| Report Code: A00772 | Pages: 175 | Aug 2021 | 6063 Views | ||
| Author(s) : Prateek Yadav , Sonia Mutreja | Tables: 93 | Charts: 51 |
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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Europe Turbocharger Market
Request Now !The Europe Turbocharger market was valued at $5,811.05 million in 2020, and is projected to reach $9,492.68 million by 2030, registering a CAGR of 5.1% from 2021 to 2030.
The COVID-19 outbreak severely impacted the Europe turbocharger market. The most direct effect of the COVID-19 on the Europe turbocharger sector is the standstill of many OEM and supplier factories. Numerous companies operating in the Europe turbocharger market have been affected significantly by the COVID-19 pandemic. This is attributed to the imposed lockdown followed by the closure of international borders; thereby, affecting the overall automotive production as well as sales. Several companies reduced their employee strength during the pandemic to reduce their expenses and to handle the post COVID-19 scenario. However, owing to the positive outlook of automotive industry in the region, the post pandemic demand for turbochargers is foreseen to grow appreciably.
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. Europe turbocharger market is expected to exhibit a notable growth in the coming years as these chargers ensure optimum engine performance and enhanced fuel efficiency. Turbocharger particularly works best on high engine speed and does not require any power source to operate. It is driven by flow of burnt gases discharged by engine. Presently, this technology is majorly used in automotive and aerospace industries. For example, manufacturers employ turbochargers in engines of fast racing cars to generate high amount of power even under harsh and high temperature conditions.
The COVID-19 crisis is creating uncertainty in the market, massive slow-down of supply chain, fall in business confidence, and increase in panic among customers. Governments of different countries have already announced total lockdown and temporary shutdown of industries, the overall production and sales being adversely affected. Therefore, the turbocharger market is witnessed a moderate dip in 2020, owing to the coronavirus (COVID-19) pandemic. Temporary lockdown of various design, development, and manufacturing facilities with limited operational launch stations also limits the market growth. Sluggish Europe economies with a major focus on fighting the pandemic is also expected to negatively impact the market demand. The post pandemic demand for Turbocharger- is foreseen to grow appreciably.
The Europe turbocharger market has been segmented on the basis of technology, application, industry vertical, fuel type, material, end-user, and country. By technology, the turbocharger market has been categorized into twin-turbo technology, waste-gate technology, and variable geometry technology (VGT). By application, turbochargers find application in light commercial vehicles, heavy commercial vehicles, ships & aircrafts, heavy duty vehicles, and locomotives. By industry vertical, the turbocharger market has been categorized into aerospace & defense, automotive, marine and agriculture & construction. By fuel type, it is segmented into gasoline and diesel. Cast Iron and Aluminum are different types of materials used for turbochargers. By end-user, the turbocharger market has been categorized into original equipment manufacturers (OEMs) and aftermarket players.
The key players analyzed in the BMTS Technology Gmbh & Co. KG, Borgwarner Inc, Cardone Industries, Continental AG, Cummins Inc, Eaton Corporation Plc, Garrett Motion Inc, IHI Corporation, Mitsubishi Heavy Industries, Ltd. and Turbo Dynamics Ltd.
In today’s scenario, fuel efficiency is the biggest concern among consumers as fuel prices are skyrocketing on a regular basis owing to the limited availability of fuel. Performance of vehicle also depends upon engine. Hence, vehicle manufacturers are forced to manufacture efficient engines which can satisfy both the requirements and can deliver improved performance & fuel efficiency at the same time.
Turbochargers are primarily turbo-boosted engines that are compact in size and specifically designed to increase fuel efficiency in compliance with the Corporate Average Fuel Economy standards. In addition, these chargers offer several advantages, for instance, increased air intake in the combustion chamber, high engine performance, and reuse of exhausted air. Turbochargers particularly work best on high engine speeds and do not require any power source to operate. Hence, improved engine performance and fuel efficiency is considered as one of the prime drivers for the Europe turbocharger market growth.
Presently, government regulations provide huge impetus to the Europe turbocharger market growth. For instance, U.S. Department of Transportation's National Highway Safety Administration launched a national program that provides new standards for light-duty vehicles, which include the models manufactured from 2012-2016. These regulations are aimed at reducing greenhouse gas emissions and improving fuel economy. Turbochargers are already a key part of heavy-duty diesel engine technology. However, the need to meet emissions regulations is rapidly driving the use of turbo diesel and turbo gasoline engines for passenger vehicles.
