Turbocharger Market Overview:
According to the World Economic Forum, globally, there will be an increase of twice the number of cars on road by 2040 which will equal two million figures. This data shows the inflating demand for cars in the global scenario, which will significantly increase the need for new sustainable vehicular devices such as turbochargers. Earlier these highly efficient turbochargers were used in motorsport vehicles manufacturing, however, it has gradually paved its way into the production of the commercial vehicle. With associated features such as high-charged internal combustion (IC) engines and economical yet cleaner outputs, turbochargers have gained a prominent place in the modern automotive sector. The global turbocharger market leveraged a revenue income of $16 billion in the year 2018. Racing cars incorporated with high-performing turbochargers generate greater horsepower without increasing the overall weight of the vehicle and boosts the gas mileage which is why these devices have been installed in popular motor racing vehicles such as Audi R10 TDI, Cadillac ATS-V.R, and others. Additionally, the marine and aircraft manufacturing industries also contribute considerably to the global economic output of the turbochargers market. Significantly, the turbochargers market is estimated to leverage huge ROI in the forecasted years at 5% CAGR.
Europe is eyeing on clean energy transition and endorses the application of sustainable industrial machinery to reduce the growing environmental concerns. A major contributor to the global turbocharger market with a regional share of 41.2% as of 2018, Europe is also a leading supporter of the green car technologies with several key automobiles manufacturers set up in this region which includes Audi, Mercedes-Benz, Ferrari, and others.
Globally, the automotive sector is projected to induce huge demand for the turbocharger, which is anticipated to witness a CAGR of 5.3% during the forecast period of 2019-2025. This hike in demand will continue to grow considerably with respect to the huge investment in green car machinery, inclination towards economical automobile engines, and large preference for greater torque.
Turbocharger Market Growth Drivers:
· Shifting consumer trend towards green vehicle will leverage huge demand for the turbocharged engines in the global market which also creates scope for newer innovations. Owing to this the global turbocharger market will experience an upsurge in the overall demand-supply chain thereby boosting the market growth.
· Increasing demand for hybrid, variable geometry, and twin turbochargers and colossal investment by the automotive sector to incorporate fuel-efficient, low noise, and cleaner emission-quality in vehicles are analyzed to largely influence the turbochargers market in the future years.
Turbocharger Market Companies:
The leading market players assessed in this report includes Delphi Technologies Plc, Continental AG, Eaton Corp., ABB Ltd., Honeywell, Inc., IHI, Bosch Mahle Turbo Systems Technology, Mitsubishi, Cummins Inc, and others.
Cummins Inc. is a global leader in manufacturing several engines and power generation and other machinery to several industrial sectors have recently delivered complimentary offerings in the global turbochargers market. Some of its latest innovations include the introduction of energy-efficient commercial wastegated turbochargers and Holset Fixed Geometry turbocharger with cleaner air emission features. They have also developed a lead-free corrosion inhibitor system for application in turbochargers along with the evaluation of Selective Laser Melting technology (SLM) for improving turbocharger efficiency. These major advancements will generate huge demand for the turbochargers market and eventually increase the overall revenue generation.
Turbocharger Market Trends and Innovations:
· New Turbo Engines Launch By Key Companies:
With advancement driving the global market, automotive companies are introducing new innovative products to lure more customer demand, also complying with ecological sustainability through less fuel exhausting and highly efficient turbo engines. Audi is all set to launch a new turbo engine for the DTM racing cars series 2019. This highly-efficient racing engine will offer more than 610 horsepower which will work smoothly and can run on alternative e-fuels maintaining sustainability. Furthermore, BMW has introduced its revolutionary turbo 4-cylinder engine which is claimed to consume extensively low fuel with even lesser emissions.
Turbocharger Market Research Scope:
The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the Turbocharger market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the types of Turbocharger in the Turbocharger market and their specific applications in different areas.
Turbocharger Market: Industry Coverage:
The global turbocharger market is basically segmented into fuel type, technology, end-user, industry vertical, and application type. On the basis of fuel type bifurcation includes diesel and gasoline. Technology categorization includes twin-turbo technology, wastegate technology, and variable geometry technology. By end-user, the turbocharger market can be divided into OEM and aftermarket. Based on industry vertical, the classification includes aerospace defense, automotive, marine, agriculture construction, and others. Sub segments under application type include light commercial vehicles, heavy commercial vehicles, ship aircraft, heavy-duty vehicles, and locomotive.
The Turbocharger market also analyzes the major geographic regions for the market as well as the major countries for the market in these regions. The regions and countries covered in the study include:
• North America: The U.S., Canada, Mexico
• South America: Brazil, Venezuela, Argentina, Ecuador, Peru, Colombia, Costa Rica
• Europe: The U.K., Germany, Italy, France, The Netherlands, Belgium, Spain, Denmark
• APAC: China, Japan, Australia, South Korea, India, Taiwan, Malaysia, Hong Kong
• Middle East and Africa: Israel, South Africa, Saudi Arabia
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