The adoption of automotive turbocharger in Korea is estimated to secure a CAGR of 9.3%, with a valuation of USD 614.4 million in 2023, projected to reach up to USD 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 USD 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 | USD 614.4 million |
| Expected Industry Size of Korea by 2033 | USD 1,499.4 million |
| Forecasted CAGR between 2023 to 2033 | 9.3% |
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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.
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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 | USD 614.4 million |
| Projected Industry Valuation by 2033 | USD 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 USD 614.4 million in 2023.
The adoption of automotive turbocharger in Korea is likely to surpass USD 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 2. Market Overview 3. Market Background 4. Industry Analysis and Outlook 2018 to 2022 and Forecast, 2023 to 2033 5. Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Actuator 5.1. Electric 5.2. Hydraulic 5.3. Pneumatic 6. Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Fuel Type 6.1. Diesel 6.2. Gasoline 7. Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Product Type 7.1. Twin Turbo 7.2. VGT (Variable Geometry Turbo) 7.3. Waste Gate 8. Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Sales Channel 8.1. Aftermarket 8.2. OEM (Original Equipment Manufacturer) 9. Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Vehicle Type 9.1. Agricultural Machinery 9.2. Construction Machinery 9.3. Heavy Commercial Vehicles (HCV) 9.4. Light Commercial Vehicles (LCV) 9.5. Passenger Cars 10. Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Region 10.1. South Gyeongsang 10.2. North Jeolla 10.3. South Jeolla 10.4. Jeju 10.5. Rest of Korea 11. South Gyeongsang Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033 12. North Jeolla Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033 13. South Jeolla Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033 14. Jeju Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033 15. Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033 16. Market Structure Analysis 17. Competition Analysis 17.1. JaeSung Autoparts Corporation 17.2. Garrett Motion Korea Ltd 17.3. vivautopart 17.4. Continental AG 17.5. Garett Motion Inc. 17.6. Cummins Inc. 17.7. Mitsubishi Heavy Industries Ltd. 17.8. Toyota Industries Corporation 17.9. Eaton Corporation Plc 17.10. BorgWarner Inc. 18. Assumptions & Acronyms Used 19. Research Methodology
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Automotive Turbocharger Industry Analysis in Korea
