Dublin, Nov. 22, 2022 (GLOBE NEWSWIRE) -- The "Global Turbocharger Market: Analysis By Engine Type, By Technology, By Distribution Channel, By Vertical, By Region Size And Trends With Impact Of COVID-19 And Forecast Up To 2027" report has been added to ResearchAndMarkets.com's offering.
The global turbocharger market in 2021 was valued at US$16.55 billion. The market value is expected to reach US$24.38 billion by 2027. A turbocharger is a device fitted to a vehicle's engine that is designed to improve the overall efficiency and increase performance. In a combustion engine, air, fuel and spark combine to create an explosion which creates power to turn the engine.
Turbochargers do not require additional engine power to run as they are driven by exhaust gases that would otherwise go to waste. The engine size can be reduced in a turbocharged engine leading to better packaging, weight saving benefits and overall improved fuel economy. The market is expected to grow at a CAGR of 6.76% during the forecast period of 2022-2027.
Market Segmentation Analysis:
- By Engine Type: The report provides the bifurcation of the market into three segments based on the engine type: gasoline, diesel and hybrid. In 2021, gasoline segment held a major share in the market. On the other hand, the hybrid segment is expected to grow at a significant CAGR in the forthcoming years owing to the increasing trend of emission reduction along with increased engine economy.
- By Technology: The report provides the bifurcation of the market into four segments based on the technology: Variable geometry technology, twin turbo technology, wastegate technology and others. In 2021, variable geometry technology segment held a major share in the market.
- By Distribution Channel: The report provides the bifurcation of the market into two segments based on the distribution channel: original equipment manufacturer and aftermarket. In 2021, original equipment manufacturer segment held a major share in the market. This was being followed by aftermarket segment. Original equipment manufacturers (OEMs) are implementing engine-downsizing tactics to maximize vehicle fuel efficiency as a result of the increasing adoption of rigorous automobile emission standards around the world.
- By Vertical: The report provides the bifurcation of the market into four segments based on the vertical: aerospace & defense, automotive, marine and agriculture & construction. In 2021, aerospace & defense segment held a major share of in the market. This was being followed by automotive segment. Turbochargers used in aviation increases the density of the intake gas, allowing for more power. Factors such as increase in air passenger traffic across the globe, surge in demand for fuel-efficient and downsized engine and increased public investment in defense aircrafts by nations across the world are expected to propel the aircraft and defense turbocharger market in the coming years.
Market Dynamics:
- Growth Drivers: One of the most important factors impacting the global turbocharger market is improved engine performance and improved fuel efficiency. Furthermore, the stringent regulations is driving the turbocharger market. Growing concerns regarding air quality and greenhouse emissions across various regions have compelled manufacturers to focus heavily on technological advancements to control emission from automotive turbochargers as the government authorities have been imposing stringent regulations to curb emissions. Furthermore, the market has been growing over the past few years, due to factors such as rapid urbanization, increased disposable income, increasing penetration of turbochargers in diesel vehicles and many other factors.
- Challenges: However, the market has been confronted with some challenges specifically, turbocharger installation & high maintenance costs, etc.
- Trends: The market is projected to grow at a fast pace during the forecast period, due to various latest trends such as the increasing adoption of electric turbochargers, rising popularity of variable geometry turbocharging, etc. Emission regulations across the globe have generated demand for downsized and down-speeded turbocharging systems for application in small and medium-sized vehicles. This factor has increasingly endorsed the preference for variable geometry technology in turbochargers Besides, next generation technologies is expected to propel the turbocharger market during forecasted years.
Key Players
- ABB GroupMondi plc
- Cummins Inc.
- Eaton Corporation plc
- Wabtec Corporation (Precision And Turbo Inc.)
- BorgWarner Inc.
- Cardone (Rotomaster)
- Mitsubishi Heavy Industries Ltd
- IHI Corporation
- Continental AG
- Turbo Dynamics Limited
- Honeywell International Inc.
- FountainVest Partners (Bosch Mahle Turbo Systems)
Key Topics Covered:
1. Executive Summary
2. Introduction
3. Global Market Analysis
4. Regional Market Analysis
5. Impact of COVID-19
6. Market Dynamics
7. Competitive Landscape
8. Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/6n9xpv
