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Turbocharger Market Report

RA03106

Turbocharger Market, by Vehicle Type (Passenger Vehicles, Light Commercial Vehicles, and Heavy Commercial Vehicles), Fuel Type (Petrol, Diesel, and Others), Technology (Twin Turbo Technology, Wastegate Technology, Variable Geometry Technology, and Others), Distribution Channel (Original Equipment Manufacturer and Aftermarket), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2021-2028

RA03106

Pages: 224

Nov 2021

Global Turbocharger Market Analysis

The turbocharger market forecast is projected to be $15,284.7 million in the 2021-2028 timeframe, growing from $9,153.8 million in 2020, at a healthy CAGR of 6.8 %.

Market Synopsis

The necessity for the improvement of fuel efficiency and downsizing the engine size are the key driving factors expected to augment the demand for turbochargers, aiding the expansion of turbocharger market size.

However, the reduction in number of vehicle production globally is predicted to hamper the market growth

According to the regional analysis of the market, the Asia-Pacific turbocharger market share is anticipated to grow at a CAGR of 7.4%, by generating a revenue of $6,343.2 million during the turbocharger market forecast period.

Turbocharger Market Overview

A turbo charger is a device used to increase volumetric efficiency and fuel burning efficiency of an engine. It utilizes energy of exhaust gases coming out from the engine and uses it in supplying compressed air to the engine. The turbo chargers were earlier installed mostly in commercial vehicles in industries, but now the utilization of turbochargers has also increased in the passenger vehicles for improvement in the fuel efficiency and reduction in emissions levels in the passenger vehicles. The market has been classified as vehicle type (passenger vehicles, light commercial vehicles and heavy commercial vehicles), by technology (twin turbo technology, wastegate technology and variable geometry technology), distribution channel (original equipment manufacturers and aftermarket).

Covid-19 Impact on Turbocharger Market

The Covid-19 impact on turbocharger market has been negative. During the pandemic period the reduction in utilization of automobiles, both passenger and commercial vehicles due to reduced mobility and imposed lockdown restrictions across the world has negatively impacted the of turbocharger market share.

During this pandemic period, businesses across the world are experiencing the need for digital management of their operations. The need for implementation of technologies such as industrial internet of things (IIOT) that will enable real-time monitoring of manufacturing process of turbochargers, is expected to have a positive impact on the on growth of turbocharger market during the Covid-19 pandemic.

The Scope of Improving the Fuel Efficiency of the Vehicle is a Major Driving Factor That is Expected to Augment the Demand for Turbocharger Market

The basic advantage that a turbo charger provides is higher power output for the same size of engine with improved fuel efficiency. The growing demand for fuel efficient vehicles in both the major categories of passenger and commercial vehicles due to increasing prices of fuel and increasing adoption of vehicles with low emission levels is expected to aid the growth of turbochargers in the forecast period. In recent developments, for instance, in May 2021, BorgWarner Inc., an American multinational automotive supplier, entered into a global agreement to supply its advanced euro turbocharger to a major European OEM for using in a high-voltage hybrid car. BorgWarner's advanced electric charging technology offers significant advantages in terms of engine efficiency and performance and enables the automaker to meet increasingly stringent emissions regulations. These factors are expected to aid the turbocharger market growth in the forecast period.

To know more about global turbo charger market insight and drivers, get in touch with our analysts here.

The Reduction in Production of Vehicles Globally to Restrain the Market Growth.

The reduction in production of vehicles due to events such as the global pandemic of Covid-19 that led to decrease in utilization of vehicles across the world can hamper the growth of turbochargers market as the demand for the turbochargers is dependent on the usage of vehicles. In addition to this, lack of market standardization and regulatory measures in developing and undeveloped countries such as African nations can restrict the market growth in the forecast period

The Adoption of Electric Turbochargers in Developing Countries is Expected to Create Opportunities for Turbocharger Market

The increasing utilization of electric turbochargers is expected to provide new scope of opportunities for the market in the forecast period. The advantage of an electrically assisted turbocharger is that the electric motor can not only drive the turbocharger shaft, but also break it: the electric motor turns into a generator and generates electricity. In situations where there is too much power available to the turbocharger shaft, the electrically assisted turbocharger can generate useful power and therefore reduce a vehicle's fuel consumption and emissions. In addition, the electric motor is integrated into the turbocharger, making it a compact and easy-to-install solution. These are the positive turbocharger market trends that are expected to act as facilitators of the turbocharger market growth during the forecast period.

