The adoption of automotive turbocharger in Korea is estimated to secure a CAGR of 9.3%, with a valuation of US$ 614.4 million in 2023, projected to reach up to US$ 1,499.4 million by 2033. Increasing consumer demand for fuel-efficient vehicles and luxury cars is surging the adoption of automotive turbocharger in Korea.
The automotive turbocharger industry in Korea secured a valuation of US$ 564.6 million in 2022, registering a CAGR of 8.8% between 2018 and 2022. Korea is known for producing high-efficiency, cost-effective solutions, gaining popularity among consumers. The growing craze of drivers, urbanization, and expansion in the automotive sector is capturing vast revenue in Korea.
| Attributes | Details |
|---|---|
| Industry Size of Korea in 2023 | US$ 614.4 million |
| Expected Industry Size of Korea by 2033 | US$ 1,499.4 million |
| Forecasted CAGR between 2023 to 2033 | 9.3% |
Don't pay for what you don't need
Customize your report by selecting specific countries or regions and save 30%!
Domestic Production: The rising production of vehicles, increasing disposable incomes, and enhanced fuel efficiency are accelerating the demand for automotive turbocharger in Korea. Automakers here are significantly increasing their adoption of automotive turbocharger for engine efficiency, and maintaining the performance of vehicles, which in turn attracts consumers. These automakers are also standardizing their products to reduce carbon emissions.
Global Key Players: Emerging manufacturers and key players are playing a significant role in the development of cost-effective automotive turbocharger in Korea. Some well-known manufacturers in Korea include Honeywell and BorgWarner.
Government Regulations: The Korean government is focusing on implementing strict rules and policies regarding the manufacturing of turbochargers for vehicles, aiming to improve fuel efficiency and reduce carbon footprints. These turbochargers deliver high power outputs and improve overall engine efficiency.
Aftermarket: Automotive turbocharger is widely accepted among manufacturers looking to enhance the performance and upgrade their vehicles. They are actively developing advanced-design automotive turbocharger with customized solutions to meet consumer preferences.
Fuel Efficiency: Growing consumer concerns about highly efficient vehicles, particularly premium cars that enhance fuel efficiency, are driving the adoption of automotive turbocharger. The automotive industry is playing a pivotal role in developing advanced engine power with improved mileage, resulting in significant revenue growth in Korea.
Downsizing Trend: Korean automotive manufacturers are developing turbochargers by adhering to stringent regulations and focusing on sustainability. They are offering efficient and cost-effective automotive turbocharger for premium vehicles, thereby contributing to the expansion of the Korean industry.
Hybrid and Electric Cars: The popularity of electric and hybrid cars is increasing the demand for automotive turbocharger to achieve high performance and enhanced efficiency. Manufacturers developing these vehicles in Korea are driving the adoption of automotive turbocharger.
Technological Advancements: Rising advanced technologies such as sensors, the Internet of Things, and artificial intelligence are leading to the development of responsive and effective turbochargers. They are innovating smart turbochargers by integrating these technologies for seamless vehicle operation.
Global Trade: Consumers seeking luxury, premium, and the latest-model cars are fueling the demand for automotive turbocharger. The growing preference for international vehicles is further boosting the adoption of automotive turbocharger.
Consumer Preferences: Consumers are choosing high-fuel efficiency vehicles that reduce environmental impacts, leading to an increased adoption of sustainable automotive turbocharger. The rising demand for environmentally friendly vehicles, such as electric vehicles, is a significant driver for the demand for automotive turbocharger in Korea.
Principal Consultant
| Segment | Industry Share in 2023 |
|---|---|
| VTG | 56.8% |
| Passenger Cars | 58.1% |
Based on product type, VGT is projected to dominate the automotive turbocharger industry in Korea in 2023, accounting for 56.8% of the industry share. The increasing demand for fuel efficiency in the automotive industry is driving the adoption of VTG. Advancements in cutting-edge technologies, improved machinery, and enhanced vehicle performance are rapidly boosting the demand for VTG. Manufacturers prefer VTC to adjust and optimize engine speed and efficiency, catering to consumer preferences. This allows for a controlled amount of air in the engine system, improving performance and reducing carbon footprints.
Based on vehicle type, passenger vehicles are projected to dominate the regional industry, capturing a share of 58.1% in 2023. Increasing consumer demand for premium, effective, and reliable vehicles is driving the interest in passenger vehicles. These vehicles are particularly popular among young consumers for their durability and advanced features.
The rising demand for luxury vehicles is providing comfortable, energy-efficient, and customized options to attract consumers' attention. Increasing disposable incomes and changing lifestyles are further fueling the demand for passenger vehicles. Consumers are seeking highly advanced designs, and luxurious aesthetics are driving the adoption of passenger vehicles. The growing preference for autonomous cars among the population is also enhancing consumers' experiences.
