Turbocharger Market Emerging Trends and Competitive Landscape to 2022 | Key Players- Honeywell International Inc., Bosch Mahle Turbo System GmbH & Co. KG, Mitsubishi Heavy Industries Ltd., IHI Corporation, BorgWarner Inc.
Light commercial vehicle (LCV) segment generated the highest revenue in 2015 and is expected to lead the market throughout analysis period owing to heightened LCV production globally, and the wider penetration of turbochargers among passenger cars.
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Among the various user industries of turbochargers, marine industry is anticipated to attain highest growth during the forecast period. Increased production of ships, and aggrandized use of turbochargers in marine vessels due to its light weight design with high power and optimized fuel consumption are some of the key driving factors of the market. Additionally, rising government spending is expected to provide huge opportunities for the market growth.
From the technology perspective, twin turbo technology is most popular and widely accepted amongst various verticals including aerospace & defense, marine, automotive and agriculture & construction owing to less fuel consumption, and cost-effectiveness. However, variable geometry technology (VGT) would attain highest CAGR owing to enhanced torque and power compared to twin turbo and waste gate technology. The technology would continue to be the second highest revenue contributor after twin-turbo charger technology, throughout the analysis period.
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The global market is expected to garner $19 billion by 2022, registering a CAGR of 11.1% during the period 2016-2022. In 2015, Europe dominated the world turbocharger market and commanded more than 40% share of the overall turbocharger market revenue, followed by Asia-Pacific and North America. The European turbocharger market growth is mainly driven by factors such as stringent government regulations related to emission & fuel-efficiency, and increase in popularity among key automakers for downsizing the engine & increasing efficiency.
Original equipment manufacturers (OEM) and aftermarket are the two key end-users covered under world turbocharger market report. Presently, OEM leads the market and it is expected to maintain its dominance throughout the forecast period. Increase in automotive production and enforcement of stringent government regulations are expected to provide huge impetus to the OEM market growth. However, aftermarket segment would register a higher CAGR of 12.1% during the forecast period due to the increasing trend for automobiles upgradation among consumers.
Europe, presently leads the market, on account of high investment in turbocharger technologies and enforcement of stringent government regulations to reduce carbon emission. However, Asia-Pacific is as anticipated to be most lucrative market, during the forecast period, owing to the increased automotive production in countries such as China, Japan, and India.
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The report outlines competitive scenario of the global turbocharger market, and provides a comprehensive study of key strategies adopted by the leading companies. Some of the key companies profiled in the report include Honeywell International Inc., Bosch Mahle Turbo System GmbH & Co. KG, Mitsubishi Heavy Industries Ltd., IHI Corporation, BorgWarner Inc., Eaton Corporation PLC, Rotomaster International, Cummins Inc., Precision Turbo & Engine, and Continental AG
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