The global turbocharger market is predicted to grow at a healthy 7% CAGR, reveals the latest Market Research Future (MRFR) report. A turbocharger is used for improving the volumetric efficiency of an internal combustion engine by increasing the density of gas intake. The output of the internal combustion engine is increased sans increasing its capacity through a turbocharger. This is a centrifugal blower that produces an air of a high pressure to improve the IC engine’s power.
Several factors are adding to the global turbocharger market growth. These factors, as per the MRFR report, comprise the growing need for electric cars, rising fuel prices, the trend towards green vehicle, the need for fuel-efficient car engines & gasoline engines, increasing production and manufacturing of lightweight and heavy cars, robust urbanization, and need for improved engine power. Additional factors adding market growth include strict environmental regulations, the need for fuel-efficient engines, ongoing industrialization, global trade activities, the need for automobile turbochargers from developed and developing countries, and demand for twin turbochargers.
On the flip side, the need to comply with emission regulations and high prices may hamper market growth over the forecast period.
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.
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.
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.
Key Players
The prominent players profiled in the global turbocharger market report include Continenetal AG (Germany), Mitsubishi Heavy Industries (Japan), Rotomaster International (Canada), Borgwarner and Inc (US), Precision & Turbo (US), Bosch Mahle Turbo Systems GmbH (Germany), Honeywell International Inc (US), Eaton Corporation (Ireland), and Cummins Inc (US), among others.
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.
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