Turbocharger Market Top Companies, Trends and Growth Factors Details for Business Development by 2022
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Turbochargers swiftly gained popularity as they find wide applications in light commercial vehicles, heavy commercial vehicles, ships & aircraft, heavy duty vehicles, and locomotives owing to several benefits such as enhanced fuel-efficiency, improved engine performance in terms of power and output among others. In addition, they also help automakers to meet regulatory standards regarding carbon emission. For instance, European government imposed emission targets for new light commercial vehicles, wherein each vehicle is required to have a label stating its fuel efficiency and CO2 emission level.
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. "Substantial growth in vehicle production worldwide has surged the demand for turbochargers, hence, receiving attention from world's prominent automotive manufacturers. In addition, engine downsizing trend, rising fuel cost and stringent exhaust emission regulations would promote the demand of turbochargers across all vehicle types. Inclining demand of auto makers for well-suited turbo technology that includes entire powertrain performance, is fueling the installation of turbochargers worldwide," states Bhawna Kohli, Manager Research at AMR.
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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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.
Turbocharger Market Key Segments
* Twinturbo technology
* Wastegate technology
* Variable geometry technology
By Fuel Type
By End User
* Light commercial vehicles
* Heavy commercial vehicles
* Ships & aircraft
* Heavy duty vehicles
By Industry Vertical
* Aerospace & defense
* Agriculture & construction
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Allied Market Research (AMR) is a market research and business-consulting firm of Allied Analytics LLP, based in Portland, Oregon. AMR offers market research reports, business solutions, consulting services, and insights on markets across 11 industry verticals. Adopting extensive research methodologies, AMR is instrumental in helping its clients to make strategic business decisions and achieve sustainable growth in their market domains. We are equipped with skilled analysts and experts, and have a wide experience of working with many Fortune 500 companies and small & medium enterprises.
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