The global Turbocharger Market is anticipated to reach a valuation of USD 24.23 billion in 2030 from USD 16.13 billion in 2022, amplifying at a CAGR of 5.3% over the forecast duration of 2022-2030.
Turbocharger is referred to as a device that is mounted on the engine of a vehicle to enhance its overall performance and efficiency. It primarily increases the power of an internal combustion engine by injecting additional compressed or burnt air in the combustion chamber.
Key Trends of Global Turbocharger Market:
Increasing Demand for passenger cars with gasoline engines:
There are variety of reasons for the decline in the growth of diesel engines. Some of them are hiked fuel prices, rising global warming, and higher prices of diesel vehicles than petrol vehicles. In countries like India, South Korea, and Indonesia, diesel vehicles have seen a significant slowdown, and the demand for petrol engines has stimulated. Various emission norms such as Euro-6, China-VI, and PROCONVE P-8 have propelled the market for gasoline engines. This has augmented the growth of passenger car turbochargers production.
Turbo Lag:
Turbo lag is a wide end challenge with conventional turbochargers. Turbo lag is the time a turbocharger takes to engender a positive pressure from the time the exhaust gases hit the turbine blades. As there are frictional and thermal losses, it takes time for a turbocharger to generate enough pressure to suck the air in. If a turbocharger is not installed properly, it will also create leakages, further worsening the turbo lag. Most diesel engines are equipped with conventional turbos, which have this lag.
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What are the major growth propellants and restraints of this marketplace?
The increasing adoption of vehicles along with the wide array of benefits offered by turbochargers including fuel efficiency are primarily augmenting the outlook of this industry vertical. Alongside, rising trends of engine downsizing to decrease vehicle weight and favorable fuel saving initiatives by government across the globe are adding traction to the market progression.
Furthermore, technological advancements in the field, escalating demand for fuel efficient engines to reduce emission levels, and shifting customer inclination towards gasoline engines are creating lucrative opportunities for the industry to prosper.
Moreover, the emergence of electric turbochargers, rising production of mild hybrid vehicles, and growing focus of manufacturers to introduce innovative turbochargers are positive swaying the overall market dynamics.
On the flipside, higher maintainece costs and requirements of a large amount of cooling oil in turbochargers is hindering the remuneration scope of this market.
Also, the outrage of the COVID-19 pandemic across the globe had a negative impact on the worldwide turbocharger industry. The imposition of nationwide downs and other restrictive measures brought the manufacturing activities in the automotive sector to a halt. It also disrupted the supply chain network of the industry, thereby reducing the production and sales of vehicles and other automotive components like turbochargers. These factors in turn hindered the progression of the overall business sphere.
Segmental evaluation of the industry
Based on fuel type
- Gasoline
- Diesel
- Others
The gasoline segment is slated to amass notable gains over 2022-2030 owing to the rapid adoption of gasoline engines by OEMS to reduce emission rates.
By vehicle type
- Vehicles
- light commercial vehicles
- heavy commercial vehicles
The passenger vehicles segment is anticipated to garner significant returns over the assessment timeframe. This is attributable to the population expansion which in turn is increasing the number of passengers across the globe.
On the basis of technology type
- Variable geometry turbocharger
- Electric turbocharger
- Wastegate turbocharger
Among these, the variable geometry turbocharger is gaining massive momentum ascribing to the high performance offered by these turbochargers coupled with the rigid emission regulations.
Which is the fastest growing regions in global turbocharger market?
North America, Europe, Middle East & Africa, Latin America, and Asia Pacific are the prominent regions defining the geographical terrain of this business sphere. Among these, Asia Pacific is projected to capture a significant revenue share over 2022-2030. This is credited to the presence of a large number of automotive manufacturers, strict emission regulation in nations like China, and developing socio-economic dynamics in the region.
Expounding the competitive gamut of the industry
The noteworthy players operating in this industry vertical are IHI Corporation, Garrett Motion, Inc., Mitsubishi Heavy Industries, BorgWarner, Inc., Continental AG, Honeywell International, Inc., Eaton, Rotomaster International, Turbo Dynamics Ltd., Cummins, Inc., Precision Turbo & Engine, Bosch Mahle, and ABB.
Notably, in October 2020 BorgWarner, Inc., announced the acquisition of Delphi Technologies Plc to enhance its product portfolio.
Also, in June 2021, Garrett Motion, Inc. announced its intentions to amplify and develop its production facility in Wuhan, China to cater to the surging customer demands.
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