Portland, OR, Sept. 23, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the Europe turbocharger market was pegged at $5.81 billion in 2020, and is anticipated to hit $9.49 billion by 2030, registering a CAGR of 5.1% from 2021 to 2030. The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and changing market trends.
Emergence of stringent emission & fuel-efficiency norms and downsizing of engine to reduce vehicle weight drive the growth of the Europe turbocharger market. On the other hand, increasing focus on battery-operated Electric Vehicles (BEVs) and high costs associated with turbochargers restrain the growth to some extent. However, surge in use of turbochargers in GDI engines is expected to pave the way for lucrative opportunities in the industry.
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COVID-19 scenario-
- Extended lockdowns distorted the supply-chain as several manufacturing facilities across Europe had to partially or fully shut down their operations, especially during the initial phase, thereby impacting the Europe turbocharger market negatively. In a nutshell, huge supply-demand issues were created in the Europe turbocharger industry.
- However, the situation across the continent is getting ameliorated and the market is projected to recoup soon.
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The Europe turbocharger market is analyzed across technology, application, fuel type, material, end-user, and country. Based on technology, the twin turbo technology segment accounted for more than two-fifths of the total market share in 2020, and is expected to rule the roost by 2030. The variable geometry technology segment, on the other hand, would cite the fastest CAGR of 6.0% throughout the forecast period.
Based on application, the light commercial vehicle segment contributed to nearly one-third of the total market revenue in 2020, and is expected to lead the trail by 2030. Simultaneously, the ships and aircrafts segment would exhibit the fastest CAGR of 6.7% from 2021 to 2030.
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Based on country, Germany held the major share in 2020, holding more than one-fourth of the total market. The same region would also showcase the fastest CAGR of 6.3% by 2030. The other regions studied in the report include UK, France, Spain, Italy, and rest of Europe.
The key market players analyzed in the Europe turbocharger market report include Cummins Inc., Bosch Mahle Turbo Systems, Rotomaster International, Continental AG, Honeywell International Inc., Mitsubishi Heavy Industries Ltd., IHI Corporation, Eaton Corporation PLC, Borg Warner Inc., Turbo Energy Private Limited. These market players have taken recourse to several strategies including partnership, expansion, collaboration, joint ventures, and others to prove their flair in the industry.
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