Turbocharger Market Predicted to Gather $15,284.7 Million and Grow at a CAGR of 6.8% in the 2021-2028 Timeframe

The global turbocharger market is anticipated to garner a revenue of $15,284.7 million by 2028, growing at a healthy CAGR of 6.8% during the forecast period 2021-2028.

The global turbocharger market is expected to grow immensely by 2028 due to growing emphasis on improving fuel efficiency. The diesel sub-segment is expected to be the most dominant. Market in the Asia-Pacific region to be highly lucrative by 2028.

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐒𝐚𝐦𝐩𝐥𝐞 𝐍𝐨𝐰 @
https://www.researchdive.com/download-sample/3106

𝐃𝐲𝐧𝐚𝐦𝐢𝐜𝐬 𝐨𝐟 𝐭𝐡𝐞 𝐌𝐚𝐫𝐤𝐞𝐭
Drivers: Rising demands for improving fuel efficiency and reducing the engine size are the main factors predicted to drive the growth of the global turbocharger market by 2028. In addition, increasing inclination towards adopting vehicles with low emission levels is projected to further boost the market growth during the analysis timeframe.

Opportunities: Advantages of electrically assisted turbochargers like the electric motor breaking the turbocharger shaft and turning into a generator to generate electricity are the factors estimated to provide ample growth opportunities for the global turbocharger market by 2028. Moreover, the electric turbocharger can also reduce the vehicle's emissions and fuel consumptions, thus further boosting the market growth by 2028.

Restraints: Declined production of vehicles due to Covid-19 pandemic is one of the prime factors to impede the market growth.

𝐂𝐎𝐕𝐈𝐃-𝟏𝟗 𝐈𝐦𝐩𝐚𝐜𝐭 𝐨𝐧 𝐭𝐡𝐞 𝐌𝐚𝐫𝐤𝐞𝐭
The onset of the COVID-19 pandemic has had a negative impact on the global turbocharger market due to reduced utilization of automobiles, strict travel restrictions and social distancing norms imposed by governments across the world. This also caused delayed manufacturing processes and disruptions in supply chains. However, the rising demands for implementing advanced technologies like the industrial internet of things (IIOT) to enable real-time monitoring of manufacturing of turbochargers is predicted to help the market revive its growth rate during the pandemic.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐟𝐨𝐫 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐚𝐭𝐢𝐨𝐧 @
https://www.researchdive.com/request-for-customization/3106

𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐬 𝐨𝐟 𝐭𝐡𝐞 𝐌𝐚𝐫𝐤𝐞𝐭
The report has divided the turbocharger market into a few segments based on vehicle type, fuel type, technology, distribution channel, and regional analysis.

By vehicle type, the passenger vehicles of the global turbocharger market is expected to hold a dominating market share and gather a revenue of $6,827.2 million by 2028 due to growing demands for improving the fuel efficiency of passenger vehicles. Moreover, the implementation of turbochargers in these vehicles to reduce the engine size and produce more power output is estimated to further bolster the sub-segment's growth by 2028.

By fuel type, the diesel sub-segment of the global turbocharger market is predicted to have a significant market share and register a revenue of $7,131.8 million by 2028 due to less cost of diesel than petrol and its increasing consumption by commercial vehicles. Moreover, vehicles used for goods and raw materials transportation require turbochargers for achieving optimal operational efficiency levels. This is yet another factor responsible for the substantial growth of the sub-segment during the forecast period.

By technology, the variable geometry technology sub-segment is projected to have the fastest growth rate and surpass $5,527.9 million by 2028 due to several advantages like higher air-fuel ratio, improved vehicle accelerations, and higher peak torque at low engine speeds. In addition, the ability of this technology to offer engine braking is estimated to further propel the sub-segment's development during the analysis years.

By distribution channel, the original equipment manufacturer sub-segment is estimated to surpass $9,761.5 million during the 2021-2028 forecast timeframe due to largescale production of vehicles in categories like passenger and commercial vehicles. Moreover, the growing emphasis on improving fuel efficiency and reducing the engine size is projected to further accelerate the sub-segment's growth during the forecast period.

By region, the turbocharger market in the Asia-Pacific region is anticipated to register a revenue of $6,343.2 million by 2028 due to rapid urbanization and rising demand for mobility in the developing economies like China and India. Moreover, increasing per capita income of the population have helped people to upgrade from two-wheeler to four-wheeler vehicles, thus further surging the sales of automobiles and augmenting the turbocharger market growth in the Asia-Pacific region by 2028.

𝐄𝐧𝐪𝐮𝐢𝐫𝐲 𝐟𝐨𝐫 𝐏𝐮𝐫𝐜𝐡𝐚𝐬𝐢𝐧𝐠 𝐭𝐡𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 @
https://www.researchdive.com/purchase-enquiry/3106

𝐒𝐢𝐠𝐧𝐢𝐟𝐢𝐜𝐚𝐧𝐭 𝐌𝐚𝐫𝐤𝐞𝐭 𝐏𝐥𝐚𝐲𝐞𝐫𝐬
Some significant turbocharger market players are MITSUBISHI ELECTRIC CORPORATION, Honeywell International Inc., ABB, Delphi Technologies, IHI Corporation, BorgWarner Inc., Eaton, Precision Turbo & Engine INC, Continental AG, Rotomaster International, among others. These players are building several strategies like product development and enhancement, merger and acquisition, partnerships and collaborations to assist the market growth.

For example, in January 2022, Mercedes, a Germany-based luxury automotive manufacturer, announced its creation of a brand-new supercharging system in its W13 Formula 1 cars along with the new E10 fuel. Moreover, these cars would be having up to 10% of mixed fuel extracted from renewable sources to reduce emissions.

The report also sums up various crucial facets including financial performance of the market players, SWOT analysis, product portfolio, and the latest strategic developments.

𝐄𝐱𝐩𝐥𝐨𝐫𝐞 𝐌𝐨𝐫𝐞 𝐑𝐞𝐥𝐚𝐭𝐞𝐝 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 :

Electric Tricycles and Microcars Market : https://www.researchdive.com/9234/electric-tricycles-and-microcars-market

EV Charging Station for Residential Market : https://www.researchdive.com/9232/ev-charging-station-for-residential-market

Automotive NVH Materials Market : https://www.researchdive.com/2916/automotive-nvh-materials-market

Underground Hydrogen Storage Market :
https://www.researchdive.com/9006/underground-hydrogen-storage-market

Dropshipping Market : https://www.researchdive.com/9041/dropshipping-market

Contact:
Mr. Abhishek Paliwal
Research Dive
30 Wall St. 8th Floor, New York NY 10005
(P) +91-(788)-802-9103 (India)
Toll Free: 1-888-961-4454
E-mail: support@researchdive.com
Website: https://www.researchdive.com

About Research Dive:

Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With unprecedented access to several paid data resources, a team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable.

Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive delivers the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.

This release was published on openPR.