According to a recent report published by Allied Market Research, titled, “Turbocharger Market by Technology, Application, Fuel type, Material, and End User: Opportunity Analysis and Industry Forecast, 2020-2027,”the global turbocharger market was valued at $16.13billion in 2019, and is projected to reach $24.23 billion by 2027, registering a CAGR of 5.3% from 2020 to 2027.
Asia-Pacific dominated the market in terms of growth in the year 2019, followed byNorth America, Europe and LAMEA.China dominated the global turbocharger market share in 2019, where as India is expected to grow at a significant rate in the turbocharger market during the forecast period.
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Turbocharger is an integral part of internal combustion (IC) engine, which improves its performance by increasing the amount of air intake in the combustion chamber with the help of ejected burnt air. An IC engine requires extra air for combustion of additional fuel for large power generation that decreases its efficiency, thus, turbocharger plays a significant role in enhancing the efficiency by supplying compressed air. The global turbocharger market is expected to exhibit a notable growth in the coming years as these chargers ensure optimum engine performance and enhanced fuel efficiency.
Turbochargers swiftly gained popularity as they find wide applications in light commercial vehicles, heavy commercial vehicles, ships & aircraft, heavy duty vehicles, and locomotives, owing to several benefits such as enhanced fuel-efficiency and improved engine performance in terms of power and output. In addition, they also help automakers to meet regulatory standards regarding carbon emission. For instance, the government of Europe imposed emission targets for new light commercial vehicles, wherein each vehicle is required to have a label stating its fuel efficiency and CO2 emission level.
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With the rise indemand for vehicles, numerous players are trying to employ eco-friendly and energy efficient solutions in vehicle engines to reduce fuel consumption and atmospheric pollution. Turbochargers reduce power loss and decrease emission of various gases from vehicles that cause air pollution. Moreover, turbochargers are compact in size, thereby, reducing overall size of engine and vehicle. The growing application of IC engines in motor vehicles and on going researches on implementation of turbochargers in other sectors is expected to create huge opportunities for turbocharger manufacturers.
Current trend for the installation of better and efficient turbochargers in vehicles has increased due to its advantages such as better and increased vehicle efficiency. This has enabled turbocharger manufacturers to make continuous enhancements in existing turbochargers, therefore, boosts the turbochargers market growth.
Factors such as improved engine performance and fuel efficiency, government regulations and engine downsizing to reduce vehicle weight drive the growth of the turbocharger market. Moreover, turbocharger installation and excessive rise in engine temperature, owing to overheating issues in turbochargers are the factors expected to hamper the growth of the turbocharger market. However, rise in demand for fuel efficient engines and gasoline engines is expected to supplement the growth of the turbocharger market during the forecast period.
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Key Findings Of The Study
By technology, the twin-turbo technology turbocharger generated the highest revenue in 2019.
By application, the light commercial vehicle segment was the highest revenue contributor in 2019.
By region, Europe contributed for the highest market share in 2019, followed by Asia-Pacific, North America, and LAMEA.
Asia-Pacific is anticipated to exhibit the highest CAGR during the forecast period.
The key players analyzed in this report are BorgWarner Inc., Continental AG, Cummins Inc., EATON Corporation, Honeywell International Corporation, IHI Corporation, Mitsubishi Heavy Industries, Precision Turbo & Engine, Rotomaster International and Turbo Dynamics Ltd.
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