Turbocharger Market

Market Synopsis:

Global Turbocharger Market is valued at USD 17814.12 Million in 2022 and is projected to reach a value of USD 26119.71 Million by 2030 at a Compound Annual Growth Rate (CAGR) of 4.90% over the forecast period.

The Turbocharger Market is witnessing growth due to the severe emission norms and rising acceptance of Turbocharged Gasoline Direct Injection (TGDI) technology. Moreover, the Turbocharger Market is projected to witness remarkable growth in the upcoming years as Turbochargers confirm the best engine performance and improved efficiency of fuel. Additionally, Turbocharger especially works best at a high engine speed and do not need any power source to operate, but makes use of burnt gases flow discharged by the engine in the vehicle which is the factor projected to increase the demand for Turbocharger during the forecast period. Moreover, currently, this technology is primarily used in the aerospace and automotive industry. In addition, the improved fuel efficiency and engine performance, government guidelines, and engine downsized to decrease the weight of the vehicle are the other factors driving the growth of Turbochargers in the coming future. However, the increasing demand for gasoline engines and fuel-efficient engines is expected to boost the demand for Turbochargers during the forecast period. The use of Turbochargers for convention IC engines guarantees complete combustion of fuel which decreases harmful emissions. Besides the installation of Turbochargers and the unnecessary rise in the engine temperature due to overheating issues in the Turbochargers are the factors projected to hamper the growth of the Turbocharger Market during the forecast period. Whereas, the increasing adoption of electric Turbochargers in emerging countries like China and India offers significant opportunities for the growth of the Turbocharger Market in the coming future.

Market Segmentation:

The Turbocharger Market is segmented on the basis of vehicle type, product type, fuel type, sales channel, and actuators. Based on vehicle type, the market is segmented as Passenger Car, LCV, HCV, Agricultural Machinery, and Construction Machinery. On the basis of product type, the market is segmented as Wastegate, Variable-geometry Technology, and Twin Turbo. On the basis of fuel type, the market is segmented as Diesel and Gasoline. Based on sales channels, the market is segmented as Aftermarket and OEM. Based on actuators, the market is segmented as Hydraulic, Pneumatic, and Electric.

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The diesel segment is expected to acquire the largest market share during the forecast period

Based on type, the diesel segment is projected to hold the largest share of the Turbocharger Market during the forecast period. The persistent growth of Turbochargers is due to the highest demand for vehicle manufacturers in order to meet regulations of environmental emission. Currently, fuel economy values for better-quality performance which has led to the evolution of the Turbocharger Market as lightweight alloys are used in the manufacturing of Turbochargers and decrease the consumption of fuel. Moreover, Turbochargers are very compact in size which helps to decrease the engine and size of the overall vehicle, and thus drives the demand for the diesel segment in the Turbocharger Market in coming years.

The variable geometry technology segment is projected to acquire the largest share of the market

Based on product type, the variable geometry technology segment is predicted to hold the largest share of the Turbocharger Market during the forecast period. The variable geometry technology is particularly used in diesel-powered vehicles. Moreover, the high performance of variable geometry technology, rise in the popularity of GDI, and strict emission standards leads to more economized engines, which are projected to boost vehicle adoption in coming future.

The Asia Pacific is anticipated to be the largest market during the forecast period

Asia Pacific region is predicted to be the largest market during the forecast period and will continue to dominate the Turbocharger Market in the coming years. The market growth of Asia Pacific is majorly attributed to the presence of automotive OEMs with a large vehicle capacity of production, large customer base, and increased vehicle sales. Moreover, the higher vehicle production and FDI in the form of joint ventures, and alliances particularly in emerging countries such as China and India are further expected to increase the demand for Turbochargers in coming years. Additionally, the improvement in social-economic conditions in developing economies like Thailand, China, Indonesia, and India is driving the growth of the Turbocharger Market during the forecast period. Moreover, the strict upcoming emission norms and rising vehicle production are expected to boost the growth of Turbochargers in the coming years. The growth in urbanization, increasing demand for mobility, and increase in the per capita income of the population lead to upgrading a massive number of people from two-wheeler to four-wheelers which are projected to drive the growth of the regional market during the forecast period. Furthermore, China is dominating the demand for Turbochargers across the Asia Pacific due to the mass production levels of automotive in the country. Moreover, China is the earliest country that recovered fast from the covid-19 pandemic and re-started the manufacturing of vehicles and is expected to increase the demand for Turbochargers during the forecast period.

Competitive Landscape:

The key players in the Turbocharger Market are adopting various strategies like new product launches to sustain their market presence. Some of the major key players in the market are Honeywell International Inc. (Garret Advancing Motion), BorgWarner Inc., IHI Corporation, Cummins Inc., and Bosch Mahle Turbo Systems GmbH & Co, Eaton Corporation plc, Weifang FuYuan Turbochargers Co., Ltd., Mitsubishi Heavy Industries, Continental AG.

Segmentation of the Global Turbocharger Market: