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2020
Turbocharger Market

Turbocharger Market by Technology (Twin-Turbo, Wastegate Technology, and Variable Geometry Technology), Fuel Type (Diesel and Gasoline), Application (Light Commercial Vehicle, Heavy Commercial Vehicle, Ships & Aircrafts, Agriculture & Construction, and Locomotives), Material (Cast Iron and Aluminum), and End-User (Original Equipment Manufacturer and Aftermarket): Global Opportunity Analysis and Industry Forecast, 2020 - 2027
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A01358
Pages: 309
Apr 2020 | 22693 Views
Author(s) : Abhay Singh
Tables: 143
Charts: 69
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The global turbocharger market was valued at $16.13 billion in 2019, and is projected to reach $24.23 billion by 2027, registering a CAGR of 5.3%.                    

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. 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. 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.

Turbocharger-Market-2020-2027

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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.

The global turbocharger market has been segmented on the basis of technology, application, industry vertical, fuel type, material, end-user, and region. 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 after market players. Region wise, it  has been studied across North America, Europe, Asia-Pacific, and LAMEA. 

Turbocharger Market
By Technology

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Variable geometry technology is projected as the most lucrative segments

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Key players include 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. and others account for a major turbocharger market share.

Turbocharger Market
By Application

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Ships & Aircrafts is projected as the most lucrative segments

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Improved Engine Performance and Fuel Efficiency

Presently, 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 requirements and 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, which are applicable across the globe. In addition, these chargers offer several advantages, for instance, increased air intake in combustion chamber, high engine performance, and reuse of exhausted air. Turbochargers particularly work best in high speed engine 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 global turbocharger market growth.

Turbocharger Market
By Material

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Aluminum is projected as the most lucrative segments

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Engine Downsizing to Reduce Vehicle Weight

The persistent growth of turbocharger is predominantly driven by heightened demand for vehicle manufacturers to encounter environmental emission regulations. It is further supported by increased production of vehicles, ships, and aircrafts globally. In addition, engine downsizing trend is on a rise, owing to the increasing concern of vehicle weight. Currently, fuel economy standards along with enhanced performance has led to the market growth as light weight alloys used in manufacturing of turbochargers reduce fuel consumption. Moreover, turbochargers are very compact in size, hence help to reduce engineand overall vehicle size.

Turbocharger Market
By Type

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Diesel is projected as the most lucrative segments

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Turbocharger Installation

The turbocharger market shows very impressive growth rate for the future. However, there are still some technology related issues with turbochargers that limit its market growth. Installation is a crucial factor in the effective working of a turbocharger, so if there is any mistake during the installation of a turbocharger, it not only makes the turbocharger ineffective, but also harms the engine. Hence, compatibility of turbochargers with engines is an issue that needs serious observation.

Turbocharger Market
By End User

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Aftermarket is projected as the most lucrative segments

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Surge in Demand for Fuel Efficient Engines and Gasoline Engines

The market has a huge growth potential as the industry is full of opportunities due to increase in installation of turbochargers in gasoline engines. Currently, almost all diesel engine vehicles are equipped with turbochargers, unlike their gasoline counterparts. However, in recent years, turbochargers have found application in gasoline engines as well. In gasoline engines, turbocharging enables downsizing, which improves fuel economy by 5 to 20%. This innovation has made gasoline engine dominated countries, such as China and the U.S., the fastest developing turbocharger markets. Moreover, electric turbochargers are predicted to be the future of turbocharger technology due to their minimum contribution in environmental pollution. Audi is expected tobe among the first automakers to have a vehicle with an electric turbocharger. The demand and production of vehicles is projected to increase globally. This works as the major driving force for the turbocharger industry as well.

Turbocharger Market
By Regionaa

2027
Europe 
North America
Asia-pacific
Lamea

Asia-Pacific would exhibit the highest CAGR of 6.10% during 2020-2027.

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Key Benefits For Stakeholders

  • This study presents analytical depiction of the global turbocharger market analysis along with the current trends and future estimations to depict imminent investment pockets.

