The Global Turbocharger Market size is expected to reach $24. 3 billion by 2027, rising at a market growth of 6. 2% CAGR during the forecast period. A turbocharger is a device that is turbine-driven, which helps in increasing the internal combustion engine’s power output by offering extra compressed air into the combustion chamber.
New York, Oct. 26, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Turbocharger Market By Fuel Type, By Application, By Material, By Technology, By End User, By Regional Outlook, Industry Analysis Report and Forecast, 2021 - 2027" - https://www.reportlinker.com/p06177788/?utm_source=GNW
In addition, a turbocharger is different from the conventional aspirated engine’s power output as the compressor is able to force more air and respectively more fuel into the combustion chamber than atmospheric pressure itself. There is a wide range of applications of these turbochargers, generally in the car, truck, aircraft, train, and construction-equipment engines. These turbochargers are mostly utilized with Otto cycle & diesel cycle internal combustion engines.
Moreover, turbochargers are the important component that are used to boost the fuel efficiency by approximately 20% in automotive along with maintaining the output and torque by providing the highly pressurized air into the engines. Additionally, they help in supporting the rising power output by recovering the thermal energy discharges from the engine. By using these turbochargers in the automotive engine, manufacturers can facilitate acceleration by light pedal action and enable driving with fewer engine loads. Furthermore, the turbocharger is among the key components utilized in decreasing the particulate matter emission, and hence, resulting in cleaner exhaust. These features help in making cars, buses, and aircraft with less fuel consumption and hence, reduce environmental impact.
The COVID-19 pandemic has a huge impact on various industrial verticals including automotive, aerospace and defense, and others. The imposition of complete lockdown in various countries across the world has turned the business world upside down. The sales of automobiles have witnessed a declining demand, which has further impacted the sales of turbochargers in the market. Moreover, numerous automotive companies like Nissan, Honda, Volkswagen have faced production loss during the lockdown period.
The temporary shutdown of all the non-essential manufacturing units has negatively impacted the production of several goods. This impact has created a supply chain disruption and thus, affecting the growth of the market as a whole. Several aircraft manufacturing companies have faced a slowdown in the demand during the initial phases of the pandemic. Turbochargers are widely used in various industrial verticals, but the pandemic is estimated to slow down the overall growth of the turbocharger market over the forecast period.
Market Growth Factors:
Fuel efficiency and better engine performance would augment the market growth
Fuel efficiency is the major concern among customers because fuel prices are always fluctuating and majorly increasing, due to the restricted availability of fuel. The performance of a vehicle totally depends on the engine of the vehicle. Therefore, vehicle manufacturers are motivated to make efficient engines that can fulfill their needs and provide enhanced performance and fuel efficiency simultaneously.
Turbochargers help in decreasing the size of the engine and weight of the vehicle
Due to the increasing adoption of turbochargers across the world, several manufacturers have realized the way to fulfill the environmental emission regulations and compliances. This would result in the high production of vehicles like cars, trains, and trucks and further bolster the growth of the turbocharger market. By using turbochargers, manufacturers of various vehicles, ships, and aircraft can downsize the engine and further reduce the overall weight of the vehicle, which is a very important aspect in the production of aircraft and ships.
Market Restraining Factor:
Challenges in the installation of turbochargers
Turbochargers are gaining more popularity due to the various benefits offered by them and various innovations taken place in the industry, thereby supporting the growth of the market. However, there are some of the drawbacks faced by the manufacturers, which would ultimately hinder the market growth. Installation of any part in a vehicle plays an important role in the manufacturing process but if this part creates a problem for the manufacturers, then, it would possess a bigger challenge in front of the manufacturers.
Fuel Type Outlook
Based on Fuel Type, the market is segmented into Diesel and Gasoline. The increasing penetration of alternate fuel vehicles due to the benefits like boosted fuel efficiency, cleaner sources of energy, and less cost in comparison to traditional fuel are estimated to surge the growth of the market. The key players of the market have manufactured electrical assist turbos, which are anticipated to improve systems and fuel efficiencies in electric vehicles, along with the amalgamation of motor and turbos. Hence, these product developments are anticipated to support the rising trend of electric vehicles, thus propelling the growth of the market.