To know more about global turbocharger market trends, get in touch with our analysts here.

Turbocharger Market, by Vehicle Type
By Vehicle Type

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Based on vehicle type, the market has been divided into Passenger Vehicles, light commercial vehicles, and heavy commercial vehicles. The Passenger Vehicles sub-segment is anticipated to generate the maximum revenue and heavy commercial vehicles is expected to show the fastest growth. Download PDF Sample Report

Source: Research Dive Analysis

The passenger vehicles sub-segment is predicted to have a dominating share in the global market and register a revenue of $6,827.2 million in 2028, growing from $4,078.3 million in 2020 during the forecast period.
The increasing demand for improving the fuel efficiency of passenger vehicles 
as well as the implementation of turbocharger in the passenger vehicles will aid in reducing the size of the engine, by producing more power output with same size of the engine. These factors are expected to aid the growth of this sub-segment.

The heavy commercial vehicles sub-segment is predicted to be fastest growing share in the global market and register a revenue of $3,611.4 million in 2028, growing from $2,131.0 million in 2020 during the forecast period.
The turbo chargers are installed in nearly every heavy commercial vehicle as turbochargers increase the power output generated by the engine. The operational time of heavy commercial vehicles is more as compared to the passenger cars and light commercial vehicles therefore, the replacement rate for turbochargers on these vehicles is very high.  These factors are expected to aid the growth of this sub-segment.

Turbocharger Market, by Vehicle Type
By Fuel Type

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Based on fuel type, the market has been divided in petrol, Diesel, and others. The Diesel sub-segment is expected to be the most dominating and petrol sub-segment is the fastest growing sub-segment.

Source: Research Dive Analysis

The diesel sub-segment is estimated to have a dominating market share in the global market and register a revenue of $7,131.8 million in year 2028, with a healthy CAGR of 6.5% during the forecast period. 
The diesel engines are generally installed in commercial vehicles as the cost of diesel is less than that of petrol. Commercial vehicles that are utilized for goods transportation, in mines for raw material transportation, and lifting heavy load require turbochargers as an essential component for optimum operational efficiency of the engine. These factors are expected to aid the growth of this sub-segment.

The petrol, sub-segment of the global turbocharger market is projected to have the fastest growth and register a revenue of $ 5,537.0 million during the analysis timeframe, growing at a healthy CAGR of 7.3%. The largescale production of the passenger cars due to surge in demand from the emerging nations is expected to aid the growth of petrol sub-segment. The light commercial vehicles that operate on petrol have high rate of adoption of turbo chargers for improving in the engine efficiency. These factors are expected to aid the growth of petrol sub-segment in the forecast period.

Turbocharger Market, by Vehicle Type
By Technology

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Based on technology, the market has been divided in twin-turbo technology, variable geometry technology, wastegate technology, and others. The variable geometry technology sub-segment is expected to be the most dominating as well as the fastest growing sub-segment.

Source: Research Dive Analysis

The variable geometry technology sub-segment is estimated to be the dominating as well as the fastest growing sub-segment in the global market and register a revenue of $5,527.9 million in year 2028, with a healthy CAGR of 7.4% during the forecast period.
The advantages of implementing variable geometry technology turbocharger are higher air–fuel ratio and higher peak torque at low engine speeds, improved vehicle accelerations without the need to resort to turbines with high pumping loss at high engine speeds, and ability to provide engine braking. These factors are expected to aid the growth of this sub-segment.

Turbocharger Market, by Vehicle Type
By Distribution Channel

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Based on distribution channel, the market has been sub-segmented into Original Equipment Manufacturer and aftermarket. Among the mentioned sub-segments, the Original Equipment Manufacturer is estimated to show a dominant share, whereas the aftermarket sub-segment is projected to garner the fastest growth.

Source: Research Dive Analysis

The original equipment manufacturer sub-segment is anticipated to have a dominating share in the global market and surpass $9,761.5 million by 2028, with an increase from $5,929.2 million in 2020. The largescale production of vehicles in different categories such as commercial and passenger vehicles with increasing emphasis on fuel efficiency is expected to aid the growth of original equipment manufacturer sub-segment. As per "International Organization of Motor Vehicle Manufacturers”, an international trade association whose members are 39 national automotive industry trade associations, the total production of vehicles in 2020 was 77 million thus, the increasing vehicle production is expected to aid the growth of sub-segment in the forecast period.

The aftermarket sub-segment of the global turbocharger market is projected to have the fastest growth and register a revenue of $5,523.2 million during the analysis timeframe, growing at a healthy CAGR of 7.2%. The increasing rate of installation t of components such as turbochargers in commercial and passenger vehicles due to overuse during large distance of travel is expected to aid the growth of this sub-segment.

Turbocharger Market, by Vehicle Type
By Region

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The turbocharger market was investigated across North America, Europe, Asia-Pacific, and LAMEA.

Source: Research Dive Analysis

The Market for Turbocharger in Asia-Pacific to be the Most Dominating as well as Fastest Growing

The Asia -Pacific turbocharger market generated $3,642.3 million in 2020 and is projected to register a revenue of $6,343.2 million by 2028. The rapid urbanization and increasing demand for mobility in the developing markets such as India and China have surged the urban population in the cities. Increasing per capita income of the population has led to large number of people upgrading from two wheelers to four wheelers, surging the sales of automobiles in the Asia-Pacific region and supplementing the growth of turbochargers market. In addition to this, the high rate of industrial development in the Asia-Pacific region has increased the consumption of turbochargers in the commercial vehicles and makes it the most lucrative region in the forecast period.

Competitive Scenario in the Global Turbocharger Market

Agreement and acquisitions are common strategies followed by major market players.

Competitive Scenario in the Global Turbocharger Market

Source: Research Dive Analysis

Some of the leading turbocharger market players are Eaton, Honeywell International Inc., BorgWarner Inc., Delphi Technologies, Continental AG, ABB, IHI Corporation, MITSUBISHI ELECTRIC CORPORATION, Rotomaster International, and Precision Turbo & Engine INC.

Porter’s Five Forces Analysis for the Global Turbocharger Market:

  • Bargaining Power of Suppliers: The suppliers in the turbocharger market are moderate in number. Several companies are working on new turbo charging technologies such as turbo supercharger to gain the major market share.
    Thus, the bargaining power of suppliers is moderate.
  • Bargaining Power of Buyers: Buyers have high bargaining power; they demand services at a cost-effective manner. This increases the pressure on the turbo charger providers to offer the best service in a cost-effective way. Thus, buyers can have alternatives and choose the convenient product that best fits their preference. 
    Thus, the bargaining power of buyers is high
  • Threat of New Entrants: Companies entering the turbocharger market are adopting technological innovations in turbocharger development for attracting clients. The initial investment in the turbocharger is moderate. 
    Thus, the threat of the new entrants is moderate.
  • Threat of Substitutes: There is no alternative product for turbocharger solutions. 
    Thus, the threat of substitutes is low.
  • Competitive Rivalry in the Market: The competitive rivalry among industry leaders is rather intense, especially between the global players including Eaton, ABB, Honeywell International Inc., and Continental AG Companies who do acquisitions to gain major market share. 
    Therefore, competitive rivalry in the market is high.

Aspect

Particulars

  Historical Market Estimations

  2019-2020

  Base Year for Market Estimation

  2020

  Forecast Timeline for Market Projection

  2021-2028

  Geographical Scope

  North America, Europe, Asia-Pacific, LAMEA

  Segmentation by Vehicle Type

 

  • Passenger Vehicles
  • Light Commercial Vehicles
  • Heavy Commercial Vehicles

  Segmentation by Fuel Type

  • Petrol
  • Diesel
  • Others

  Segmentation by Technology

  • Twin-turbo Technology
  • Wastegate Technology
  • Variable Geometry Technology (VGT)
  • Others

  Segmentation by Distribution Channel

  • Original Equipment Manufacturer (OEMs)
  • Aftermarket

  Key Companies Profiled

  • Eaton
  • Honeywell International Inc.
  • BorgWarner Inc.
  • Delphi Technologies
  • Continental AG
  • ABB
  • IHI Corporation
  • MITSUBISHI ELECTRIC CORPORATION
  • Rotomaster International
  • Precision Turbo & Engine INC  

Frequently Asked Questions
 

A. The market share of the global twin-turbo technology was over $2,573.2 million in 2020 and is projected to reach $4402.5 million by 2028.

