Global Turbocharger Market Size, Share, Forecast Report, 2020-2027
Turbochargers are used to improve an internal combustion engine’s (ICE) volumetric efficiency by increasing density of gas intake. The output of an internal combustion engine is increased without increasing its cylinder capacity, with the help of a turbocharger. It is a centrifugal blower which produces high pressure air to enhance the power of IC engines. The air enters and rotates the turbine, which results in the displacement of piston, through which, the torque & efficiency of the engine is increased. This helps make engines more compact & smaller and increases their overall performance.
Turbocharger helps automobiles not only by maximizing engine efficiency, but also by increasing power output of an engine as compared to a naturally aspirated engine. For instance, turbochargers utilised in an optimum condition can approximately increase a non-turbo charged motor of 200 bhp to 1000 bhp. Besides, turbochargers are also considered to provide more economical & greener engines. Due to these factors, turbochargers are becoming much more popular in the automotive industry.
The Global Turbocharger Industry has seen remarkable growth; expected to rise at a CAGR of ~7%. One of the major challenges faced by the global automotive industry is complying with emission regulations. Turbochargers can be utilised to make engines compatible with stringent emission standards. The authorities working for reducing C02 emissions are encouraging the shift from naturally aspirated engines to turbocharged engines. In the transportation industry, commercial vehicles such as trucks and trailers that run on diesel engines for heavy duty performances, are key consumers of turbochargers. However, growing demand for electric vehicles could prove to be a major hindrance to the growth of the market over the forecast period.
Automotive Turbocharger market is segmented on the basis of Technology, Fuel Type, Sales Channel, Vehicle type, Material, Application and Region. On the basis of technology, the market has been segmented into VGT/VNT, Wastegate, Electric Turbocharger and Others. On the basis of fuel type, the market has been segmented into Diesel & Gasoline. On the basis of sales channel, the market has been segmented into OEM & Aftermarket. On the basis of vehicle type, the market has been segmented into passenger vehicles, Light Commercial Vehicle, Heavy Commercial vehicle & Off-Highway vehicles. On the basis of Material, the market has been segmented into Cast iron, Aluminium & Others. On the basis of application, the market has been segmented into Automotive, Marine, Agricultural & Construction and Others.
Geographically, the global turbocharger market has been segmented into the four major regions of North America, Europe, Asia-Pacific, and the Rest of the World. Asia Pacific is projected to grow at the highest CAGR over the forecast period. This region is driven by growing demand from countries such as China, Japan and India. Besides, stringent environmental regulations and lower raw material prices, coupled with cheap labor in this region are expected to be the major driving factors of the market.
The prominent players in the global Turbocharger industry include Cummins Inc (US), Eaton Corporation (Ireland), Honeywell International Inc (US), Bosch Mahle Turbo Systems GmbH (Germany), Precision & Turbo (US), Borgwarner and Inc (US), Rotomaster International (Canada), Mitsubishi Heavy Industries (Japan), Continenetal AG (Germany) & Others.