Turbocharger Market Is Expected Grasp the Value by , Size, Shares, Demand, Rising Trends and Revenue Analysis
The global turbocharger market size is expected to grow at a healthy Compound Annual Growth Rate (CAGR) of 7%, as per the latest report from Market Research Future (MRFR). A turbocharger is a device used to enhance the volumetric efficiency of internal combustion engines by increasing the density of gas intake, thereby boosting engine power without increasing its capacity. This device is essentially a centrifugal blower that compresses air to provide high-pressure intake for internal combustion engines.
Several factors are driving the growth of the global turbocharger market, including the increasing demand for electric cars, rising fuel prices, the trend toward green vehicles, the need for fuel-efficient car engines, growing production of both lightweight and heavy cars, urbanization, the need for enhanced engine power, strict environmental regulations, the need for fuel-efficient engines, industrialization, global trade activities, and demand for twin turbochargers.
However, challenges such as the need to comply with emission regulations and high prices may hinder market growth over the forecast period.
COVID-19 Analysis: The COVID-19 pandemic had a dual impact on the turbocharger market. Supply chain disruptions, manufacturing facility closures, and delays in car production, especially commercial vehicles equipped with turbochargers, negatively affected market growth. Conversely, the increased use of turbo-boosting laptops during the work-from-home trend to ensure uninterrupted power at home had a positive impact on market growth. Furthermore, the gradual lifting of lockdowns and the resumption of overall manufacturing activities have contributed to market growth.
Market Segmentation: The MRFR report provides a comprehensive segmental analysis of the global turbocharger market based on application, material, vehicle type, sales channel, fuel type, and technology.
- By technology: The market is segmented into electric turbochargers, wastegate, VGT/VNT, and others. Electric turbochargers are expected to lead the market during the forecast period.
- By fuel type: The market is divided into gasoline and diesel, with the gasoline segment expected to dominate the market in the forecast period.
- By sales channel: The market includes aftermarket and OEM segments.
- By vehicle type: Segments encompass off-highway vehicles, heavy commercial vehicles, light commercial vehicles, and passenger cars. The heavy commercial vehicle segment is projected to lead the market during the forecast period.
- By material: The market includes aluminum, cast iron, and others, with the aluminum segment expected to dominate the market during the forecast period.
- By application: Segments consist of agriculture and construction, marine, automotive, and others, with the automotive segment anticipated to have the largest share in the market during the forecast period.
Regional Analysis: By region, the global turbocharger market is analyzed across Europe, North America, the Asia Pacific (APAC), and the Rest of the World (RoW). The APAC region is expected to lead the market due to growing demand in India, China, and Japan, along with factors such as cheap labor, low raw material prices, stringent government regulations, a large population base, increased disposable incomes, and a high penetration of diesel passenger cars and light vehicles.
North America is projected to have the second-largest market share, driven by the growing need for new cars, adoption of automotive turbochargers, demand for low-emission vehicles, government regulations on car emissions, and increased car production.
In Europe, the turbocharger market is expected to experience healthy growth due to the increasing adoption of advanced technology in automobiles.
In the RoW, the turbocharger market is expected to demonstrate substantial growth during the forecast period.
Key Players: Key players in the global turbocharger market include Continenetal AG, Mitsubishi Heavy Industries, Rotomaster International, BorgWarner Inc, Precision Turbo, Bosch Mahle Turbo Systems GmbH, Honeywell International Inc, Eaton Corporation, and Cummins Inc, among others.
Industry Updates:
- In January 2021, AVL Powertrain UK Ltd 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.
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