A. The users can get the sample turbocharger market report from research dive market.

A. The size of the automotive turbochargers market is around $9,153.8 million in 2020 and is expected to grow $15,284.7 million witness the most promising growth in the future.

A. The growth of the automotive turbochargers is anticipated to grow at an 6.8% CAGR during the forecast period.

1.Research Methodology

1.1.Desk Research
1.2.Real time insights and validation
1.3.Forecast model
1.4.Assumptions and forecast parameters

1.4.1.Assumptions
1.4.2.Forecast parameters

1.5.Data sources

1.5.1.Primary
1.5.2.Secondary

2.Executive Summary

2.1.360° summary
2.2.Vehicle Type trends
2.3.Fuel Type trends
2.4.Technology trends
2.5.Distribution Channel trends

3.Market overview

3.1.Market segmentation & definitions
3.2.Key takeaways

3.2.1.Top investment pockets
3.2.2.Top winning strategies

3.3.Porter’s five forces analysis

3.3.1.Bargaining power of consumers
3.3.2.Bargaining power of suppliers
3.3.3.Threat of new entrants
3.3.4.Threat of substitutes
3.3.5.Competitive rivalry in the market

3.4.Market dynamics

3.4.1.Drivers
3.4.2.Restraints
3.4.3.Opportunities

3.5.Application landscape
3.6.Regulatory landscape
3.7.Patent landscape
3.8.Pricing overview

3.8.1.By Vehicle Type
3.8.2.By Fuel Type  
3.8.3.By Technology
3.8.4.By Distribution Channel
3.8.5.By Region

3.9.Market value chain analysis

3.9.1.Stress point analysis
3.9.2.Raw material analysis
3.9.3.Manufacturing process
3.9.4.Distribution channel analysis
3.9.5.Operating vendors

3.9.5.1.Raw material suppliers
3.9.5.2.Product manufacturers
3.9.5.3.Product distributors

3.10.Strategic overview

4. Turbocharger Market, by Vehicle Type

4.1.Passenger Vehicles

4.1.1.Market size and forecast, by region, 2021-2028
4.1.2.Comparative market share analysis, 2021-2028

4.2. Light Commercial Vehicles

4.2.1.Market size and forecast, by region, 2021-2028
4.2.2.Comparative market share analysis, 2021-2028

4.3.Heavy Commercial Vehicles

4.3.1.Market size and forecast, by region, 2021-2028
4.3.2.Comparative market share analysis, 2021-2028

4.4.Others

4.4.1.Market size and forecast, by region, 2021-2028
4.4.2.Comparative market share analysis, 2021-2028

5. Turbocharger Market, by Fuel Type 

5.1.Petrol

5.1.1.Market size and forecast, by region, 2021-2028
5.1.2.Comparative market share analysis, 2021-2028

5.2. Diesel

5.2.1.Market size and forecast, by region, 2021-2028
5.2.2.Comparative market share analysis, 2021-2028

5.3.Others

5.3.1.Market size and forecast, by region, 2021-2028
5.3.2.Comparative market share analysis, 2021-2028

6.Turbocharger Market, by Fuel Type 

6.1.Twin-turbo Technology

6.1.1.Market size and forecast, by region, 2021-2028
6.1.2.Comparative market share analysis, 2021-2028

6.2. Wastegate Technology

6.2.1.Market size and forecast, by region, 2021-2028
6.2.2.Comparative market share analysis, 2021-2028

6.3.Variable Geometry Technology (VGT)

6.3.1.Market size and forecast, by region, 2021-2028
6.3.2.Comparative market share analysis, 2021-2028

6.4.Others

6.4.1.Market size and forecast, by region, 2021-2028
6.4.2.Comparative market share analysis, 2021-2028

7. Turbocharger Market, by Distribution Channel

7.1.Original Equipment Manufacturer (OEMs)

7.1.1.Market size and forecast, by region, 2021-2028
7.1.2.Comparative market share analysis, 2021-2028

7.2. Aftermarket

7.2.1.Market size and forecast, by region, 2021-2028
7.2.2.Comparative market share analysis, 2021-2028

8. Turbocharger Market, by region

8.1.North Region

8.1.1.Market size and forecast, by Vehicle Type, 2021-2028
8.1.2.Market size and forecast, by Fuel Type, 2021-2028
8.1.3.Market size and forecast, by Technology, 2021-2028
8.1.4.Market size and forecast, by Distribution Channel, 2021-2028
8.1.5.Market size and forecast, by country, 2021-2028
8.1.6.Comparative market share analysis, 2021-2028

