Turbocharger is an integral part of internal combustion (IC) engine that is used to improve the volumetric efficiency and improve the performance of engine by increasing the amount of air intake in the combustion chamber. Turbocharger plays a vital role in enhancing the efficiency as an IC engine requires added air for combustion of extra fuel for large power generation, which can decrease its efficiency. Particularly, turbocharger does not require any source to operate and works best on high engine speed. Presently, turbo charger technology is mainly used in aerospace and automotive industries. For instance, turbochargers are employed by manufacturers in engines of fast racing cars to produce high amount of power even under high temperature and harsh conditions.
COVID-19 Impact on Turbocharger Market
The outbreak of COVID-19 across the globe has unfavorably impacted the global turbocharger market growth. The negative turbocharger market growth is majorly due to the delay in production, manufacturing, and supply of raw materials used in automobile industry due to lockdown imposed in many parts of the world. Besides, the sales of new vehicles also got affected. Moreover, the coronavirus pandemic has enforced the various companies in the turbocharger industry to adopt new technology during operations, such as implementation of predictive analytics in order to mitigate the COVID-19 impact on the turbocharger market and forecast losses accurately.
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Turbocharger Market Trends and Developments
The companies operating in the global industry are adopting several growth strategies and business tactics such as partnerships, collaboration, business expansion, and product launches to obtain a leading position in the global industry, which is predicted to drive the global turbocharger market growth in the upcoming years.
For instance, in September 2020, BorgWarner, an American multinational automotive supplier, announced the supply of its state-of-the-art VTG (variable turbine geometry) turbocharger to a global original equipment manufacturer (OEM) for numerous vehicle models. This VTG turbocharger by BorgWarner offers benefits for modern hybrid and combustion engines like reduced emission, improved power output, and higher temperature capabilities.
In November 2020, Continental AG, a German multinational automotive parts manufacturing company, extended its line of turbochargers for the aftermarket for VW group, MINI, and BMW. These models use the sophisticated RAAX turbine technology, which reduces emissions by enhancing efficiency and improves engine response.
In November 2020, Cummins Turbo Technologies (CTT), the leading manufacturer and distributor of turbochargers for diesel engines, launched new compressor stage to Series 800 Holset Turbocharger, The Series 800 takes a leap forward and has been rejuvenated to deliver significant improvements in flow range, temperature capability, performance, and seal robustness.
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Forecast Analysis of Global Market
The global turbocharger market is projected to witness an exponential growth over the forecast period, owing to the increasing adoption of electric turbochargers in the developing countries across the globe. Conversely, the reduction in the production of vehicles around the world is expected to hamper the market growth in the projected timeframe.
The increasing demand for fuel efficient vehicles in both the major categories of vehicles (passenger and commercial) due to increasing prices of fuel around the world are the significant factors and turbocharger market trends estimated to bolster the growth of the global market in the coming future. According to a latest report published by Research Dive, the global turbocharger market is expected to garner $15,284.7 million during the forecast period (2021-2028). Regionally, the Asia-Pacific turbocharger market is estimated to observe the rapid growth by 2028, owing to the rapid urbanization and the rising demand for mobility in the developing markets such as China and India.
The key players functioning in the global market include Eaton, BorgWarner Inc., Honeywell International Inc., Delphi Technologies, ABB, Continental AG, IHI Corporation, Rotomaster International, MITSUBISHI ELECTRIC CORPORATION, and Precision Turbo & Engine INC.
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