Turbocharger Market Analysis
The turbocharger market has experienced substantial growth in recent
years, propelled by the automotive industry's pursuit of enhanced engine
performance and fuel efficiency. Turbochargers, which leverage exhaust gases to
force additional air into the combustion chamber, result in improved power
output and better fuel economy. This technology is particularly crucial for
downsized engines, enabling them to maintain or even surpass the performance of
larger counterparts while reducing emissions. The global push for stricter
emission standards has further accelerated the adoption of turbochargers in
both gasoline and diesel engines, as they offer an effective solution to meet
environmental regulations without compromising on performance.
A robust 7.13% CAGR for the worldwide turbocharger
industry. By raising the density of the gas intake, a
turbocharger can increase the volumetric efficiency of an internal combustion
engine. With the use of a turbocharger, the internal combustion engine's output
may be raised without growing its capacity. This centrifugal blower increases
the power of the IC engine by producing air at a high pressure.
In addition to the automotive sector, the turbocharger market has found
applications in various industries, including aerospace and marine, where
efficiency gains and power augmentation are sought. As manufacturers focus on
developing advanced materials and optimizing design for durability and
performance, the turbocharger market is poised for continuous innovation.
Geographically, Asia-Pacific, led by emerging economies like China and India,
remains a key player in the turbocharger market, owing to the robust expansion
of the automotive industry and the growing demand for more fuel-efficient
vehicles across the region. The turbocharger market is expected to evolve
further as technological advancements continue to shape the landscape of
internal combustion engines and propel the demand for turbocharging solutions.
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Report of Turbocharger Market
The expansion of the worldwide turbocharger market is being aided by
many factors. According to the MRFR research, these reasons include the growing
demand for electric vehicles, rising fuel prices, the trend toward greener
vehicles, the requirement for gasoline and vehicle engines that are
fuel-efficient, as well as the increased production and manufacture of both
lightweight and heavy vehicles. On the flip side, the need to comply with
emission regulations and high prices may hamper market growth over the forecast
period.
Industry Updates
- January
2021- AVL Powertrain UK Ltd has selected Liebherr Aerospace Toulouse to
deliver 25 kW, 400 V two-stage electric turbochargers for supporting the
creation of fuel cell electric demonstrators for commercial cars.
Turbocharger
COVID-19 Analysis
The COVID-19 outbreak had a twin effect on the turbocharger market. On
the one hand, supply chain disruptions, closure of manufacturing facilities,
and delay in car production, especially commercial cars equipped with
turbochargers, had a negative impact on the market growth. While on the
contrary, the use of turbo-boosting laptops during the work from home trends to
avail uninterrupted power service at home are having a positive impact on the
market growth. Besides, the resumption of the overall manufacturing sector due
to the gradual lifting of lockdowns is also adding market growth.
Turbocharger
Market Key Players
- Continenetal
AG (Germany)
- Mitsubishi
Heavy Industries (Japan)
- Rotomaster
International (Canada)
- Borgwarner
Inc (US)
- Precision
& Turbo (US)
- Bosch
Mahle Turbo Systems GmbH (Germany)
- Honeywell
International Inc (US)
- Eaton
Corporation (Ireland)
- Cummins
Inc (US)
- And
others
Turbocharger
Market Market Segmentation
The MRFR report highlights an inclusive segmental analysis of the global
turbocharger market based on application, material, vehicle type, sales
channel, fuel type, and technology.
·
By technology, the global turbocharger market is
segmented into electric turbocharger, wastegate, VGT/VNT, and others. Of these,
the electric turbocharger will lead the market over the forecast period.
·
By fuel type, the global turbocharger market is
segmented into gasoline and diesel. Of these, the gasoline segment will
dominate the market over the forecast period.
·
By sales channel, the global turbocharger market is
segmented into aftermarket and OEM.
·
By vehicle type, the global turbocharger market is
segmented into off-highway vehicles, heavy commercial vehicle, light commercial
vehicle, and passenger cars. Of these, the heavy commercial vehicle will
spearhead the market over the forecast period.
·
By material, the global turbocharger market is
segmented into aluminium, cast iron, and others. Of these, the aluminium
segment will sway the market over the forecast period.
·
By application, the global turbocharger market is
segmented into agriculture and construction, marine, automotive, and others. Of
these, the automotive segment will have the lion's share in the market over the
forecast period.
Turbocharger Market Regional Analysis
By region, the global turbocharger market covers the growth opportunity
and recent trends across Europe, North America, the Asia Pacific (APAC), and
the Rest of the World (RoW). Of these, the APAC region will rule the market
over the forecast period. Growing demand from India, China, and Japan, cheap
labor, low raw material prices, strict government regulations, large population
base, increase in disposal incomes, and high penetration of diesel passenger
cars and light vehicles are adding to the turbocharger market growth in the
region.
In North America, the turbocharger market is predicted to have the
second-largest share over the forecast period. The growing need for new cars,
adoption of automotive turbochargers, demand for low-emission cars, government
regulations on car emissions, and increased production of cars are adding to
the global turbocharger market growth in the region.
In Europe, the turbocharger market is predicted to have healthy growth
over the forecast period for the increasing application of the latest
technology in automobiles.
In the RoW, the turbocharger market is predicted to have sound growth
over the forecast period.
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