8.1.7.U.S

8.1.7.1.Market size and forecast, by Vehicle Type, 2021-2028
8.1.7.2.Market size and forecast, by Fuel Type, 2021-2028
8.1.7.3.Market size and forecast, by Technology, 2021-2028
8.1.7.4.Market size and forecast, by Distribution Channel, 2021-2028

8.1.8.Canada

8.1.8.1.Market size and forecast, by Vehicle Type, 2021-2028
8.1.8.2.Market size and forecast, by Fuel Type, 2021-2028
8.1.8.3.Market size and forecast, by Technology, 2021-2028
8.1.8.4.Market size and forecast, by Distribution Channel, 2021-2028 

8.1.9.Mexico

8.1.9.1.Market size and forecast, by Vehicle Type, 2021-2028
8.1.9.2.Market size and forecast, by Fuel Type, 2021-2028
8.1.9.3.Market size and forecast, by Technology, 2021-2028
8.1.9.4.Market size and forecast, by Distribution Channel, 2021-2028

8.2.Europe

8.2.1.Market size and forecast, by Vehicle Type, 2021-2028
8.2.2.Market size and forecast, by Fuel Type, 2021-2028
8.2.3.Market size and forecast, by Technology, 2021-2028
8.2.4.Market size and forecast, by Distribution Channel, 2021-2028
8.2.5.Market size and forecast, by country, 2021-2028
8.2.6.Comparative market share analysis, 2021-2028

8.2.7.UK

8.2.7.1.Market size and forecast, by Vehicle Type, 2021-2028
8.2.7.2.Market size and forecast, by Fuel Type, 2021-2028
8.2.7.3.Market size and forecast, by Technology, 2021-2028
8.2.7.4.Market size and forecast, by Distribution Channel, 2021-2028

8.2.8.Germany

8.2.8.1.Market size and forecast, by Vehicle Type, 2021-2028
8.2.8.2.Market size and forecast, by Fuel Type, 2021-2028
8.2.8.3.Market size and forecast, by Technology, 2021-2028
8.2.8.4.Market size and forecast, by Distribution Channel, 2021-2028

8.2.9.France

8.2.9.1.Market size and forecast, by Vehicle Type, 2021-2028
8.2.9.2.Market size and forecast, by Fuel Type, 2021-2028
8.2.9.3.Market size and forecast, by Technology, 2021-2028
8.2.9.4.Market size and forecast, by Distribution Channel, 2021-2028

8.2.10.Spain

8.2.10.1.Market size and forecast, by Vehicle Type, 2021-2028
8.2.10.2.Market size and forecast, by Fuel Type, 2021-2028
8.2.10.3.Market size and forecast, by Technology, 2021-2028
8.2.10.4.Market size and forecast, by Distribution Channel, 2021-2028

8.2.11.Italy

8.2.11.1.Market size and forecast, by Vehicle Type, 2021-2028
8.2.11.2.Market size and forecast, by Fuel Type, 2021-2028
8.2.11.3.Market size and forecast, by Technology, 2021-2028
8.2.11.4.Market size and forecast, by Distribution Channel, 2021-2028

8.2.12.Rest of Europe

8.2.12.1.Market size and forecast, by Vehicle Type, 2021-2028
8.2.12.2.Market size and forecast, by Fuel Type, 2021-2028
8.2.12.3.Market size and forecast, by Technology, 2021-2028
8.2.12.4.Market size and forecast, by Distribution Channel, 2021-2028

8.3.Asia-Pacific

8.3.1.Market size and forecast, by Vehicle Type, 2021-2028
8.3.2.Market size and forecast, by Fuel Type, 2021-2028
8.3.3.Market size and forecast, by Technology, 2021-2028
8.3.4.Market size and forecast, by End- User, 2021-2028
8.3.5.Market size and forecast, by Country, 2021-2028
8.3.6.Comparative market share analysis, 2021-2028

8.3.7.China

8.3.7.1.Market size and forecast, by Vehicle Type, 2021-2028
8.3.7.2.Market size and forecast, by Fuel Type, 2021-2028
8.3.7.3.Market size and forecast, by Technology, 2021-2028
8.3.7.4.Market size and forecast, by End- User, 2021-2028

