New York, USA, March 09, 2022 (GLOBE NEWSWIRE) -- According to Research Dive, the global turbocharger market is estimated to generate a revenue of $15,284.7 million by 2028 and grow at a CAGR of 6.8% over the forecast period (2021 to 2028). The comprehensive report provides a brief summary of the present market scenario comprising key aspects of the market such as growth factors, lucrative growth opportunities, and restraining factors. Besides, the report provides all the turbocharger market trends, COVID-19 impact on the market, and market estimations making it easier, helpful, and useful for the new participants to understand the market.
Market Dynamics
As per our analysts, the downsizing engine size and the increasing necessity for the improvement of fuel efficiency in vehicles across the globe are the significant factors estimated to foster the growth of the global turbocharger market over the forecast period. Besides, the growing adoption of electric turbochargers in developing countries, such as India and China provides substantial opportunities for turbocharger manufacturers to develop and expand their portfolios. This factor is projected to create huge growth opportunities for the turbocharger market over the forecast period. However, the reduction in the production of vehicles around the world is estimated to restrict the market growth in the projected timeframe.
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COVID-19 Impact on the Turbocharger Market
The COVID-19 pandemic has had a negative impact on the global turbocharger market growth. The impact on the turbocharger market share and size is majorly due to the reduction in usage of automobiles, both commercial and passenger vehicles owing to imposed lockdown restrictions and reduced mobility across the globe. Besides, the COVID-19 pandemic has enforced the companies in the turbocharger industry to adopt new technologies during operation, which will help the market recover after the pandemic ends.
Heavy Commercial Vehicles Sub-segment to Witness Rapid Growth
By vehicle type, the heavy commercial vehicles sub-segment accounted for $2,131.0 million in 2020 and is expected to witness the fastest growth during the forecast period. This is mainly because turbochargers are installed in almost every heavy commercial vehicle as they help in increasing the power output generated by the engine. In addition, the operational time of heavy commercial vehicles is more as compared to the light commercial vehicles and passenger cars, which is expected to aid the growth of this sub-segment.
Petrol Sub-segment to Witness Fastest Growth
By type, the petrol sub-segment is predicted to account for $5,537.0 million by 2028 and is expected to grow at the fastest rate during the forecast period. This is mainly due to the large-scale production of passenger cars due to the growing demand from the developing nations. Besides, the light commercial vehicles operating on petrol have a higher rate of adoption of turbochargers for enhancing engine efficiency. These factors are predicted to drive the growth of the sub-segment in the turbocharger market.
Variable Geometry Technology Sub-segment to Observe Subjugating Growth
By technology, the variable geometry technology sub-segment is estimated to generate a revenue of $5,527.9 million by 2028 and is anticipated to subjugate in the global industry over the forecast period. This is mainly due to various advantages of implementing variable geometry technology turbochargers, such as higher peak torque and the higher air-fuel ratio at low engine speeds, enhanced vehicle accelerations, and the ability to provide engine braking. These factors are expected to aid the growth of the VGT sub-segment in the turbocharger market.
Original Equipment Manufacturer Sub-segment to Hold the Highest Market Share
By distribution channel, the original equipment manufacturer sub-segment accounted for $5,929.2 million in 2020 and is anticipated to hold the majority of the market share during the forecast period. This is mainly due to the large-scale production of vehicles in various categories such as commercial and passenger vehicles along with the growing emphasis on fuel efficiency.
Asia-Pacific Region to Dominate in the Industry
By region, the Asia-Pacific turbocharger market is projected to garner a revenue of $6,343.2 million by 2028 and witness dominating growth during the forecast period. The rapid growth of the region can be attributed to the rapid growth in urbanization and the growing demand for mobility in the emerging markets such as China and India have surged the urban population in the cities. Besides, the increasing per capita income of the population has led to a huge number of people upgrading from two-wheelers to four-wheelers, which is expected to boost the regional market growth during the analysis period.
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Prominent Market Players
Some of the top players of the global turbocharger market are:
- Precision Turbo & Engine INC.
- Eaton
- Rotomaster International
- Honeywell International Inc.
- MITSUBISHI ELECTRIC CORPORATION
- BorgWarner Inc.
- IHI Corporation
- Continental AG
- Delphi Technologies
- ABB.
These players are applying various strategies to gain a competitive edge and stronghold in the global industry.
For instance, in August 2020, Cummins Turbo Technologies (CTT), a leading manufacturer and distributor of commercial turbochargers, developed the 400 series Variable Geometry Turbocharger (VGT) 7th generation to assist engine manufacturers to meet the upcoming emission standards and provide best in class fuel economy. - Check Which competitive rivalry among industry leaders is rather intense
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- Global Turbocharger Market to Surpass $15,284.7 Million by 2028, Owing to the Increasing Adoption of Electric Turbochargers across the Globe
- Turbocharger: A Key for Uplifting the Overall Vehicle Performance
- The Global Turbocharger Market Anticipated To Generate A Revenue Of $15,284.7 Million, Growing At A CAGR Of 6.8% From 2021 To 2028
