New York, United States, June 21, 2022 (GLOBE NEWSWIRE) -- From 2022 to 2030, the global turbochargers market is expected to grow rapidly. A turbocharger is a turbine-driven driven induction system that boosts the energy conversion efficiency of an internal combustion engine by propelling additional air into the combustion chambers. Turbochargers are an excellent solution since they convert the exhaust gas produced by the expended fuel energy into power. Furthermore, the technology reduces CO2 emissions, improves fuel efficiency, and improves engine efficiency over non-turbocharged engines.
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Increasing Need for High Fuel Economy and Stringent Laws about Vehicular Emissions Driving the Global Turbochargers Market
Turbochargers are an excellent solution since they convert the exhaust gas produced by the expended fuel energy into power. Turbochargers have grown in popularity among vehicle manufacturers in recent years. The technology reduces CO2 emissions, improves fuel efficiency, and improves over non-turbocharged engines. Reduction in carbon emissions from vehicles assists manufacturers in meeting increasingly stringent norms and regulations, hence boosting demand. Currently, turbocharged engines are attracting increasingly environmentally conscious drivers due to their performance improvements and excellent green certifications.
Driving Demand for Electric Vehicles and Electric Turbochargers Offer Lucrative Opportunities for Global Turbochargers Market
The automobile industry is embracing electric and hybrid car technologies, and new models are set to hit the street in the years ahead. Automakers are making significant investments in extending battery range while lowering hybrid vehicle prices. Automakers are looking for ways to incorporate turbo technology into new vehicle types, such as battery-powered vehicles, hybrids, and electrics. Turbochargers play an essential function in vehicle engines and are projected to increase engine mix.
Turbochargers and similar technologies are commonly utilized to recapture the energy and offer a supplementary power source for electric vehicles. Consumers' range concerns and inadequate infrastructure impede the market for battery-powered automobiles. The introduction of a turbo range extender for backup scenarios, on the other hand, is intended to reduce EV range concerns and fuel market expansion.
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Key Highlights
- In 2021, the global market for turbochargers was valued at USD 27,350 million, and it is estimated to reach USD 50,365 million by 2030, with a CAGR of 7% during the forecast period (2022–2030).
- Based on fuel type, the global turbochargers market was categorized into diesel, gasoline, and others. Diesel accounts for the largest segment in the global turbocharger market by fuel type. It is estimated to reach USD 26,920 million at a CAGR of 6.8% by 2030.
- Based on technology, the market for turbochargers is segmented into wastegate technology, variable geometry technology, twin-turbo technology, and others. The wastegate technology held the largest market share of more than 38%. It is estimated to reach USD 18,255 million at a CAGR of 6.3% by 2030.
- Based on the sales channel, the market has been categorized into aftermarket and OEM. The aftermarket segment accounted for the largest market share of more than 85%, and it is predicted to reach USD 6,895 million at a CAGR of 6.5% by 2030.
- Based on application, the global market for turbochargers is categorized into passenger cars, light commercial vehicles, heavy commercial vehicles, agriculture, aircraft and marine, and others. The passenger car segment is witnessing the fastest growth during the forecast period. It held more than 42% market share in 2021. It is expected to reach USD 22,245 million at a CAGR of 7.4% by 2030.
Regional Insights
The global turbochargers market has been researched throughout North America, Europe, South, Central America, and the Caribbean, Asia-Pacific, and the Middle East and Africa. Europe is expected to have the most significant market share in the worldwide turbocharger industry. European nations such as Germany, France, Italy, and Spain lead the total market and are predicted to rise rapidly during the projection period. It is expected to reach USD 20,975 million at a CAGR of 6.4% by 2030.
In 2019, the European Union exported 5 million passenger cars with USD 139.3 billion. Furthermore, the growing demand for electric and hybrid vehicles also positively impacts turbochargers' growth in European region. As per the International Council on Clean Transportation, hybrid electric vehicles (HEV) in the EU were 3% of all new car sales in 2018, projected to grow further. In addition to this, the growing production of passenger cars and an increase in exports also augment the demand for turbochargers in this region.
