Turbocharger market worth USD 26.51 billion by 2027,
New York, August 03, 2021 (GLOBE NEWSWIRE) – Turbocharger Market Overview: According to a comprehensive research report by Future of Market Research (MRFR), “Turbocharger market Research report, technology, fuel type, sales channel, vehicle type, material, application and region – Forecast to 2027 “.The global market size is expected to reach 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.
The COVID-19 pandemic has had a double impact on the global turbocharger market. The impact is likely to be significant for high value added and customized components. In addition, supply chain disruptions have negatively affected the industry. The automotive industry has been hit hard by the deadlocks following the crisis. Lockdowns imposed on countries around the world have resulted in the shutdown of manufacturing facilities and the delay in the production of cars, especially commercial cars equipped with turbochargers, is hampering the growth of the market. On the contrary, most of the companies have forced the practice of working from home on their employees, which has driven the demand for turbo-boosted laptops, which increases the growth of the market.
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Prominent players presented in the Global Turbochargers Market Report include –
- Honeywell International Inc.
- Borgwarner Inc.
- IHI Company
- Mitsubishi Heavy Industries Ltd.
- Cummins Inc.
- Continental SA
- Eaton Corporation SA
- Bosch Mahle Turbo Systems GmbH & Co. Kg
- Turbo Energy Private Limited
- Rotomaster International.
The turbochargers market is fragmented and also competitive for the presence of different international and domestic key players. These players have integrated innovative strategies to stay at the forefront and also meet growing customer demand, including collaborations, contracts, partnerships, joint ventures, geographic expansions and new product launches, etc. .
The next Subaru WRX STI will add turbochargers to the BRZ engine for 350 hp. This model is ready for a full international debut in about a year.
Browse the in-depth market research report (135 pages) on Turbocharging Industry
Demand for fuel efficient motors to drive market growth
The demand for fuel efficient motors will drive market growth. Energy efficiency is a major concern around the world. Another key issue that the auto industries have witnessed is the rapid rise in fuel prices. To combat such problems, the auto industry is inventing engines that can use fuel efficiently and provide better mileage. This will increase the turbocharger demand for the vehicle engine.
Increase the adoption of racing cars to provide strong opportunities
The increasing adoption of high performance turbochargers that generate greater power without increasing the overall weight of the car and increasing the gas mileage will provide strong opportunities for the market during the forecast period. These devices are widely installed in major motor racing cars.
Installation issues and increase in engine temperature to act as a market restriction
The accuracy required for the installation of turbochargers coupled with the excessive increase in engine temperature for turbocharger overheating issues may be a market constraint during the forecast period.
Increase in BEV or EV to act as a market challenge
Rising number of battery-powered vehicles or electric vehicles intended to replace conventional passenger cars could be a challenge for the market during the forecast period.
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The global turbocharger industry is segmented on the basis of application, sales channel, technology, and fuel type.
By application, the passenger car segment will dominate the market during the forecast period for the increase in sales of passenger cars of various brands in emerging economies like China, Brazil and India.
By sales channel, the original equipment manufacturers segment will dominate the market during the forecast period.
By technology, VGT / VNT segment will spearhead the market during the forecast period. This technology is ideal for diesel engines from 0.9 to 0.3 liters. In addition, it also has application in the 1.4L-2.0L range. The advanced VGT / VNT delivers fuel efficiency at low speeds, reduces weight and offers better transient response and flexible packaging.
By fuel type, gasoline fuel type will have a lion share in the market during the forecast period. Turbochargers are used in gasoline engines to increase engine power by increasing the pressure inside the combustion chamber.
APAC becomes the spearhead of the turbocharger market
The APAC region will spearhead the market during the forecast period. Increase in automobile production, presence of several key players, increase in passenger car production in China, pressure on cleaner vehicles, increasing use of cars, growing need for energy efficient commercial and passenger cars and need Growing of fuel efficient engines in the emerging countries India and China are contributing to the growth of the global turbocharger market in the region.
North America to experience admirable growth in the turbocharger market
North America will experience admirable growth in the turbocharger market during the forecast period. The increase in stringent standards in emission standards, increasing government initiatives for low emission and high efficiency vehicles, increasing adoption in the United States for the growing need for fuel efficient vehicles, increasing auto sales in the United States for the high disposable income and increasing population, the prevalence of high fuel prices in the United States which requires manufacturers to manufacture aftermarket turbocharger fitment options as well as upgrade existing models with technological advancements, the pressing need to meet stringent NHTSA and EPA emission standards to achieve better fuel efficiency and low carbon footprint, increasing adoption of quality turbochargers growth in light and passenger vehicles and the growing demand for electric turbochargers for hybrid vehicles add to the market share of turbochargers in the region.
Market segmentation covered by 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 and Africa)
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