Analytical Study of Automotive Turbocharger in Korea from 2023 to 2033
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%!
Adoption Analysis of Automotive Turbocharger in Korea
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.
Key Trends Influencing the Demand for Automotive Turbocharger in Korea
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.
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.
Find your sweet spots for generating winning opportunities in this market.
Comparative View of Adjacent Korea Automotive Turbocharger
The section offers a comprehensive adoption analysis of automotive turbocharger in Korea with Western Europe and Japan, highlighting key attributes and trends in the industry.
Trend Analysis of Automotive Turbocharger in Korea:
Attributes
Details
Forecast CAGR between 2023 to 2033
9.3%
Industry Size in 2023
US$ 614.4 million
Key Trends
Turbochargers are being combined with electric motors in hybrid setups
Key Opportunities
Developing lightweight and durable materials for turbocharger
Automotive Turbocharger Adoption in Western Europe:
Attributes
Details
Forecast CAGR between 2023 to 2033
8.9%
Industry Size in 2023
US$ 6,042.9 million
Key Trends
Automakers are adopting smaller turbocharged engines
Key Opportunities
Developing turbochargers that align with sustainability goals
Automotive Turbocharger Sales Outlook in Japan:
Attributes
Details
Forecast CAGR between 2023 to 2033
10.1%
Industry Size in 2023
US$ 477.70 million
Key Trends
Utilizing cutting-edge titanium and composite materials for turbocharger
Key Opportunities
Leverage Japan's reputation for quality and innovation
Category wise insights
Segment
Industry Share in 2023
VTG
56.8%
Passenger Cars
58.1%
Fuel Efficiency Drives Surge in VTG Turbocharger Adoption in Korea
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.
Rising Demand for Premium and Reliable Vehicles Boosts Turbocharger Sales for Passenger Car
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.
Get the data you need at a Fraction of the cost
Personalize your report by choosing insights you need and save 40%!
Challenges in Automotive Turbocharger in Korea
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.
Competitive Landscape
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
In 2022, Meritor Inc. announced its acquisition of Cummins Inc. This acquisition took place to enhance brakes, drivetrain, and other components in the automotive industry.
In 2021, Silicon Valley announced its newly operational system with Toyota Motor Corp. for fully automated vehicles to expand its business portfolio.
Scope of the Report
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.
Key Segment in the Automotive Turbocharger in Korea
By Product Type:
Waste Gate
VGT
Twin Turbo
By Vehicle Type:
Passenger Cars
LCV
HCV
Agricultural Machinery
Construction Machinery
By Fuel Type:
Gasoline
Diesel
By Sales Channel:
OEM
Aftermarket
By Actuator:
Hydraulic
Electric
Pneumatic
By Province:
South Gyeongsang
North Jeolla
South Jeolla
Jeju
Frequently Asked Questions
What is the Industry Size for Automotive Turbocharger Leather?
The industry size of automotive turbocharger in Korea is valued at US$ 614.4 million in 2023.
What is the Future Outlook of Automotive Turbocharger Adoption in Korea?
The adoption of automotive turbocharger in Korea is likely to surpass US$ 1,499.4 million by 2033.
What is the Anticipated Growth Rate of Automotive Turbocharger in Korea?
The demand for automotive turbocharger in Korea is likely to rise at a CAGR of 9.3% from 2023 to 2033.
How are Manufacturers in Korea Automotive Turbocharger Industry Operating?
Manufacturers in Korea focus on efficiency, innovation, and cost-effectiveness to thrive.
Which City in Korea Demonstrate the Maximum Demand for Automotive Turbocharger in 2023?
South Jeolla witnesses rapid growth in automotive turbocharger demand as of 2023.
Table of Content
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 Used19. Research Methodology
