In terms of revenue, the Global Turbocharger Market is probable to reach USD 22888.3 Million by 2028, growing at a Compound Annual Growth Rate (CAGR) of 4.90% from 2022 to 2028.
Turbochargers confirm the best engine performance and improved efficiency of fuel and are expected to drive the growth of the Turbocharger Market in the coming years. 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.
Key Highlights from the Report:
- The diesel sub-segment is anticipated to grow at a substantial Compound Annual Growth Rate (CAGR). The determined growth of Turbochargers is due to the highest demand for vehicle manufacturers in order to meet guidelines of environmental emission. Currently, fuel economy values 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 sub-segment holds a substantial market share in 2021. 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 the coming future. The variable geometry technology is particularly used in diesel-powered vehicles.
- Asia Pacific is the fastest regional segment. 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.
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. Moreover, the increasing adoption of electric Turbochargers in emerging countries like China and India offers significant growth for the Turbocharger Market in the coming future.
Asia Pacific is the largest market. 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 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 during the forecast period.