Turbocharger Market 2021 By Type and Application, Forecast to 2029 | By Top Key Players: Refone Auto Power Co Ltd, Rotomaster International, Tanboress Technology Limited

Turbocharger Market

The turbocharger market is expected to generate USD 24,854 million in 2019 to USD 47,107 million in 2029.
A turbocharger is a turbine-driven forced induction device that increases an internal combustion engine’s efficiency and power output by forcing extra air into the combustion chamber. This device primarily runs on fuels such as gasoline and diesel. Whereas, fuels such as electricity can be also used for operating these devices. Turbochargers have applications in automotive, agriculture, aircraft, locomotive, and others. The global turbocharger market has been segmented by fuel type, technology, application, and sales channel.

Turbochargers are considered a great solution as they transform the exhaust gas released from the consumed fuel energy into power. In the past few years, turbochargers have gained significant traction among vehicle manufacturers. It allows them to reduce the combustion engine sizes, potentially cutting fuel consumption by more than 30%. Besides, the technology offers lesser CO2 emissions, improved fuel economy, and better engine performance than non-turbocharged engines.

The reduced carbon dioxide levels from the vehicles help the manufacturers comply with the increasingly stricter norms and regulations, thus boosting the product's demand. Nowadays, turbocharged engines attract a rising number of environment-friendly drivers backed by their performance benefits and high green credentials. With the added advantage of fuel economy, the technology improves fuel consumption up to 40% in diesel engines and up to 20% in gasoline engines, making it common in most lightweight passenger vehicles.

Over time, governments worldwide are strengthening carbon dioxide and nitrogen oxide emission standards for cleaner and healthier air. As seen above in the figure, the NOx emission standards in the U.S. for light-duty vehicles have significantly improved from 3.1 g/mi to 0.03 g/mi, thereby highlighting a 98% improvement from the 1970s, a major driver for turbochargers. The demand for turbochargers is projected to be on an upward growth trajectory in the coming future, strongly supported by its proven capacity to reduce emissions and to save energy.

The automotive industry, over the past few years, witnessed tremendous growth in the emerging economies on account of the rapid development and increased investments in the regions. The emerging economies, including Asia-Pacific, Latin America, and Southeast Asia, experienced a high influx of OEMs investments to reduce production costs. The geographic diversification of the automakers has created a new manufacturing hub in the emerging markets. The expanding automobile industry, notably in China, Brazil, and India, opens potential avenues for the turbocharger market. The Thailand Automotive Aftersales Industry underlines that there will be over 18 million passenger cars in Thailand by 2020, thus presenting an attractive opportunity for turbochargers in the automotive aftermarket arena. The rise in the urban population and increased consumer incomes are key factors driving passenger vehicles' demand. Additionally, the easy credit facilities and the increased mobility needs have led to a rise in passenger vehicle sales in these emerging markets.

The China Association of Automobile Manufacturers (CAAM) estimates a rise of 11.1% y-o-y growth in passenger cars' retail sales in 2021, with the sales volume reaching 2.14 million K Units. The rapid growth of the passenger vehicle segment and the shifting focus to electric vehicles is anticipated to create demand for turbochargers in the coming years. The market in the passenger car segment is expected to grow at a CAGR of 7.36% during the forecast period. But as product innovation and investment in the industry increases, technologies such as variable geometry and twin-scroll are expected to spur more demand for turbochargers. The variable geometry technology segment in the market is expected to grow fastest at a CAGR of 8.06% in value from USD 3,962.8 million in 2019 to USD 8,314.3 million in 2029.

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The Major Prominent Players Covered in this Report:
Refone Auto Power Co Ltd, Rotomaster International, Tanboress Technology Limited, Turbo Energy Private Limited, Turbonetics, Inc. (Wabtec Corporation), Napier Turbochargers Ltd, WeifangFuYuan Turbochargers Co Ltd, Aerocharger, LLC, Ningbo Motor Industrial Co Ltd, PBS Turbo s.r.o., Precision Turbo & Engine Inc., ABB Ltd., BMTS Technology GmbH & Co. KG, BorgWarner Inc., Marelli Holdings Co. Ltd., Continental AG, Cummins Inc., Eaton Corporation, Garrett Motion Inc., Hartzell Engine Technologies LLC. (Aeroforce), Honeywell International Inc., Hunan Tianyan Machinery Co Ltd, IHI Corporation, Kawasaki Heavy Industries, Ltd, KompressorenbauBannewitz GmbH, LI JUN Enterprise Co Ltd, MAN Energy Solutions, Mitsubishi Heavy Industries Ltd

