Turbocharger Market - Global Opportunity Analysis and
Industry Forecast, 2014 - 2022, projects that the world turbocharger market is
expected to garner revenue of $19 billion by 2022, at a CAGR of 11.1% from 2016
to 2022. In 2015, Europe dominated the world turbocharger market and commanded
more than 40% share of the overall turbocharger market revenue, followed by
Asia-Pacific and North America. The European turbocharger market growth is
mainly driven by factors such as stringent government regulations related to
emission & fuel-efficiency, and increase in popularity among key automakers
for downsizing the engine & increasing efficiency.
Turbochargers swiftly gained popularity as they find wide
applications in light commercial vehicles, heavy commercial vehicles, ships
& aircraft, heavy duty vehicles, and locomotives owing to several benefits
such as enhanced fuel-efficiency, improved engine performance in terms of power
and output among others. In addition, they also help automakers to meet
regulatory standards regarding carbon emission. For instance, European
government imposed emission targets for new light commercial vehicles, wherein
each vehicle is required to have a label stating its fuel efficiency and CO2
emission level.
Light commercial vehicle (LCV) segment generated the highest
revenue in 2015 and is expected to lead the market throughout analysis period
owing to heightened LCV production globally, and the wider penetration of
turbochargers among passenger cars.
Among the various user industries of turbochargers, marine
industry is anticipated to attain highest growth during the forecast period.
Increased production of ships, and aggrandized use of turbochargers in marine
vessels due to its light weight design with high power and optimized fuel
consumption are some of the key driving factors of the market. Additionally,
rising government spending is expected to provide huge opportunities for the
market growth.
From the technology perspective, twin turbo technology is
most popular and widely accepted amongst various verticals including aerospace
& defense, marine, automotive and agriculture & construction owing to
less fuel consumption, and cost-effectiveness. However, variable geometry
technology (VGT) would attain highest CAGR owing to enhanced torque and power
compared to twin turbo and waste gate technology. The technology would continue
to be the second highest revenue contributor after twin-turbo charger
technology, throughout the analysis period.
Original equipment manufacturers (OEM) and aftermarket are
the two key end-users covered under world turbocharger market report.
Presently, OEM leads the market and it is expected to maintain its dominance
throughout the forecast period. Increase in automotive production and
enforcement of stringent government regulations are expected to provide huge
impetus to the OEM market growth. However, aftermarket segment would register a
higher CAGR of 12.1% during the forecast period due to the increasing trend for
automobiles upgradation among consumers.
Europe, presently leads the market, on account of high
investment in turbocharger technologies and enforcement of stringent government
regulations to reduce carbon emission. However, Asia-Pacific is as anticipated
to be most lucrative market, during the forecast period, owing to the increased
automotive production in countries such as China, Japan, and India.
Key Findings of Turbocharger Market Study:
- Ships & aircrafts segment is anticipated to be the fastest growing application segment in near future on account of high government investment and increasing adoption of turbochargers to get improved fuel efficiency and speed.
- Twin turbo is the most popular turbocharger technology and is expected to hold a significant market share throughout the analysis period.
- Based on fuel type, the turbocharger market is divided into diesel and gasoline, with former exhibiting a higher adoption as compared to the gasoline engines.
- Aftermarket end user segment is anticipated to grow at a faster CAGR due to incline in demand for upgradation of vehicle engine.
The report outlines competitive scenario of the global
turbocharger market, and provides a comprehensive study of key strategies
adopted by the leading companies. Some of the key companies profiled in the
report include Honeywell International Inc., Bosch Mahle Turbo System GmbH
& Co. KG, Mitsubishi Heavy Industries Ltd., IHI Corporation, BorgWarner
Inc., Eaton Corporation PLC, Rotomaster International, Cummins Inc., Precision
Turbo & Engine, and Continental AG
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