New York, US, May 11, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Report by MRFR/Market Research Future (MRFR), “Turbocharger Market Information by Sales Channel, Fuel Type, by Technology, and Region - Forecast till 2030", During the projection period (2022 - 2030), the turbocharger industry can anticipate achieving a valuation of USD 30.01 billion in 2030 from USD 18.53 billion in 2022, at a growth rate of 7.13%.
Turbocharger Market Overview
A fundamental component of internal combustion (IC) engines, turbochargers boost output by boosting air intake in the combustion chamber with the aid of expelled burned air. Because IC engines need more air to burn more fuel for big power output, which reduces their efficiency, turbochargers are essential for improving efficiency by delivering compressed air. As these chargers guarantee maximum engine performance and increased fuel efficiency, the global turbocharger industry is anticipated to have a noticeable expansion in the years to come. Currently, the automobile and aerospace sectors make heavy use of this technology. For instance, to produce enormous amounts of power even under difficult and hot circumstances, manufacturers use turbochargers in the engines of fast racing vehicles.
Market Competitive Landscape:
The affluent firms in the turbochargers industry are
- Cummins Inc
- Eaton Corporation
- Honeywell International Inc
- Bosch Mahle Turbo Systems GmbH
- Precision & Turbo
- Borgwarner and Inc
- Rotomaster International
- Mitsubishi Heavy Industries
- Continental AG.
- Among others.
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COVID 19 Analysis
The COVID-19 pandemic has had a considerable influence on turbocharger supply chains, global trade, and industrial processes. The COVID-19 epidemic forced producers to either shut down their facilities or run them at less-than-normal production rates, which reduced the amount of turbochargers produced. Manufacturing has also been held down by a scarcity of raw materials as a result of supply interruptions brought on by border and trade restrictions. However, a few significant market participants have kept running their factories. The poor end-use sector demand and the lowering cost of raw materials are further variables that have led to surplus stockpiles and decreased output.
Market USP Covered:
Market Drivers:
The market will profit from automobiles' increased fuel economy brought on by the use of turbochargers. Allowing more air to enter the combustion engine of powertrains, increases the internal combustion and power production of engines. These turbochargers give great engine power without increasing piston displacement, making them very efficient and environmentally benign. Additionally, improved efficiency, lowest waste creation, and best resource use are the main drivers propelling the market expansion of turbochargers.
To reduce the rising fuel pollution, governments everywhere are enforcing strict standards and rules. Additionally, the government is enforcing numerous regulations and establishing emission standards so that automobile manufacturers may produce products that adhere to the norms. For instance, in order to control vehicle emissions, the Government of India raised the BS-IV emission standards to BS-VI standards (skipping BS-V).
Report Scope:
| Report Metrics | Details |
| Market Size 2032 | 2030: USD 30.01 billion 2032: Significant Value |
| CAGR during 2023-2032 | 7.13% CAGR |
| Base Year | 2021 |
| Forecast | 2023-2032 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Sales Channel, Fuel Type, Technology and Region |
| Key Market Opportunities | Increasing automotive production and sales |
| Key Market Dynamics | Rising demand for TGDI (Turbocharged Gasoline Direct Injection) technology Rising adoption of fuel-efficient gasoline engines in vehicles |
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Opportunities
International businesses will benefit greatly from the increased vehicle manufacturing and FDI in the form of joint ventures, alliances, and partnerships, especially in growing nations like China and India. Additionally, throughout the anticipated period, the social-economic situations in emerging nations like Thailand, China, Indonesia, and India are improving, which is fueling the expansion of the turbocharger market. Additionally, it is anticipated that the rigorous forthcoming emission standards and increased car production will accelerate the rise of turbochargers in the years to come. The expansion of the regional market is anticipated to be driven by the large number of individuals who switch from two-wheelers to four-wheelers as a result of growing urbanization, rising mobility demand, and rising per capita income of the population.
Market Restraints:
Electric vehicles are replacing traditional gasoline vehicles in the worldwide automobile sector. The issue of air pollution and global warming is being exacerbated by the rising emissions brought on by the fuels of automobiles. Well-known vehicle manufacturers are moving more and more in the direction of renewable energy. Vehicle manufacturers are adopting the electric mode of energy and investing extensively in research to create cars with cutting-edge technologies. The market may suffer as a result of people's growing preference for zero-emission automobiles.
Market Segmentation
By Sales Channel
As per sales channels, the turbocharger market can be divided into OEM and aftermarket segments. The majority of the revenue generated by the turbocharger market in 2021 came from the aftermarket sector. This is mostly due to the increased installation rate of parts like turbochargers in commercial and passenger cars as a result of their excessive use during long-distance travel. The segment with the fastest growth during the projection period is OEM, nevertheless. To lower their entire carbon footprint and meet aggressive greenhouse gas reduction goals, OEMs are concentrating on energy-efficient technologies. Manufacturers have substantial commercial opportunities in this circumstance.
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By Fuel Type
Diesel and gasoline are included in the market segmentation for turbochargers depending on fuel type. In 2021, the diesel sector led the market, and it is anticipated that over the projection period, 2022–2030, it will increase more quickly than any other segment. Less carbon dioxide is produced by diesel engines, which enhances turbo performance, offers excellent durability, and improves fuel economy. But during the anticipated timeframe, gasoline will expand the fastest. Because gasoline engines and turbochargers can run at high RPMs in passenger cars, they continue to be manufactured in large quantities and are popular with consumers. High PRM capabilities and engine performance, therefore have a favorable effect on the market expansion rate.
By Technology
VGT/VNT, wastegate, and electric turbochargers are the technology-based segments. The wastegate category led the market in 2021 and is anticipated to expand at the fastest rate from 2022 to 2030. The vast majority of automakers employ wastegate turbochargers because they can manage the abrupt boost levels using electrically operated bypass valves.
Regional Insights
In 2021, the North American turbocharger market had a value of USD 7.47 billion, and over the research period, it is anticipated to rise at a high CAGR. This is due to both the large number of commercial vehicles on the road today and the automotive industry's quick adoption of automotive electric turbochargers. Additionally, the North American turbocharger market in the US had the biggest market share, while the market in Canada had the quickest rate of expansion.
Because renowned manufacturers in this region are increasingly using these electric turbochargers, Europe holds the second-largest market share for turbochargers. In this region, there is a considerable demand for electric turbos due to the strict pollution laws adopted by the European Union to lower emission rates and improve fuel economy. Furthermore, the UK turbocharger market was expanding at the highest rate in the area, while the German turbocharger market had the biggest market share.
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From 2022 to 2030, the turbocharger market in Asia-Pacific is anticipated to see the highest CAGR growth. This is because there are so many cars in this area. The top nations with the biggest vehicle production and sales, including China and India, are what is causing the market in this area to develop. In addition, the Indian turbocharger market had the quickest rate of growth in the Asia-Pacific, while the China turbocharger market had the greatest share.
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