New York, USA, Oct. 24, 2022 (GLOBE NEWSWIRE) -- According to Research Dive’s newly published report, the global turbocharger market is predicted to grow at a stable CAGR of 6.8%, thereby garnering a revenue of $15,284.7 million by 2028. This holistic report provides an overarching overview of the nature of the turbocharger market including its main characteristics like growth drivers, growth opportunities, restraints, and hindrances in the 2021-2028 timeframe. The report also contains all the necessary and essential market figures to help new entrants gain an insight into the working of the market.
Dynamics of the Market:
Drivers: Increasing necessity to improve the fuel efficiency of the vehicle is expected to be the primary growth driver of the turbocharger market in the forecast period. Along with this, downsizing of the engine size is predicted to push the market forward.
Opportunities: Growing adoption of electric turbochargers in developing economies is predicted to offer numerous growth and investment opportunities to the market in the forecast period. Moreover, the scope of improving fuel efficiency of vehicle has led to an increase in demand for turbochargers, which is anticipated to help the market grow substantially in the analysis period.
Restraints: Reduction in global vehicle production, however, might prove to be a hindrance in the growth trajectory of the turbocharger market.
Impact of Covid-19 on the Market
The novel coronavirus pandemic and the resulting lockdowns have negatively impacted numerous manufacturing and service industries by hampering both the supply-side and demand-side supply chains. The turbocharger market, too, was affected greatly due to the pandemic and lockdowns. The virtual halt on the manufacturing of automobiles during the pandemic drastically brought down the supply of the vehicles, while the travel restrictions brought down the demand for automobiles. This dual shock faced by the automobile industry, in turn, negatively affected the turbocharger market during the pandemic.
Segments of the Market:
The report has divided the turbocharger market into certain segments based on vehicle type, fuel type, technology, distribution channel, and region.
Vehicle Type: Heavy Commercial Vehicles Sub-Segment to Have the Fastest Growth
By vehicle type, the heavy commercial vehicles sub-segment is predicted to have the fastest growth rate and garner $3,611.4 million by 2028. Electric turbochargers are used in nearly all heavy commercial vehicles in order to increase the power output generated by the engine. This increasing adoption of electric turbochargers by heavy commercial vehicles is predicted to boost the growth of this sub-segment.
Fuel Type: Diesel Sub-segment to be the Most Dominant
By fuel type, the diesel sub-segment is predicted to have the most dominant market share in the forecast timeframe and generate a revenue of $7,131.8 million by 2028. Commercial vehicles use diesel fuel as it is cheaper than petrol and are used for transporting heavy materials or lifting heavy loads. This heavy-lifting requires high power, which is why electric turbochargers are used in diesel vehicles. This tendency of diesel vehicles to use electric turbochargers is predicted to propel the growth of this sub-segment.
Technology: Variable Geometry Technology Sub-segment to be the Most Profitable
By technology, the variable geometry technology sub-segment of the turbocharger market is predicted to have the highest market share as well as the fastest growth rate in the forecast timeframe and generate a revenue of $5,527.9 million by 2028. Variable geometry technology turbocharger offers various advantages such as higher air-fuel ratio, improved vehicle acceleration, etc. which is why this turbocharger is in high demand these days. The surge in demand is expected to translate in to the growth of this sub-segment in the forecast period.
Distribution Channel: Aftermarket Sub-segment to Have the Highest CAGR
By distribution channel, the aftermarket sub-segment is predicted to have the fastest growth rate in the forecast timeframe and generate a revenue of $5,523.2 million by 2028. Increasing trend to install turbochargers in commercial and passenger vehicles to counter overuse due to large distance travelling is predicted to augment the growth rate of this sub-segment in the analysis timeframe.
Region: Market in Asia-Pacific Region to be the Most Lucrative
By regional analysis, the turbocharger market in the Asia-Pacific region is projected to become the most dominant as well as the fastest growing sub-segment and register a revenue of $6,343.2 million by 2028. Increased urbanization and mobility coupled with rising per capita income has led to a surge in demand for automobiles which, in turn, has increased the demand for turbochargers. This growth in demand is predicted to be the primary growth driver of the market in the forecast period.
Prominent Market Players:
Some prominent market players of the turbocharger market are
- Eaton, Continental AG
- MITSUBISHI ELECTRIC CORPORATION
- Honeywell International Inc.
- ABB
- Rotomaster International
- BorgWarner Inc.
- IHI Corporation
- Precision Turbo & Engine INC
- Delphi Technologies
These companies are coming up with various innovations using different business strategies like acquisitions, mergers, and collaborations to gain a prominent position in the market.
For instance, in July 2020, Cooper Machinery Services, an industrial equipment supplier, announced the acquisition of turbocharger business of Archrock Services, a leading natural gas equipment provider. With this acquisition, Cooper Machinery Services will be able to scale up its operations in order to fulfill the demands of an expanded market, and thus consolidate its position further.
Finally, this report published by Research Dive, also summarizes many crucial aspects of the turbocharger market including latest strategic developments, SWOT analysis, financial performance of the key players, and product portfolio.
Post COVID-19 Impact Insights on Turbocharger Market. Ask an Analyst or Schedule a call
More about Turbocharger Market:
- Turbocharger: A Key for Uplifting the Overall Vehicle Performance
- Global Turbocharger Market to Surpass $15,284.7 Million by 2028, Owing to the Increasing Adoption of Electric Turbochargers across the Globe