Asia-Pacific is expected to reach a value of USD 5,840 million at a CAGR of 9.8% by 2030. Major automobile-producing countries in the Asia-Pacific are China, Japan, India, and South Korea, with China being the leading one. With a transition in producers' focus to manufacture in this region due to cheap labor and reduced cost, the region has a more significant presence of foremost automobile manufacturers, which has resulted in large manufacturing, revenues, and sell of automobiles in this region's demand for turbochargers.
In addition to this, the use of turbochargers in industries such as mining, off-shore drilling, and off-highway (heavy-duty construction, agricultural) are also augmenting the growth of this region in the global turbocharger market. Moreover, developing economies stress cleaner vehicles such as hybrid and electric vehicles, supporting the development of the turbocharger market in the Asia-Pacific.
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Competitive Analysis of the Global Turbocharger Market –
- BorgWarner Inc
- Honeywell International Inc.
- IHI Corporation
- Mitsubishi Heavy Industries Ltd
- BMTS Technology GmbH & Co. KG
- Continental AG
- ABB Ltd
- Marelli Holdings Co Ltd
- Cummins Inc.
- Eaton Corporation
- Garrett Motion Inc
- Hartzell Engine Technologies LLC
- MAN Energy Solutions
- Precision Turbo & Engine Inc
- Turbo Dynamics Ltd
Global Turbocharger Market: Segmentation
By Fuel Type
- Diesel
- Gasoline
- Others
By Technology
- Wastegate Technology
- Variable Geometry Technology
- Twin-turbo Technology
- Others
By Sales Channel
- Aftermarkets
- OEMs
By Application
- Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
- Agriculture
- Aircraft and Marine
- Others
By Regions
- North America
- Europe
- Asia-Pacific
- Central, South America, and the Caribbean
- The Middle East and Africa
Market News
- In October 2020, Tanboress Technology Limited became the only company to develop Bi-Turbo. Tanboress Technology Limited is a professional producer of turbochargers and turbo spare parts for automobiles and diesel trucks or equipment. It has its factory, which means that they have more testing equipment than other companies and ensure good quality products. Moreover, the company provides various product portfolios, including turbochargers, turbocharger parts, electric actuators, and electric actuator parts.
- In September 2020, ABB announced installing its state-of-the-art engine diagnostics software ABB Ability™ Tekomar XPERT on 12 bulk carriers operated by Shanghai Ming Wah Shipping Co (Shang Ming Wah).In October 2020, Tanboress Technology Limited became the only company to develop Bi-Turbo.