Complex Engineering: The integration of smart technologies in turbochargers may be challenging due to their complex design and engineering. These factors could potentially hinder the adoption of automotive turbocharger among automakers.
Heat Management: Managing heat efficiency is still a variable factor. Proper materials and cooling systems could help decrease the demand for automotive turbocharger.
High Costs: Consumers are seeking affordable and cost-effective turbochargers. Creating turbochargers that are both affordable and efficient without compromising performance is a challenge for manufacturers. These factors also pose a constraint for the Korean automotive industry.
Supply Chain Disruptions: Rising global events, including trade tensions, pandemic crises, and natural disasters, may have a significant impact on the supply chain. The unavailability of materials for automotive components could lead to increased costs.
Get the data you need at a Fraction of the cost
Personalize your report by choosing insights you need
and save 40%!
Key players are bringing innovations to the automotive sector to enhance vehicle performance with cutting-edge technologies. Automotive industry manufacturers offer products to their respective consumers with unique and improved machinery to satisfy their needs. They continue to enhance automotive machinery to improve engine performance. They adopt diverse strategies and trends to boost product sales through mergers, collaborations, and new launches.
Recent Developments Observed in Automotive Turbocharger in Korea
| Attributes | Details |
|---|---|
| Estimated Industry Size in 2023 | US$ 614.4 million |
| Projected Industry Valuation by 2033 | US$ 1,499.4 million |
| Value-based CAGR 2023 to 2033 | 9.3% |
| Historical Analysis of Automotive Turbocharger in Korea | 2018 to 2022 |
| Demand Forecast for Automotive Turbocharger in Korea | 2023 to 2033 |
| Report Coverage | Industry Size, Industry Trends, Analysis of key factors influencing Automotive Turbocharger in Japan Insights on Global Players and their Industry Strategy in Japan, Ecosystem Analysis of Local and Regional Japan Providers |
| Key Provinces Analyzed While Studying Opportunities in Automotive Turbocharger in Korea | South Gyeongsang, North Jeolla, South Jeolla, Jeju |
| Key Companies Profiled | Continental AG; Garett Motion Inc.; Cummins Inc.; Mitsubishi Heavy Industries Ltd.; Toyota Industries Corporation; Eaton Corporation Plc; BorgWarner Inc.; IHI Corporation; BMTS Technology GmbH & Co. KG; Weifang FuYuan Turbochargers Co., Ltd. |
The industry size of automotive turbocharger in Korea is valued at US$ 614.4 million in 2023.
The adoption of automotive turbocharger in Korea is likely to surpass US$ 1,499.4 million by 2033.
The demand for automotive turbocharger in Korea is likely to rise at a CAGR of 9.3% from 2023 to 2033.
Manufacturers in Korea focus on efficiency, innovation, and cost-effectiveness to thrive.
South Jeolla witnesses rapid growth in automotive turbocharger demand as of 2023.
1. Executive Summary 1.1. Market Outlook 1.2. Demand-side Trends 1.3. Supply-side Trends 1.4. Technology Roadmap Analysis 1.5. Analysis and Recommendations 2. Market Overview 2.1. Market Coverage / Taxonomy 2.2. Market Definition / Scope / Limitations 3. Market Background 3.1. Market Dynamics 3.1.1. Drivers 3.1.2. Restraints 3.1.3. Opportunity 3.1.4. Trends 3.2. Scenario Forecast 3.2.1. Demand in Optimistic Scenario 3.2.2. Demand in Likely Scenario 3.2.3. Demand in Conservative Scenario 3.3. Opportunity Map Analysis 3.4. Product Life Cycle Analysis 3.5. Supply Chain Analysis 3.5.1. Supply Side Participants and their Roles 3.5.1.1. Producers 3.5.1.2. Mid-Level Participants (Traders/ Agents/ Brokers) 3.5.1.3. Wholesalers and Distributors 3.5.2. Value Added and Value Created at Node in the Supply Chain 3.5.3. List of Raw Material Suppliers 3.5.4. List of Existing and Potential Buyer’s 3.6. Investment Feasibility Matrix 3.7. Value Chain Analysis 3.7.1. Profit Margin Analysis 3.7.2. Wholesalers and Distributors 3.7.3. Retailers 3.8. PESTLE and Porter’s Analysis 3.9. Regulatory Landscape 3.9.1. By Key Regions 3.10. Regional Parent Market Outlook 3.11. Production and Consumption Statistics 3.12. Import and Export Statistics 4. Industry Analysis and Outlook 2018 to 2022 and Forecast, 2023 to 2033 4.1. Historical Market Size Value (US$ Million) & Volume (Units) Analysis, 2018 to 2022 4.2. Current and Future Market Size Value (US$ Million) & Volume (Units) Projections, 2023 to 2033 4.2.1. Y-o-Y Growth Trend Analysis 4.2.2. Absolute $ Opportunity Analysis 5. Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Actuator 5.1. Introduction / Key Findings 5.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By Actuator, 2018 to 2022 5.3. Current and Future Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By Actuator, 2023 to 2033 5.3.1. Electric 5.3.2. Hydraulic 5.3.3. Pneumatic 5.4. Y-o-Y Growth Trend Analysis By Actuator, 2018 to 2022 5.5. Absolute $ Opportunity Analysis By Actuator, 2023 to 2033 6. Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Fuel Type 6.1. Introduction / Key Findings 6.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By Fuel Type, 2018 to 2022 6.3. Current and Future Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By Fuel Type, 2023 to 2033 6.3.1. Diesel 6.3.2. Gasoline 6.4. Y-o-Y Growth Trend Analysis By Fuel Type, 2018 to 2022 6.5. Absolute $ Opportunity Analysis By Fuel Type, 2023 to 2033 7. Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Product Type 7.1. Introduction / Key Findings 7.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By Product Type, 2018 to 2022 7.3. Current and Future Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By Product Type, 2023 to 2033 7.3.1. Twin Turbo 7.3.2. VGT 7.3.3. Waste gate 7.4. Y-o-Y Growth Trend Analysis By Product Type, 2018 to 2022 7.5. Absolute $ Opportunity Analysis By Product Type, 2023 to 2033 8. Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Sales Channel 8.1. Introduction / Key Findings 8.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By Sales Channel, 2018 to 2022 8.3. Current and Future Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By Sales Channel, 2023 to 2033 8.3.1. Aftermarket 8.3.2. OEM 8.4. Y-o-Y Growth Trend Analysis By Sales Channel, 2018 to 2022 8.5. Absolute $ Opportunity Analysis By Sales Channel, 2023 to 2033 9. Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Vehicle Type 9.1. Introduction / Key Findings 9.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By Vehicle Type, 2018 to 2022 9.3. Current and Future Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By Vehicle Type, 2023 to 2033 9.3.1. Agricultural Machinery 9.3.2. Construction Machinery 9.3.3. HCV 9.3.4. LCV 9.3.5. Passenger Cars 9.4. Y-o-Y Growth Trend Analysis By Vehicle Type, 2018 to 2022 9.5. Absolute $ Opportunity Analysis By Vehicle Type, 2023 to 2033 10. Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Region 10.1. Introduction 10.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By Region, 2018 to 2022 10.3. Current Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By Region, 2023 to 2033 10.3.1. South Gyeongsang 10.3.2. North Jeolla 10.3.3. South Jeolla 10.3.4. Jeju 10.3.5. Rest of Korea 10.4. Market Attractiveness Analysis By Region 11. South Gyeongsang Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033 11.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2018 to 2022 11.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2023 to 2033 11.2.1. By Actuator 11.2.2. By Fuel Type 11.2.3. By Product Type 11.2.4. By Sales Channel 11.2.5. By Vehicle Type 11.3. Market Attractiveness Analysis 11.3.1. By Actuator 11.3.2. By Fuel Type 11.3.3. By Product Type 11.3.4. By Sales Channel 11.3.5. By Vehicle Type 11.4. Key Takeaways 12. North Jeolla Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033 12.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2018 to 2022 12.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2023 to 2033 12.2.1. By Actuator 12.2.2. By Fuel Type 12.2.3. By Product Type 12.2.4. By Sales Channel 12.2.5. By Vehicle Type 12.3. Market Attractiveness Analysis 12.3.1. By Actuator 12.3.2. By Fuel Type 12.3.3. By Product Type 12.3.4. By Sales Channel 12.3.5. By Vehicle Type 12.4. Key Takeaways 13. South Jeolla Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033 13.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2018 to 2022 13.