2023 to 2032.

A dynamic growth in the production and sales of automobiles will positively influence the industry outlook. Over the last few decades, the automotive sector has emerged as a more flexible, reliable, efficient, and strong business. Automakers and automobile product manufacturers across the globe, particularly in the developed nations of North America are dedicating significant resources and investments for optimum capacity utilization. Improvements in consumer finance along with better credit availability, revived consumer spending and novel trends in the automotive sector will help consolidate the product demand.

Paradigm shift towards electrification of vehicles to hamper industry growth

Technological advancements in battery-powered vehicles and growing consumer preference for EVs are set to affect the demand for automotive turbochargers. Increasing emphasis on sustainable mobility and eco-friendly transportation by multiple governments through favorable incentives is accelerating the adoption of zero-emission vehicles. Rapid penetration of EVs is posing a threat to the conventional gasoline and diesel-based automobiles that use turbocharges. However, increasing demand for compact SUVs and crossovers featuring small displacement engines will help overcome the roadblocks.