8.3.8.India

8.3.8.1.Market size and forecast, by Vehicle Type, 2021-2028
8.3.8.2.Market size and forecast, by Fuel Type, 2021-2028
8.3.8.3.Market size and forecast, by Technology, 2021-2028
8.3.8.4.Market size and forecast, by End- User, 2021-2028

8.3.9.Japan

8.3.9.1.Market size and forecast, by Vehicle Type, 2021-2028
8.3.9.2.Market size and forecast, by Fuel Type, 2021-2028
8.3.9.3.Market size and forecast, by Technology, 2021-2028
8.3.9.4.Market size and forecast, by End- User, 2021-2028

8.3.10.South Korea

8.3.10.1.Market size and forecast, by Vehicle Type, 2021-2028
8.3.10.2.Market size and forecast, by Fuel Type, 2021-2028
8.3.10.3.Market size and forecast, by Technology, 2021-2028
8.3.10.4.Market size and forecast, by End- User, 2021-2028

8.3.11.Australia

8.3.11.1.Market size and forecast, by Vehicle Type, 2021-2028
8.3.11.2.Market size and forecast, by Fuel Type, 2021-2028
8.3.11.3.Market size and forecast, by Technology, 2021-2028
8.3.11.4.Market size and forecast, by End- User, 2021-2028

8.3.12.Rest of Asia-Pacific

8.3.12.1.Market size and forecast, by Vehicle Type, 2021-2028
8.3.12.2.Market size and forecast, by Fuel Type, 2021-2028
8.3.12.3.Market size and forecast, by Technology, 2021-2028
8.3.12.4.Market size and forecast, by End- User, 2021-202

8.4.LAMEA

8.4.1.Market size and forecast, by Vehicle Type, 2021-2028
8.4.2.Market size and forecast, by Fuel Type, 2021-2028
8.4.3.Market size and forecast, by Technology, 2021-2028
8.4.4.Market size and forecast, by Distribution Channel, 2021-2028
8.4.5.Market size and forecast, by Country, 2021-2028
8.4.6.Comparative market share analysis, 2021-2028

8.4.7.Latin America

8.4.7.1.Market size and forecast, by Vehicle Type, 2021-2028
8.4.7.2.Market size and forecast, by Fuel Type, 2021-2028
8.4.7.3.Market size and forecast, by Technology, 2021-2028
8.4.7.4.Market size and forecast, by Distribution Channel, 2021-2028

8.4.8.Middle East

8.4.8.1.Market size and forecast, by Vehicle Type, 2021-2028
8.4.8.2.Market size and forecast, by Fuel Type, 2021-2028
8.4.8.3.Market size and forecast, by Technology, 2021-2028
8.4.8.4.Market size and forecast, by Distribution Channel, 2021-2028

8.4.9.Africa

8.4.9.1.Market size and forecast, by Vehicle Type, 2021-2028
8.4.9.2.Market size and forecast, by Fuel Type, 2021-2028
8.4.9.3.Market size and forecast, by Technology, 2021-2028
8.4.9.4.Market size and forecast, by Distribution Channel, 2021-2028

9.Company profiles

9.1.Eaton

9.1.1.Business overview
9.1.2.Financial performance
9.1.3.Operating Segments
9.1.4.Recent strategic moves & developments
9.1.5.SWOT analysis

9.2.Honeywell International Inc.

9.2.1.Business overview
9.2.2.Financial performance
9.2.3.Operating Segments
9.2.4.Recent strategic moves & developments
9.2.5.SWOT analysis

9.3.BorgWarner Inc.

9.3.1.Business overview
9.3.2.Financial performance
9.3.3.Operating Segments
9.3.4.Recent strategic moves & developments
9.3.5.SWOT analysis

9.4.Delphi Technologies

9.4.1.Business overview
9.4.2.Financial performance
9.4.3.Operating Segments
9.4.4.Recent strategic moves & developments
9.4.5.SWOT analysis

9.5.Continental AG

9.5.1.Business overview
9.5.2.Financial performance
9.5.3.Operating Segments
9.5.4.Recent strategic moves & developments
9.5.5.SWOT analysis

9.6.ABB

9.6.1.Business overview
9.6.2.Financial performance
9.6.3.Operating Segments
9.6.4.Recent strategic moves & developments
9.6.5.SWOT analysis

