Increasing automotive and Marine Manufacturing and Need for Conserving Fuel are the major Factors driving the Turbocharger Market
As stated by our extensive report, providing insights on Vehicle Type, Product Type, Fuel Type, Sales Channel, and Actuators the Global Turbocharger Market accounted for USD 16,982.4 Million in 2021.
The rising acceptance of turbochargers in the automotive and marine sectors is the major factor driving the market. The implementation of carbon dioxide (CO2) emission initiatives by government bodies globally have driven the use of turbo technology. In addition, the increased low-end torque and improved engine are improved. The reaction produces a commodity that is more enticing to passenger car purchasers. The objectives a turbocharger must fulfill are the ability to provide at low engine speeds, high pressure turbocharging, high transient response, and high performance at a high-pressure ratio.
In recent years manufacturing of turbochargers is gaining use potential owing to the increasing need for conserving fuel. The increasing fuel prices and need for automotive is further adding demand for Turbocharger Market.
Furthermore, the increasing scale of processing operations in emerging economies, acceptance of modern manufacturing techniques, and deployment of automation technologies are expected to generate opportunities for the growth of the Turbocharger Market.
Turbocharger Market has been adversely affected in recent months owing to the outbreak of the pandemic, COVID-19, in December 2019. The outbreak has resulted in numerous countries imposing lockdowns and shutting down businesses except for essential services (allowed with minimum workforce). Several businesses have increased their focus on profitability and reduced their expenses in manufacturing, which is decreasing the demand for Turbocharger Market.
Asia Pacific is expected to grow at the fastest Compound Annual Growth Rate (CAGR) in the coming years owing to the high demand for turbochargers in the automotive sector. Additionally, this region has the most advance manufacturing facilities which are boosting the market to growth. Countries such as the U.S. & Canada are considered to be the most developed countries in the field of turbocharger technology. These are a few of the reasons is expected to grow in the coming years.
Developing economies like India, China, and the Middle East are considered to gain huge opportunities in the adoption of turbochargers. The Asia Pacific held the largest share of the Turbocharger Market in 2021, followed by Europe and North America. In major parts of the world, the market is still growing owing to insufficient funds, lack of awareness, minimum availability of Research and Development (R&D) facilities, underdeveloped IT infrastructure, and social constraints.
Major players of the Global Turbocharger Market such as Honeywell International Inc. (Garret Advancing Motion) BorgWarner Inc. IHI Corporation Cummins Inc. Bosch Mahle Turbo Systems GmbH & Co Eaton Corporation plc Weifang FuYuan Turbochargers Co., Ltd. Mitsubishi Heavy Industries Continental AG.
Browse the full Report - Turbocharger Market Size, Share & Trends Analysis Report by Vehicle Type (Passenger Car, LCV, HCV, Agricultural Machinery), by Product Type (Wastegate, Variable-geometry Technology, Twin Turbo), by Fuel Type (Gasoline, Diesel), by Sales Channel (OEM, Aftermarket), by Actuators (Hydraulic, Pneumatic, Electric), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)