Key Benefits For Stakeholders
Key Market Segments
By Technology
By Application
By Material
By Fuel Type
By End User
By Country
Key Players
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According to the insights offered by the CXOs of leading companies, As the population increases, demand for vehicles also grows rapidly. These vehicles run on fossil fuels such as diesel and gasoline. Fuel efficiency is the major concern, owing to presence of limited amount of fuel on earth. Hence, engines need advanced technologies to increase their efficiency with minimum fuel consumption. Thus, turbochargers are introduced by key manufacturers to cater to this increased demand for fuel efficiency, less carbon emission, and improved performance. Turbochargers enhance the performance of an IC engine by utilizing compressed air that further eliminates the need for any external energy source. Turbochargers recycle the exhaust air and use it to move the turbine for extra air ingestion.
Twin-turbo technology is the most preferred technology among commercial vehicle manufacturers as it is more cost-effective. It comprises two valves, through which large amount of air is compressed. Variable geometry technology (VGT) is the emerging technology, mainly used in heavy vehicles for high torque. In addition, turbochargers have several benefits such as fuel efficiency, extra power, engine downsizing, less emission, and reduced noise level. Presently, almost 50% of commercial vehicles use turbochargers in their engines. For instance, cars, trucks, buses, ships, rails, and many defense vehicles use turbochargers to get improved performance and fuel-efficiency.
The Europe turbocharger market gains traction owing to the increased vehicle production. Fuel-efficiency, enhanced power, and dynamic design are some of the benefits offered by turbocharger. Therefore, turbocharger market is anticipated to grow and gradually replace the traditional engines. In addition, technological developments in automotive industry is estimated to enhance the engine performance.
Europe turbocharger market currently generates most part of its revenue from Germany market, owing to the presence of numerous automotive companies in Europe. In addition, UK and France market shows tempting market shows tempting opportunity for turbocharger market, owing to increase in vehicle production, rise in disposable income, and surge in turbocharger applications in ships & aircrafts.
The key market players profiled in the report include BMTS Technology GmbH & Co. KG, Borgwarner Inc., Cardone Industries, Continental AG, Cummins Inc., Eaton Corporation Plc, Garrett Motion Inc., IHI Corporation, Mitsubishi Heavy Industries, Ltd. and Turbo Dynamics Ltd.
A. The europe turbocharger market was valued at $5,811.1 million in 2020, and is projected to reach $9,492.7 million by 2030, registering a CAGR of 5.1% from 2021 to 2030.
A. Adoption of turbocharger for gasoline engines is growing considerably for better efficiency and power to weight ratio
A. The sample for europe turbocharger market report can be obtained on demand from the AMR website. Also, the 24*7 chat support and direct call services are provided to procure the sample report.
A. The turbocharger market in europe appears to be considerably profitable owing to the growing demand for vehicles with superior power to weight ratio along with better fuel efficiency
A. The turbocharger market in europe appears to be considerably profitable owing to the growing demand for vehicles with superior power to weight ratio along with better fuel efficiency
A. The europe turbocharger market has witnessed significant growth over the past decade owing to the Increasing demand for engine downsizing to reduce vehicle weight for better power to weight ratio
A. The company profiles of the top market players of europe turbocharger market can be obtained from the company profile section mentioned in the report. This section includes analysis of top ten player’s operating in the europe turbocharger market.
A. Improved engine performance and fuel efficiency, government regulations and engine downsizing to reduce vehicle weight drive the growth of the turbocharger market. The europe turbocharger market was valued at $5,811.1 million in 2020, and is projected to reach $9,492.7 million by 2030, registering a CAGR of 5.1% from 2021 to 2030.
A. Borgwarner Inc, Continental AG, Cummins Inc., Eaton Corporation Plc are some of prominent players operating in Europe Tuebocharger market.
A. Rest of Europe countries has wirnessed as a key matured markets growing in the Europe turbocharger market
A. Rise in Demand for Fuel Efficient Engines and Gasoline Engines have strong impact on europe turbocharger market
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