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TABLE OF CONTENT
1 Introduction
1.1 Market Definition
1.2 Market Scope
2 Research Methodology
2.1 Primary Research
2.2 Research Methodology
2.3 Assumptions & Exclusions
2.4 Secondary Data Sources
3 Executive Summary
4 Market Overview
4.1 Report Segmentation & Scope
4.2 Value Chain Analysis: Turbocharger Market
4.2.1 Vendor Matrix
4.3 Key Market Trends
4.3.1 Drivers
4.3.2 Restraints
4.3.3 Opportunities
4.4 Porter’s Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Environmental & Regulatory Landscape
4.6 Forecast Factors & Relevance of Impact
4.7 Macro-Economic & Geopolitical Scenario
4.8 Parent Market Overview
4.9 Technology Landscape
4.10 Market Share Analysis
4.11 Potential Venture Analysis
4.12 Regional Price Trends
4.13 Raw Material Trends
4.14 Covid-19 Impact Analysis
4.14.1 Pre Covid-19 Market Scenario Analysis
4.14.2 Post Covid-19 Market Scenario Analysis
4.14.3 Measures Taken by Top Players
4.14.4 Quarterly Market Revenue and Growth Forecast Till 2021
4.15 Cost Structure Analysis
4.15.1 Labor Cost
4.15.2 Consumables
4.15.3 Maintenance Cost
5 Fuel Type Overview
5.1 Introduction
5.1.1 Market Size & Forecast (Value & Volume)
5.2 Diesel
5.2.1 Market Size & Forecast (Value & Volume)
5.3 Gasoline
5.3.1 Market Size & Forecast (Value & Volume)
5.4 Others
5.4.1 Market Size & Forecast (Value & Volume)
6 Technology Overview
6.1 Introduction
6.1.1 Market Size & Forecast (Value & Volume)
6.2 Wastegate Technology
6.2.1 Market Size & Forecast (Value & Volume)
6.3 Variable Geometry Technology
6.3.1 Market Size & Forecast (Value & Volume)
6.4 Others
6.4.1 Market Size & Forecast (Value & Volume)
7 Sales Channel Overview
7.1 Introduction
7.1.1 Market Size & Forecast (Value & Volume)
7.2 OEMs
7.2.1 Market Size & Forecast (Value & Volume)
7.3 Aftermarket
7.3.1 Market Size & Forecast (Value & Volume)
8 Application Overview
8.1 Introduction
8.1.1 Market Size & Forecast (Value & Volume)
8.2 Passenger Cars
8.2.1 Market Size & Forecast (Value & Volume)
8.3 Light Commercial Vehicles
8.3.1 Market Size & Forecast (Value & Volume)
8.4 Heavy Commercial Vehicles
8.4.1 Market Size & Forecast (Value & Volume)
8.5 Agriculture
8.5.1 Market Size & Forecast (Value & Volume)
8.6 Aircrafts & Marine
8.6.1 Market Size & Forecast (Value & Volume)
8.7 Others
8.7.1 Market Size & Forecast (Value & Volume)
9 Regional Overview
9.1 Introduction
9.1.1 Market Size & Forecast (Value & Volume)
9.2 North America
9.2.1 Economic Overview
9.2.2 Market Scenario
9.2.3 The U.S.
9.2.3.1 By Fuel Type
9.2.3.2 By Technology
9.2.3.3 By Sales Channel
9.2.3.4 By Application
9.2.4 Canada
9.2.4.1 By Fuel Type
9.2.4.2 By Technology
9.2.4.3 By Sales Channel
9.2.4.4 By Application
9.2.5 Mexico
9.2.5.1 By Fuel Type
9.2.5.2 By Technology
9.2.5.3 By Sales Channel
9.2.5.4 By Application
9.3 Central and South America and Caribbean
9.3.1 Economic Overview
9.3.2 Market Scenario
9.3.3 Brazil
9.3.3.1 By Fuel Type
9.3.3.2 By Technology
9.3.3.3 By Sales Channel
9.3.3.4 By Application
9.3.4 Argentina
9.3.4.1 By Fuel Type
9.3.4.2 By Technology
9.3.4.3 By Sales Channel
9.3.4.4 By Application
9.3.5 Columbia
9.3.5.1 By Fuel Type
9.3.5.2 By Technology
9.3.5.3 By Sales Channel
9.3.5.4 By Application