By Product
Advanced Wound Dressings
Alginate Dressings
Hydrogel Dressings
Film Dressings
Hydrocolloid Dressings
Collagen Dressings
Hydrofiber Dressings
Superabsorbent Dressings
Foam Dressings
Others
Wound Care Devices
Negative Wound Pressure Therapy (NPWT) Devices
Hyperbaric Oxygen Therapy (HOT) Devices
Extracorporeal Shock Wave Therapy (ESWT) Devices
Pressure Relief Devices
Other Devices
Active Wound Care Products
The Artificial Skin and Skin Substitutes
Biological Skin Equivalents
Growth Factors
Other Products

By Wound Type
Surgical and Traumatic Wounds
Diabetic Foot Ulcers
Pressure Ulcers
Venous Leg Ulcers
Burns
Other Wound Types

By End-User
Hospitals
Wound Care Centers
Homecare
Other End Users

NOTE: Our analysts monitoring the situation across the globe explains that the market will generate remunerative prospects for producers post the COVID-19 crisis. The report aims to provide an additional illustration of the latest scenario, economic slowdown, and COVID-19 impact on the overall industry.

Geographically, this report is segmented into several key regions, with sales, revenue, market share and growth rate of Steerable Medical Devices in these regions, from 2021 to 2029, covering:
North America (United States, Canada and Mexico)
Europe (Germany, UK, France, Italy, Russia and Turkey etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)

Increasing Demand for Electric Vehicles and Electric Turbochargers: The automotive industry embraces the technology of electric and hybrid vehicles, and more new models are expected to reach the road in the upcoming years. Government regulations aimed to protect the environment are a catalyst for the transformation of the automobile sector. Automakers are significantly investing in increasing the battery range while making the prices lower for hybrid vehicles.

The auto manufacturers are searching for ways to include turbo technology in new vehicle types such as battery-operated vehicles, hybrid and electric. Turbochargers play a significant role in the automobile engine and are expected to hold importance in the engine mix in the future.

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Recent Developments
BorgWarner expanded its coverage with the new GTA45 replacement turbochargers for the Detroit Diesel Series 60 engine, Series 60 EPA-2004 in Nov 2020
Continental extends its line of turbochargers for the aftermarket – BMW, MINI, and brands of VW group in Nov 2020
Garrett Motion Inc added another electrification technology innovation to its portfolio with the recently announced development of the world’s first “E-Turbo” for passenger vehicles with Mercedes-AMG. in July 2020

Incorporation of Turbo Chargers Across Various Vehicle Types:
Vehicle manufacturers are incorporating turbo technology in hybrids, fuel, and battery-electric systems. The turbochargers and the related technologies are widely used to regenerate energy and provide EVs with a backup power source. The range anxiety among consumers and lack of infrastructure are hindering the battery-operated vehicles market. However, the inclusion of a turbo range extender for backup situations is expected to alleviate the EV range anxiety and fuel the market growth.

Figures recorded by the International Energy Agency (IEA) exhibit the surge in the PHEV stock in the major parts of the world. In 2019, there were around 0.77 million PHEVs on China's roads, up from 0.54 million in 2018. The upward growth in the stocks of electric vehicles and stringent environmental regulations helps bolster the global demand for turbochargers in the next few years.

Several innovations based on turbocharger technology for new hybrid engines and power trains present the automobile industry with new opportunities, thus driving the market forward. The electric fuel segment has been included in the other segment which is expected to grow at a healthy CAGR of 5.85% in value.

Key Questions Answered in The Report:
What will the Turbocharger market growth rate?
What are the key factors driving the global Turbocharger market?
Who are the key manufacturers in the Turbocharger market space?
What are the market opportunities, market risk, and market overview of the Turbocharger market?
What are sales, revenue, and price analysis of top manufacturers of the Turbocharger market?
Who are the distributors, traders, and dealers of the Turbocharger market?
What are the market opportunities and threats faced by the vendors in the global Steerable Medical Devices Industry?
What are sales, revenue, and price analysis by types and applications of the Turbocharger Industry?
What are sales, revenue, and price analysis by regions of Turbocharger industry?
What are the driving factors contributing to market growth during the short, medium, and long term?

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