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.
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.
- 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.