Turbocharger Market 2021 By Type and Application, Forecast to 2029 | By Top Key Players: Refone Auto Power Co Ltd, Rotomaster International, Tanboress Technology Limited
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.
Obtain Brochure For Latest Technology Advancements @
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
Advanced Wound Dressings
Wound Care Devices
Negative Wound Pressure Therapy (NPWT) Devices
Hyperbaric Oxygen Therapy (HOT) Devices
Extracorporeal Shock Wave Therapy (ESWT) Devices
Pressure Relief Devices
Active Wound Care Products
The Artificial Skin and Skin Substitutes
Biological Skin Equivalents
By Wound Type
Surgical and Traumatic Wounds
Diabetic Foot Ulcers
Venous Leg Ulcers
Other Wound Types
Wound Care Centers
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.
View this report with a detailed description and TOC @
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?
Browse Full Report @
Even if your business is a multinational venture or a single storefront, we believe innovation is the key to progress, in both what you build and how you promote your products and brands.
Buy Full Report with Detail Analysis with COVID-19 Impact – https://straitsresearch.com/buy-now/turbocharger-market/global/
So let's put our minds together. We'll make your vision a reality and help you grow.
For more details, please contact us -
Address: 825 3rd Avenue, New York, NY 10022
Tel: +1 646 480 7505, +44 208 068 9665
Regardless of whether you're looking at business sectors in the next town or crosswise over continents, we understand the significance of being acquainted with what customers purchase. We overcome the issues of our customers by recognizing and deciphering just the target group, while simultaneously generating leads with the highest precision. We seek to collaborate with our customers to deliver a broad spectrum of results through a blend of market and business research approaches. This approach of using various research and analysis strategies enables us to determine greater insights by eliminating the research costs.
This release was published on openPR.
Permanent link to this press release:
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release Turbocharger Market 2021 By Type and Application, Forecast to 2029 | By Top Key Players: Refone Auto Power Co Ltd, Rotomaster International, Tanboress Technology Limited here
News-ID: 2462981 • Views: 500
More Releases from StraitsResearch
Maleic Anhydride Market 2022: Explore Top Factors that Will Boost the Global Mar …
Maleic Anhydride Market The research methodology of Straits Research involves an ideal combination of primary and secondary research with the help of which the experts' inferences and calculations are derived. Our reports are revised at regular intervals to be able to give recent information to our clients and help them make efficient business decisions. The information provided in the reports is verified in terms of quality and reliability. The Major Players Covered in this
Blood Glucose Lancets Market Emerging Technological Growth, Future Growth and Bu …
Blood Glucose Lancets Market The research methodology of Straits Research involves an ideal combination of primary and secondary research with the help of which the experts' inferences and calculations are derived. Our reports are revised at regular intervals to be able to give recent information to our clients and help them make efficient business decisions. The information provided in the reports is verified in terms of quality and reliability. The Major Players Covered in
Graphic Film Market: Business Class Seating Type To Rising at 4.6% During 2022-2 …
Graphic Film Market The research methodology of Straits Research involves an ideal combination of primary and secondary research with the help of which the experts' inferences and calculations are derived. Our reports are revised at regular intervals to be able to give recent information to our clients and help them make efficient business decisions. The information provided in the reports is verified in terms of quality and reliability. The Major Players Covered in this
Digital PCR Market to See Wonderful Rise during 2022-2029 with High CAGR Growth
Digital PCR Market The research methodology of Straits Research involves an ideal combination of primary and secondary research with the help of which the experts' inferences and calculations are derived. Our reports are revised at regular intervals to be able to give recent information to our clients and help them make efficient business decisions. The information provided in the reports is verified in terms of quality and reliability. The Major Players Covered in this
More Releases for Turbo
Turbo Actuator Market by 2025 Report Studied Focusing On Top Companies like Mits …
The global Turbo Actuator Market is explained in detail in this report, starting with a basic overview, which includes definitions and major and minor factors that influence this market. Further the report scrutinizes the several policies that regulate processes in this global market, specifically, the ones that are currently active, along with an analysis of the top news stories about the global industry. This report on Turbo Actuator Market also offers
Turbo Charged Engines to drive ACM demand?
About Polyacrylate Rubber (ACM) ACM is used in automotive applications such as hoses, seals, gaskets, dampers and constant velocity joints (CVJ). Other applications include electrical transmission seals, industrial hoses and adhesives. ACM is cost competitive rubber with slightly lower performance than its immediate competitor AEM (Ethylene Acrylate Elastomer). Hence, it can be used where the performance can be compromised to achieve better economy. Other high-end competitors include flouroelastomers (FKM and
Turbo Chillers Market Predicted Analysis by 2026
Initially CFC (chlorofluorocarbon) and HCFC (Hydrochlorofluorocarbons) were primarily used as a refrigerant for chilling applications leading to destruction of ozone layer. To address problems associated with destruction of ozone layer significant efforts are being made to minimize the use of CFC and HCFC as a future refrigerant. These efforts has led adoption of environmentally friendly refrigerant such as water, air, carbon dioxide, ammonia and propane as refrigerant. Using water as
Global Turbo Chillers Market
Turbo Chillers Market Introduction Initially CFC (chlorofluorocarbon) and HCFC (Hydrochlorofluorocarbons) were primarily used as a refrigerant for chilling applications leading to destruction of ozone layer. To address problems associated with destruction of ozone layer significant efforts are being made to minimize the use of CFC and HCFC as a future refrigerant. These efforts has led adoption of environmentally friendly refrigerant such as water, air, carbon dioxide, ammonia and propane as refrigerant.
Global Turbo-compressor Market
Turbo-compressors are primarily used for natural gas processing and transmission. Both, axial and centrifugal turbo-compressors are used in gas turbines for compression purposes. Innovations in products coupled with advancement in technology is expected to have a positive impact over the global turbo-compressor market. TOC of this report is available upon request @ www.persistencemarketresearch.com/toc/13066 Based on product type, the hydraulic turbo-compressor is expected to dominate the product type segment during the forecast period.
Global Turbo Expander Market Outlook 2016-2021
Global Turbo Expander Industry 2016 Market Size Share Growth Forecast Research and Development The Global Turbo Expander Industry report gives a comprehensive account of the Global Turbo Expander market. Details such as the size, key players, segmentation, SWOT analysis, most influential trends, and business environment of the market are mentioned in this report. Furthermore, this report features tables and figures that render a clear perspective of the Turbo Expander market. The