  • The overall market opportunity is determined by understanding profitable trends to gain a stronger foothold.

  • The report presents information related to the key drivers, restraints, and opportunities of the market with a detailed impact analysis.

  • The current market is quantitatively analyzed from 2019 to 2027 to benchmark the financial competency.

  • Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the industry.

Key Market Segments

  • By Technology
    • Twin-turbo Technology
    • Wastegate Technology
    • Variable Geometry Technology (VGT)
  • By Application
    • Light Commercial Vehicle
    • Heavy Commercial Vehicle
    • Ships & Aircrafts
    • Agriculture & Construction
    • Locomotives
  • By Fuel Type
    • Gasoline
    • Diesel
  • By End User
    • Original Equipment Manufacturer (OEMs)
    • Aftermarket
  • By Material
    • Cast Iron
    • Aluminum
  • By Region
    • North America
      • U.S.
      • Canada
      • Mexico
    • Europe
      • Germany
      • France
      • UK
      • Spain
      • Rest of Europe
    • Asia-Pacific
      • China
      • Japan
      • India
      • South Korea
      • Rest of Asia-Pacific
    • LAMEA
      • Latin America
      • Middle East
      • Africa


Key Market Players

  • CONTINENTAL AG.
  • BorgWarner Inc.
  • Cummins Inc.
  • Eaton
  • Honeywell International Inc.
  • IHI Corporation
  • MITSUBISHI ELECTRIC CORPORATION
  • Precision Turbo & Engine
  • Rotomaster International
  • Turbo Dynamics Ltd.
 

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Presently, vehicles have become an essential part of daily human life. As the globalpopulation 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 globalturbocharger market is anticipated to gaintraction, owing to increased vehicle production globally. Fuel-efficiency, enhanced power, and dynamic design are some of the benefits offered by turbocharger. Therefore, the turbocharger market is anticipated to grow and gradually replace traditional engines. In addition, technological developments in the automotive industry is estimated to enhance the engine performance.

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 issue in turbochargers are expected to hamper the growth of the turbocharger market. However, rise indemand for fuel efficient engines and gasoline engines is expected to supplement the growth of the turbocharger market during the forecast period.

Among the analyzed regions,Europe is the highest revenuecontributorfollowed byAsia-Pacific, North America,and LAMEA. Asia-Pacific is expected to maintain itslead during the forecast period, owing to increased CAGR compared to other regions.
 

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FREQUENTLY ASKED QUESTIONS?

A. Turbocharger is an integral part of internal combustion (IC) engine, which improves performance of engine by increasing the amount of air intake in the combustion chamber with the help of ejected burnt air

A. Twin-turbo technology holds a market share of approximately 40% in the global turbocharger market. This is due to the wider adoption of twin turbo technology in turbocharger thus leading to the growth of the global turbocharger market.

A. The sample for turbocharger market report can be obtained on demand from the website. Also, the 24*7 chat support and direct call services are provided to procure the sample report

A. The application segment of the turbocharger market will drive the global turbocharger market leading to the wider adoption of different turbochargers in different vehicles to improve the performance of the vehicle.

A. The company profiles of the top market players of 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 turbocharger industry as well as their last three-year revenue, segmental revenue, product offerings, key strategies adopted, and geographical revenue generated.

A. The top companies which holds a major market share in the global turbocharger market includes BorgWarner Inc., Continental AG, Cummins Inc., EATON Corporation, Honeywell and others which offers a variety of products thus leading to the growth of the turbocharger market

A. Th key trends in the global turbocharger market includes the demand for better performance of engine and less weight engines. Also other factors such as increased demand for fuel efficient engines leads to the growth of global turbocharger market.

A. Based on the turbocharger market analysis, Europe accounts to be highest revenue contributor in 2019 and provides more business opportunities during the forecast period whereas Asia-Pacific is expected to see a lucrative growth during the forecast period which is also expected to provide more business opportunities for turbochargers in near future.

A. The service providers in the global turbocharger industry are the different turbocharger manufacturers who are developing better and advanced turbochargers which are equipped with better and efficient system thus propelling the growth of the global market.

 

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