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2023 to 2033 13.2.1. By Actuator 13.2.2. By Fuel Type 13.2.3. By Product Type 13.2.4. By Sales Channel 13.2.5. By Vehicle Type 13.3. Market Attractiveness Analysis 13.3.1. By Actuator 13.3.2. By Fuel Type 13.3.3. By Product Type 13.3.4. By Sales Channel 13.3.5. By Vehicle Type 13.4. Key Takeaways 14. Jeju Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033 14.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2018 to 2022 14.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2023 to 2033 14.2.1. By Actuator 14.2.2. By Fuel Type 14.2.3. By Product Type 14.2.4. By Sales Channel 14.2.5. By Vehicle Type 14.3. Market Attractiveness Analysis 14.3.1. By Actuator 14.3.2. By Fuel Type 14.3.3. By Product Type 14.3.4. By Sales Channel 14.3.5. By Vehicle Type 14.4. Key Takeaways 15. Rest of Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033 15.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2018 to 2022 15.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2023 to 2033 15.2.1. By Actuator 15.2.2. By Fuel Type 15.2.3. By Product Type 15.2.4. By Sales Channel 15.2.5. By Vehicle Type 15.3. Market Attractiveness Analysis 15.3.1. By Actuator 15.3.2. By Fuel Type 15.3.3. By Product Type 15.3.4. By Sales Channel 15.3.5. By Vehicle Type 15.4. Key Takeaways 16. Market Structure Analysis 16.1. Competition Dashboard 16.2. Competition Benchmarking 16.3. Market Share Analysis of Top Players 16.3.1. By Regional 16.3.2. By Actuator 16.3.3. By Fuel Type 16.3.4. By Product Type 16.3.5. By Sales Channel 16.3.6. By Vehicle Type 17. Competition Analysis 17.1. Competition Deep Dive 17.1.1. JaeSung Autoparts Corporation 17.1.1.1. Overview 17.1.1.2. Product Portfolio 17.1.1.3. Profitability by Market Segments 17.1.1.4. Sales Footprint 17.1.1.5. Strategy Overview 17.1.1.5.1. Marketing Strategy 17.1.1.5.2. Product Strategy 17.1.1.5.3. Channel Strategy 17.1.2. Garrett Motion Korea Ltd 17.1.2.1. Overview 17.1.2.2. Product Portfolio 17.1.2.3. Profitability by Market Segments 17.1.2.4. Sales Footprint 17.1.2.5. Strategy Overview 17.1.2.5.1. Marketing Strategy 17.1.2.5.2. Product Strategy 17.1.2.5.3. Channel Strategy 17.1.3. vivautopart 17.1.3.1. Overview 17.1.3.2. Product Portfolio 17.1.3.3. Profitability by Market Segments 17.1.3.4. Sales Footprint 17.1.3.5. Strategy Overview 17.1.3.5.1. Marketing Strategy 17.1.3.5.2. Product Strategy 17.1.3.5.3. Channel Strategy 17.1.4. Continental AG 17.1.4.1. Overview 17.1.4.2. Product Portfolio 17.1.4.3. Profitability by Market Segments 17.1.4.4. Sales Footprint 17.1.4.5. Strategy Overview 17.1.4.5.1. Marketing Strategy 17.1.4.5.2. Product Strategy 17.1.4.5.3. Channel Strategy 17.1.5. Garett Motion Inc. 17.1.5.1. Overview 17.1.5.2. Product Portfolio 17.1.5.3. Profitability by Market Segments 17.1.5.4. Sales Footprint 17.1.5.5. Strategy Overview 17.1.5.5.1. Marketing Strategy 17.1.5.5.2. Product Strategy 17.1.5.5.3. Channel Strategy 17.1.6. Cummins Inc. 17.1.6.1. Overview 17.1.6.2. Product Portfolio 17.1.6.3. Profitability by Market Segments 17.1.6.4. Sales Footprint 17.1.6.5. Strategy Overview 17.1.6.5.1. Marketing Strategy 17.1.6.5.2. Product Strategy 17.1.6.5.3. Channel Strategy 17.1.7. Mitsubishi Heavy Industries Ltd. 17.1.7.1. Overview 17.1.7.2. Product Portfolio 17.1.7.3. Profitability by Market Segments 17.1.7.4. Sales Footprint 17.1.7.5. Strategy Overview 17.1.7.5.1. Marketing Strategy 17.1.7.5.2. Product Strategy 17.1.7.5.3. Channel Strategy 17.1.8. Toyota Industries Corporation 17.1.8.1. Overview 17.1.8.2. Product Portfolio 17.1.8.3. Profitability by Market Segments 17.1.8.4. Sales Footprint 17.1.8.5. Strategy Overview 17.1.8.5.1. Marketing Strategy 17.1.8.5.2. Product Strategy 17.1.8.5.3. Channel Strategy 17.1.9. Eaton Corporation Plc 17.1.9.1. Overview 17.1.9.2. Product Portfolio 17.1.9.3. Profitability by Market Segments 17.1.9.4. Sales Footprint 17.1.9.5. Strategy Overview 17.1.9.5.1. Marketing Strategy 17.1.9.5.2. Product Strategy 17.1.9.5.3. Channel Strategy 17.1.10. BorgWarner Inc. 17.1.10.1. Overview 17.1.10.2. Product Portfolio 17.1.10.3. Profitability by Market Segments 17.1.10.4. Sales Footprint 17.1.10.5. Strategy Overview 17.1.10.5.1. Marketing Strategy 17.1.10.5.2. Product Strategy 17.1.10.5.3. Channel Strategy 18. Assumptions & Acronyms Used 19. Research Methodology
Explore Automotive Insights
View Reports
Automotive Turbocharger Industry Analysis in Korea