9.3.6 Rest of Central and South America and Caribbean
9.3.6.1 By Fuel Type
9.3.6.2 By Technology
9.3.6.3 By Sales Channel
9.3.6.4 By Application
9.4 Europe
9.4.1 Economic Overview
9.4.2 Market Scenario
9.4.3 Germany
9.4.3.1 By Fuel Type
9.4.3.2 By Technology
9.4.3.3 By Sales Channel
9.4.3.4 By Application
9.4.4 France
9.4.4.1 By Fuel Type
9.4.4.2 By Technology
9.4.4.3 By Sales Channel
9.4.4.4 By Application
9.4.5 The U.K.
9.4.5.1 By Fuel Type
9.4.5.2 By Technology
9.4.5.3 By Sales Channel
9.4.5.4 By Application
9.4.6 Italy
9.4.6.1 By Fuel Type
9.4.6.2 By Technology
9.4.6.3 By Sales Channel
9.4.6.4 By Application
9.4.7 The Rest of Europe
9.4.7.1 By Fuel Type
9.4.7.2 By Technology
9.4.7.3 By Sales Channel
9.4.7.4 By Application
9.5 Asia-Pacific (APAC)
9.5.1 Economic Overview
9.5.2 Market Scenario
9.5.3 China
9.5.3.1 By Fuel Type
9.5.3.2 By Technology
9.5.3.3 By Sales Channel
9.5.3.4 By Application
9.5.4 Japan
9.5.4.1 By Fuel Type
9.5.4.2 By Technology
9.5.4.3 By Sales Channel
9.5.4.4 By Application
9.5.5 India
9.5.5.1 By Fuel Type
9.5.5.2 By Technology
9.5.5.3 By Sales Channel
9.5.5.4 By Application
9.5.6 Australia
9.5.6.1 By Fuel Type
9.5.6.2 By Technology
9.5.6.3 By Sales Channel
9.5.6.4 By Application
9.5.7 South Korea
9.5.7.1 By Fuel Type
9.5.7.2 By Technology
9.5.7.3 By Sales Channel
9.5.7.4 By Application
9.5.8 Rest of APAC
9.5.8.1 By Fuel Type
9.5.8.2 By Technology
9.5.8.3 By Sales Channel
9.5.8.4 By Application
9.6 The Middle East
9.6.1 Economic Overview
9.6.2 Market Scenario
9.6.3 Saudi Arabia
9.6.3.1 By Fuel Type
9.6.3.2 By Technology
9.6.3.3 By Sales Channel
9.6.3.4 By Application
9.6.4 The UAE
9.6.4.1 By Fuel Type
9.6.4.2 By Technology
9.6.4.3 By Sales Channel
9.6.4.4 By Application
9.6.5 Qatar
9.6.5.1 By Fuel Type
9.6.5.2 By Technology
9.6.5.3 By Sales Channel
9.6.5.4 By Application
9.6.6 Oman
9.6.6.1 By Fuel Type
9.6.6.2 By Technology
9.6.6.3 By Sales Channel
9.6.6.4 By Application
9.6.7 Turkey
9.6.7.1 By Fuel Type
9.6.7.2 By Technology
9.6.7.3 By Sales Channel
9.6.7.4 By Application
9.6.8 The Rest of the Middle East
9.6.8.1 By Fuel Type
9.6.8.2 By Technology
9.6.8.3 By Sales Channel
9.6.8.4 By Application
9.7 Africa
9.7.1 Economic Overview
9.7.2 Market Scenario
9.7.3 Nigeria
9.7.3.1 By Fuel Type
9.7.3.2 By Technology
9.7.3.3 By Sales Channel
9.7.3.4 By Application
9.7.4 South Africa
9.7.4.1 By Fuel Type
9.7.4.2 By Technology
9.7.4.3 By Sales Channel
9.7.4.4 By Application
9.7.5 The Rest of Africa
9.7.5.1 By Fuel Type
9.7.5.2 By Technology
9.7.5.3 By Sales Channel
9.7.5.4 By Application
10 Competitive Landscape — Manufacturers & Suppliers
10.1 Competition Dashboard
10.2 Industry Structure
10.3 Refone Auto Power Co Ltd
10.3.1 Business Overview
10.3.2 Financial Performance
10.3.3 Recent Developments
10.3.4 Product Portfolio
10.4 Rotomaster International
10.4.1 Business Overview
10.4.2 Financial Performance
10.4.3 Recent Developments
10.4.4 Product Portfolio
10.5 Tanboress Technology Limited
10.5.1 Business Overview
10.5.2 Financial Performance
10.5.3 Recent Developments
10.5.4 Product Portfolio
10.6 BorgWarner Inc.
10.6.1 Business Overview
10.6.2 Financial Performance
10.6.3 Recent Developments
10.6.4 Product Portfolio
10.7 BMTS Technology GmbH & Co. KG