9.7.IHI Corporation

9.7.1.Business overview
9.7.2.Financial performance
9.7.3.Operating Segments
9.7.4.Recent strategic moves & developments
9.7.5.SWOT analysis

9.8.MITSUBISHI ELECTRIC CORPORATION

9.8.1.Business overview
9.8.2.Financial performance
9.8.3.Operating Segments
9.8.4.Recent strategic moves & developments
9.8.5.SWOT analysis

9.9.Rotomaster International

9.9.1.Business overview
9.9.2.Financial performance
9.9.3.Operating Segments
9.9.4.Recent strategic moves & developments
9.9.5.SWOT analysis

9.10.Precision Turbo & Engine INC

9.10.1.Business overview
9.10.2.Financial performance
9.10.3.Operating Segments
9.10.4.Recent strategic moves & developments
9.10.5.SWOT analysis

Turbocharger is an integral part of internal combustion (IC) engine that is used to improve the volumetric efficiency and improve the performance of engine by increasing the amount of air intake in the combustion chamber. Turbocharger plays a vital role in enhancing the efficiency as an IC engine requires added air for combustion of extra fuel for large power generation, which can decrease its efficiency. Particularly, turbocharger does not require any source to operate and works best on high engine speed. Presently, turbo charger technology is mainly used in aerospace and automotive industries. For instance, turbochargers are employed by manufacturers in engines of fast racing cars to produce high amount of power even under high temperature and harsh conditions.

COVID-19 Impact on Turbocharger Market

The outbreak of COVID-19 across the globe has unfavorably impacted the global turbocharger market growth. The negative turbocharger market growth is majorly due to the delay in production, manufacturing, and supply of raw materials used in automobile industry due to lockdown imposed in many parts of the world. Besides, the sales of new vehicles also got affected. Moreover, the coronavirus pandemic has enforced the various companies in the turbocharger industry to adopt new technology during operations, such as implementation of predictive analytics in order to mitigate the COVID-19 impact on the turbocharger market and forecast losses accurately.

Turbocharger Market Trends and Developments

The companies operating in the global industry are adopting several growth strategies and business tactics such as partnerships, collaboration, business expansion, and product launches to obtain a leading position in the global industry, which is predicted to drive the global turbocharger market growth in the upcoming years.

For instance, in September 2020, BorgWarner, an American multinational automotive supplier, announced the supply of its state-of-the-art VTG (variable turbine geometry) turbocharger to a global original equipment manufacturer (OEM) for numerous vehicle models. This VTG turbocharger by BorgWarner offers benefits for modern hybrid and combustion engines like reduced emission, improved power output, and higher temperature capabilities.

In November 2020, Continental AG, a German multinational automotive parts manufacturing company, extended its line of turbochargers for the aftermarket for VW group, MINI, and BMW. These models use the sophisticated RAAX turbine technology, which reduces emissions by enhancing efficiency and improves engine response.

In November 2020, Cummins Turbo Technologies (CTT), the leading manufacturer and distributor of turbochargers for diesel engines, launched new compressor stage to Series 800 Holset Turbocharger, The Series 800 takes a leap forward and has been rejuvenated to deliver significant improvements in flow range, temperature capability, performance, and seal robustness.

Forecast Analysis of Global Market

The global turbocharger market is projected to witness an exponential growth over the forecast period, owing to the increasing adoption of electric turbochargers in the developing countries across the globe. Conversely, the reduction in the production of vehicles around the world is expected to hamper the market growth in the projected timeframe.

The increasing demand for fuel efficient vehicles in both the major categories of vehicles (passenger and commercial) due to increasing prices of fuel around the world are the significant factors and turbocharger market trends estimated to bolster the growth of the global market in the coming future. According to a latest report published by Research Dive, the global turbocharger market is expected to garner $15,284.7 million during the forecast period (2021-2028). Regionally, the Asia-Pacific turbocharger market is estimated to observe the rapid growth by 2028, owing to the rapid urbanization and the rising demand for mobility in the developing markets such as China and India.

The key players functioning in the global market include Eaton, BorgWarner Inc., Honeywell International Inc., Delphi Technologies, ABB, Continental AG, IHI Corporation, Rotomaster International, MITSUBISHI ELECTRIC CORPORATION, and Precision Turbo & Engine INC.

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