DUBLIN, Nov. 3, 2023 /PRNewswire/ — The “Global Turbocharger Market (by Engine Type, Technology, Distribution Channel, Vertical, & Region): Insights and Forecast with Potential Impact of COVID-19 (2022-2027)” report has been added to ResearchAndMarkets.com’s offering.
The global turbocharger market is on track to reach a value of US$18.67 billion by 2023, exhibiting a robust compound annual growth rate (CAGR) of 6.90% over the forecast period from 2022 to 2027.
A turbocharger is a vital engine component installed in vehicles to enhance both economy and performance. It operates by compressing air to improve the efficiency of combustion engines, resulting in increased power and fuel efficiency.
The market’s growth is primarily attributed to the adoption of engine-downsizing strategies by Original Equipment Manufacturers (OEMs) to enhance vehicle fuel economy, driven by stringent global automotive pollution standards. Turbochargers play a pivotal role in reducing vehicle emissions and improving fuel efficiency, making them a crucial component in the automotive industry’s quest for sustainable and eco-friendly solutions.
- By Engine Type: The market report categorizes the global turbocharger market into three engine types: gasoline, diesel, and hybrid. Gasoline-powered vehicles currently dominate the market share, while hybrid vehicles are expected to experience significant growth due to their emphasis on emission reduction and improved engine economy.
- By Technology: Turbocharger technology is segmented into four categories: Variable geometry technology, twin turbo technology, wastegate technology, and others. Variable geometry technology is the leading segment, driven by global emissions regulations and the demand for downsized and down-speeded turbocharging systems in small and medium-sized vehicles.
- By Distribution Channel: Distribution channels include original equipment manufacturers (OEMs) and the aftermarket. OEMs hold a substantial market share, particularly as they adopt engine-downsizing strategies to maximize vehicle fuel efficiency, which aligns with increasingly stringent emission standards worldwide.
- By Vertical: Vertical segments encompass aerospace & defense, automotive, marine, and agriculture & construction. The aerospace & defense sector is the largest contributor to the market, with aviation turbochargers increasing intake gas density to boost power output. Factors such as growing air passenger traffic, the demand for fuel-efficient and downsized engines, and increased investments in defense aircraft drive the aircraft and defense turbocharger market.
The global turbocharger market is divided into four key regions: North America, Europe, Asia Pacific, and Latin America, Middle East & Africa (LAMEA). North America includes the US, Mexico, and Canada, while Europe comprises the UK, Germany, France, and the Rest of Europe.
The Asia Pacific region encompasses China, Japan, India, South Korea, and the Rest of Asia Pacific. Asia Pacific currently commands the highest market share due to rising per capita income and stringent government regulations. In North America, the US leads the market, driven by increased awareness of technology and emission regulations. Germany dominates the European market, mainly due to stringent pollution control regulations and emissions restrictions.
Top Impacting Factors
- Increasing Per Capita Income: Rising income levels enable consumers to afford vehicles with turbocharged engines, boosting market growth.
- Improved Engine Performance: Turbochargers enhance engine performance without increasing cylinder capacity, making them vital for downsizing engines.
- Increasing Penetration of Turbochargers in Diesel Vehicles: Turbochargers are widely used in diesel vehicles to improve power output and fuel efficiency.
- Improved Fuel Efficiency: Turbochargers play a significant role in improving fuel economy and reducing vehicle emissions.
- Turbocharger Installation & High Maintenance Costs: Incorrect installation of turbochargers can harm the engine, and turbocharger replacement can be costly, especially in turbocharged gasoline direct injection (TGDI) engines.
- Variable Geometry Turbocharging: The adoption of variable geometry turbocharging technology is on the rise to meet emission regulations and fuel efficiency demands.
- Next Generation Technologies: The market is witnessing advancements in next-generation technologies, including advanced batteries, hydrogen electrolyzers, and direct air capture/storage.
- Increasing Adoption of Electric Turbochargers: Electric turbochargers are gaining popularity as automakers focus on electrification to meet emission standards and improve engine efficiency.
The COVID-19 pandemic significantly affected the turbocharger market due to manufacturing disruptions and reduced demand for vehicles during lockdowns. However, as vaccination efforts progress and mobility returns to normal, the market is expected to recover gradually. Stakeholders in the turbocharger market are adopting contingency plans to navigate business uncertainties associated with COVID-19 waves in countries like India, China, and the UK.
Analysis of Key Players
The turbocharger market is characterized by consolidation, with major players including Garrett Motion, Borgwarner, and IHI. Key players in the global turbocharger market include:
- Eaton Corporation plc
- ABB Group
- Mondi plc
- Cummins Inc.
- BorgWarner Inc.
- Wabtec Corporation (Precision And Turbo Inc.)
- Cardone (Rotomaster)
- Mitsubishi Heavy Industries Ltd.
- IHI Corporation
- Continental AG
- Garrett Motion Inc.
- FountainVest Partners (Bosch Mahle Turbo Systems)
- Turbo Dynamics Limited
For more information about this report visit https://www.researchandmarkets.com/r/g0nfn7
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SOURCE Research and Markets