Press release
Europe Turbocharger Market High trend Opportunities offers Future Business Growth by 2031
According to a recent report published by Allied Market Research, titled, "Europe Turbocharger market by Technology, Application, Material, Fuel Type, and End User: Regional Opportunity Analysis and Industry Forecast, 2021-2030", the Europe Turbocharger market was valued at $5,811.1 million in 2020, and is projected to reach $9,492.7 million by 2030, registering a CAGR of 5.1% from 2021 to 2030.Germany dominates the market presently, followed by Europe Turbocharger market in 2020, and is expected to maintain its dominance during the forecast period. Factors such as improved engine performance and fuel efficiency, government regulations and engine downsizing to reduce vehicle weight drive the growth of the turbocharger market. Moreover, turbocharger installation and excessive rise in engine temperature, owing to overheating issues in turbochargers are the factors expected to hamper the growth of the turbocharger market. However, rise in demand for fuel efficient engines and gasoline engines is expected to supplement the growth of the turbocharger market during the forecast period.
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Turbochargers get easily heated and require some coolant for their proper working. Most of the vehicles which use turbocharger technology run at very high speeds so any heating related or engine malfunction issue could lead the vehicle into dangerous condition. So proper security check and foolproof solution for above conditions is very important for the growth of the market.
Turbocharger market has a huge growth potential as the industry is full of opportunities due to increase in installation of turbochargers in gasoline engines. Currently, almost all the diesel engine vehicles are equipped with turbocharger technology, unlike their gasoline counterparts. However, in the recent years, turbochargers have found application in gasoline engines as well. In gasoline engines, turbocharging enables downsizing which improves fuel economy by 5-20%. Moreover, electric turbochargers are predicted to be the future of turbocharger technology due to their minimum contribution in environmental pollution. Audi will be among the first automaker to have a production vehicle with an electric turbocharger. The demand and production of vehicles is projected to increase. This works as the major driving force for the turbocharger industry as well.
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Key Findings Of The Study
In 2020, by Technology, the Twin turbo technology segment generated the highest revenue.
In 2020, by Application, the light commercial vehicle segment was the highest revenue contributor.
In 2020, by Material, the Aluminum segment was the highest revenue contributor.
In 2020, by Fuel Type, the Diesel segment was the highest revenue contributor.
In 2020, by End User, the OEM segment was the highest revenue contributor.
In 2020, Country-wise, Germany contributed the highest revenue.
The key players analyzed in the Europe Turbocharger market include BMTS Technology Gmbh & Co. KG, Borgwarner Inc, Cardone Industries, Continental AG, Cummins Inc, Eaton Corporation Plc, Garrett Motion Inc, IHI Corporation, Mitsubishi Heavy Industries, Ltd. and Turbo Dynamics Ltd
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About Allied Market Research
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