Turbocharger Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Turbocharger Market Research Report, Technology, Fuel Type, Sales Channel, Vehicle Type, Material, Application and Region - Forecast till 2027”.The global market size is projected to be worth USD 26.51 billion by 2027, registering a CAGR of 7.13% during the forecast period (2021 - 2027), The market was valued at USD 17.21 billion in 2020.
COVID-19 Analysis
The COVID-19 pandemic had a twin impact on the global turbocharger market. The impact is likely to be prominent for high value-add and customized components. Besides, the supply chain disruptions have negatively affected the industry. The auto industry has been severely affected by lockdowns following the crisis. The lockdowns imposed in countries across the world have led to closure of manufacturing facilities, and delay in the production cars particularly commercial cars that are equipped with turbochargers are hindering the market growth. On the contrary, most companies have mandated the practice of work from home for their employees which have boosted the demand for turbo boosting laptops that is adding market growth.
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Key Players
Eminent players profiled in the global turbocharger market report include –
- Honeywell International Inc.
- Borgwarner Inc.
- IHI Corporation
- Mitsubishi Heavy Industries Ltd.
- Cummins Inc.
- Continental AG
- Eaton Corporation PLC
- Bosch Mahle Turbo Systems GmbH Co. Kg
- Turbo Energy Private Limited
- Rotomaster International.
The turbocharger market is fragmented and also competitive for the presence of different international domestic key players. These players have incorporated innovative strategies to remain at the vanguard and also suffice the burgeoning demand of the customers , including collaborations, contracts, partnerships, joint ventures, geographic expansions, new product launches, and more.
Industry Updates
Next Subaru WRX STI will add turbochargers to BRZ engine for 350 HP. This model is all set for a full international debut in about a year’s time.
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Drivers
Demand for High Fuel Efficiency Engines to Boost Market Growth
The demand for high fuel efficiency engines will boost market growth. Fuel efficiency is a key concern across the world. Another key issue that automotive industries have witnessed is the rapid rise in fuel prices. For combating such issues, the auto industry is inventing engines which can use fuel efficiently and offer better mileage. This will boost the demand for turbocharger for vehicle’s engine.
Opportunities
Increasing Adoption in Racing Cars to offer Robust Opportunities
The increasing adoption of high-performing turbochargers that generate greater horsepower without increasing the weight of the car overall and boost the gas mileage will offer robust opportunities for the market in the forecast period. These devices are widely installed in leading motor racing cars.
Restraints
Installation Issues and Rise in Engine Temperature to act as Market Restraint
The precision needed to install turbochargers coupled with the excessive increase in engine temperature for the overheating issues in turbochargers may act as market restraints over the forecast period.
Challenges
Rise in BEV or EV to act as Market Challenge
The increase in battery operated vehicles or electric vehicles to act as a replacement for conventional passenger cars may act as a market challenge over the forecast period.
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Market Segmentation
The global turbocharger industry is segmented based on application, sales channel, technology, and fuel type.
By application, the passenger car segment will lead the market over the forecast period for the increased sales of different branded passenger cars in emerging economies like China, Brazil, and India.
By sales channel, the original equipment manufacturer segment will dominate the market over the forecast period.
By technology, the VGT/VNT segment will spearhead the market over the forecast period. This technology is ideal for 0.9-0.3 liter diesel engines. Besides, it also has application in 1.4L-2.0L range. The advanced VGT/VNT offers fuel efficiency at low speeds, reduce weight, and offer better transient response and flexible packaging.
By fuel type, the gasoline fuel type will have lions share in the market over the forecast period. The turbochargers are used in gasoline engines for increasing the engine power via increasing the pressure inside the combustion chamber.
Regional Analysis
APAC to Spearhead Turbocharger Market
The APAC region will spearhead the market over the forecast period. Increased production of automobiles, the presence of several key players, increased production of passenger cars in China, stress on cleaner vehicles, increasing use of cars, growing need for power efficient commercial and passenger cars, and growing need for fuel efficient engines in the economically emerging countries in India and China are adding to the global turbocharger market growth in the region.
North America to Have Admirable Growth in Turbocharger Market
North America will have admirable growth in turbocharger market over the forecast period. The increasing strict norms in the emission norms, rising government initiatives regarding low emission and high efficiency vehicles, growing adoption in the US for the increasing need for fuel-efficient vehicles, increasing sales of automotive in the US for the high disposable income and increasing population, the prevalence of high fuel pricing in the US that is compelling manufacturers to manufacture aftermarket turbocharger fitment options as well as upgrading the existing models with technological advances, the pressing need for abiding by strict emission standards by NHTSA and EPA to attain better fuel efficiency and low carbon footprint, growing adoption of superior turbochargers in lightweight and passenger vehicles, and growing demand for e-turbochargers for application in hybrid vehicles are adding to the turbocharger market share in the region.
Segmentation of Market covered in the research:
Information by Technology (VGT/VNT, Wastegate, Electric Turbocharger), Fuel Type (Diesel, Gasoline), Sales Channel (OEM, Aftermarket), Vehicle Type, Material, Application And Region (North America, South America, Europe, Asia- Pacific, and Middle East Africa)
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