10.7.1 Business Overview
10.7.2 Financial Performance
10.7.3 Recent Developments
10.7.4 Product Portfolio
10.8 Continental AG
10.8.1 Business Overview
10.8.2 Financial Performance
10.8.3 Recent Developments
10.8.4 Product Portfolio
10.9 Cummins Inc.
10.9.1 Business Overview
10.9.2 Financial Performance
10.9.3 Recent Developments
10.9.4 Product Portfolio
10.10 Eaton Corporation
10.10.1Business Overview
10.10.2Financial Performance
10.10.3Recent Developments
10.10.4Product Portfolio
10.11 Garrett Motion Inc.
10.11.1Business Overview
10.11.2Financial Performance
10.11.3Recent Developments
10.11.4Product Portfolio
10.12 Turbo Energy Private Limited
10.12.1Business Overview
10.12.2Financial Performance
10.12.3Recent Developments
10.12.4Product Portfolio
10.13 Turbonetics, Inc. (Wabtec Corporation)
10.13.1Business Overview
10.13.2Financial Performance
10.13.3Recent Developments
10.13.4Product Portfolio
10.14 Napier Turbochargers Ltd
10.14.1Business Overview
10.14.2Financial Performance
10.14.3Recent Developments
10.14.4Product Portfolio
10.15 Weifang FuYuan Turbochargers Co Ltd
10.15.1Business Overview
10.15.2Financial Performance
10.15.3Recent Developments
10.15.4Product Portfolio
10.16 Aerocharger, LLC
10.16.1Business Overview
10.16.2Financial Performance
10.16.3Recent Developments
10.16.4Product Portfolio
10.17 Ningbo Motor Industrial Co Ltd
10.17.1Business Overview
10.17.2Financial Performance
10.17.3Recent Developments
10.17.4Product Portfolio
10.18 PBS Turbo s.r.o.
10.18.1Business Overview
10.18.2Financial Performance
10.18.3Recent Developments
10.18.4Product Portfolio
10.19 Precision Turbo & Engine Inc.
10.19.1Business Overview
10.19.2Financial Performance
10.19.3Recent Developments
10.19.4Product Portfolio
10.20 ABB Ltd.
10.20.1Business Overview
10.20.2Financial Performance
10.20.3Recent Developments
10.20.4Product Portfolio
10.21 Hartzell Engine Technologies LLC. (Aeroforce)
10.21.1Business Overview
10.21.2Financial Performance
10.21.3Recent Developments
10.21.4Product Portfolio
10.22 Honeywell International Inc.
10.22.1Business Overview
10.22.2Financial Performance
10.22.3Recent Developments
10.22.4Product Portfolio
10.23 Hunan Tianyan Machinery Co Ltd
10.23.1Business Overview
10.23.2Financial Performance
10.23.3Recent Developments
10.23.4Product Portfolio
10.24 IHI Corporation
10.24.1Business Overview
10.24.2Financial Performance
10.24.3Recent Developments
10.24.4Product Portfolio
10.25 Kawasaki Heavy Industries, Ltd
10.25.1Business Overview
10.25.2Financial Performance
10.25.3Recent Developments
10.25.4Product Portfolio
10.26 KompressorenbauBannewitz GmbH
10.26.1Business Overview
10.26.2Financial Performance
10.26.3Recent Developments
10.26.4Product Portfolio
10.27 LI JUN Enterprise Co Ltd
10.27.1Business Overview
10.27.2Financial Performance
10.27.3Recent Developments
10.27.4Product Portfolio
10.28 MAN Energy Solutions
10.28.1Business Overview
10.28.2Financial Performance
10.28.3Recent Developments
10.28.4Product Portfolio
10.29 Mitsubishi Heavy Industries Ltd
10.29.1Business Overview
10.29.2Financial Performance
10.29.3Recent Developments
10.29.4Product Portfolio
11 Conclusion & Recommendation
12 Acronyms & Abbreviations
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