Global Turbocharger MarketReport, published by Variant Market Research, forecast that the global market is expected to reach $28.1 billion by 2025 from $11.1 billion in 2017, growing at a CAGR of 12.3% from 2017 to 2025. By Geography, Asia-Pacific and Rest of the World are expected to grow at a CAGR of 13.0% and 12.8%, respectively, during the forecast period. Turbocharger is a form of supercharger driven by a turbine powered by the engine's exhaust gases. High torque, less emission rate, and engine downsizing are the factors impacting the growth of the global market.
"Turbocharger Market (By Technology: Twin Turbo Technology, Wastegate Technology, and Variable Geometry Technology; By Fuel Type: Gasoline, and Diesel; By End-User: OEM, and Aftermarket; By Application: Light Commercial Vehicles, Heavy Commercial Vehicles, Ships & Aircraft, Heavy Duty Vehicles, and Locomotive; By Industry Verticals: Aerospace & Defense, Automotive, Marine, and Agriculture & Construction; By Geography: North America, Europe, Asia-Pacific and RoW) Global Scenario, Market Size, Outlook, Trend and Forecast, 2016 – 2025"
The global turbocharger market is mainly driven by rise in demand for fuel efficient and downsized engine
Increasing government investment in construction projects, rising demand for fuel efficient and downsized engine, and modernization of agricultural sector requiring turbochargers are the major factors driving the growth of the global turbocharger market. However, the market consists of certain restraints such as high cost of turbochargers as compared to traditional chargers and overheating of turbochargers which may limit the market from growing. Moreover, enhanced performance of gasoline engine, which utilizes twin-turbo technology, and huge demand for fuel efficient engines is likely to pose numerous growth prospects for the market in the coming years.
Technology, fuel type, end-user, application, industry verticals and geography are the segmentation considered in the global turbocharger market. By technology, the classification includes twin turbo technology, wastegate technology, and variable geometry technology. Gasoline, and diesel are the bifurcations of the fuel type segment. On the basis of end-user, the market is divided into OEM and aftermarket. Light commercial vehicles, heavy commercial vehicles, ships & aircraft, heavy duty vehicles, and locomotive are the segregations of the application segment. Furthermore, the industry verticals segment covers aerospace & defense, automotive, marine, and agriculture & construction.
The country wise analysis has been also covered under the scope of the report. North America covers the U.S., Canada, and Mexico. Germany, France, UK, Spain, and Rest of Europe are analyzed under the European market. India, China, Japan, South Korea and Rest of Asia-Pacific are included under the Asia-Pacific market. While RoW is bifurcated into South America, Middle East, and Africa.
Twin turbo technology, by technology segment led the market with major share in 2017
Twin turbo technology contributed for the majority of the market share in the technology segment in the year 2017 and is expected to continue its trend throughout the forecast period 2017 – 2025. The high growth is seen due to the dynamic performance, increase in demand for high torque engine, and optimized emission.
Diesel held for the leading market share in the fuel type segment
Diesel accounted for the maximum share of the market in the year 2017, in fuel type segment and is expected to continue its trend throughout the forecast period between 2017 to 2025. The high growth is attributed as the turbo technology is more suitable for diesel engines compared to gasoline engines.
OEM dominated the end-user segment in the year 2017
In the end-user segment OEM occupied the foremost share in the year 2017 and is likely to continue its dominance during the forecast period 2017 – 2025. However, aftermarket is anticipated to achieve faster CAGR during the forecast period.
Light commercial vehicles led the application segment with foremost share
Application segment is controlled by light commercial vehicles sub-segment in the year 2017, owing to increase in number of light-vehicle in emerging economies. Besides, ships & aircrafts are probable to attain the fastest CAGR in the forecast period.
Automotive conquered the industry verticals segment in the year 2017
Automotive ruled the industry verticals segment with highest shares in the year 2017, owing to increasing demand for powerful and fuel-efficient gasoline-powered vehicles. Marine segment is expected to grow with fastest CAGR during the forecast period.
Europe occupied the prime share in the global turbocharger market
In the year 2017, Europe generated the highest revenue accounting for 42.8% of the total market share. This is primarily due to high vehicle production and huge investment on advance technology for fuel efficient engine. In terms of growth, Asia-Pacific is expected to achieve the fastest CAGR of 13.0%, driven by wide acceptance of turbocharger across the region due to increase in need for downsized engine and fuel efficiency.
Currently various companies manufacture turbochargers for aerospace & defense vehicles. For instance, Mitsubishi Heavy Industries Ltd., and Honeywell International, Inc., are two leading manufacturers of turbochargers. Major players operating in the market include Honeywell International Inc., Mitsubishi Heavy Industries Ltd., Rotomaster International, Borg Warner Inc., IHI Corporation, Cummins Inc., Continental AG, Precision Turbo & Engine, Bosch Mahle Turbo System GmbH & Co. KG, and Eaton Corporation PLC, among others.