Based on Application, the market is segmented into Light Commercial Vehicle, Heavy Commercial Vehicle, Ships & Aircrafts, Agriculture & Construction, and Locomotives. The light commercial vehicle segment acquired the major market share in 2020. This segment is anticipated to garner the highest share in the market over the forecast period. Though, the ships & aircraft segment is estimated to garner the promising growth rate over the forecast period.
Based on Material, the market is segmented into Aluminium and Cast Iron. The aluminum segment accounted for the largest share in the market in 2020. This segment is estimated to procure the prominent growth rate in the forecast period due to the high usage of aluminum in the manufacturing of turbochargers.
Based on Technology, the market is segmented into Twin-turbo Technology, Wastegate Technology and Variable Geometry Technology (VGT). The twin-turbo technology segmented dominated the market with the highest revenue share in 2020 and is estimated to continue its dominance during the forecast period. Though, the variable geometry technology (VGT) segment is projected to acquire the fastest growth rate during the forecast period.
End User Outlook
Based on End User, the market is segmented into Original Equipment Manufacturer (OEMs) and Aftermarket. OEMs are increasingly shifting from diesel to gasoline engines to reduce the level of particulate matter in exhaust gases in automotive vehicles. It further helps OEM to manage the emission standards enforced by the regulatory bodies. Due to this, the diesel engine turbochargers are estimated to witness a low growth over the forecast period.
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. The Europe market dominated the Global Turbocharger Market by Region 2020, growing at a CAGR of 5.8 % during the forecast period. The North America market is experiencing a CAGR of 5.9% during (2021 - 2027). Additionally, The Asia Pacific market is poised to grow at a CAGR of 6.2% during the forecast period.
The major strategies followed by the market participants are Product Launches. Based on the Analysis presented in the Cardinal matrix; Cummins, Inc. is the major forerunners in the Turbocharger Market. Companies such as Mitsubishi Heavy Industries Ltd., Precision Turbo & Engine, IHI Corporation are some of the key innovators in the market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Garrett Motion, Inc., BorgWarner, Inc., Cummins, Inc., Mitsubishi Heavy Industries Ltd., Precision Turbo & Engine (Wabtec Corporation), IHI Corporation (Dai-ichi Life), Turbo Dynamics Ltd, Marelli, Magnum Performance Turbos, Inc., and Kompressorenbau Bannewitz GmbH.
Recent Strategies Deployed in Turbocharger Market
Partnerships, Collaborations, and Agreements:
Jun-2021: IHI Corporation entered into a Memorandum of Understanding (MOU) with GE, an American multinational conglomerate. This MoU aimed to develop a gas turbine business roadmap (Ammonia Roadmap). The Ammonia Roadmap would support the usage of ammonia as a carbon-free fuel to decrease the carbon emissions in prevailing and new gas turbines.
May-2021: BorgWarner signed an agreement with a major European OEM to supply its advanced eTurbo. This agreement enabled the company’s first application of its electrically assisted turbocharger in a high-voltage hybrid vehicle.
Apr-2021: IHI Corporation teamed up with AVL List, developer of powertrain and test systems. This collaboration aimed to leverage specific aspects of their individual portfolios, new energy and technology solutions that could be developed to help in carving the way towards the global objective.
Feb-2021: Cummins entered into a memorandum of understanding with Daimler Truck, a German multinational automotive corporation. In this partnership, Cummins would invest in the development of medium-duty engine systems for Daimler Trucks & Buses.
Feb-2021: Cummins came into partnership with Isuzu Motors Limited, a Japanese commercial vehicle, and diesel engine manufacturing company. This partnership aimed to evaluate and utilize opportunities to jointly make and bring the latest diesel and alternate powertrains to global markets.
Mar-2020: Marelli entered into a partnership with Transphorm, a semiconductor company. This partnership aimed to enable Marelli to get valuable access and insights into cutting-edge technologies for the making of electric vehicles, especially on board chargers, power converters, and inverters for electric and hybrid vehicles.
Jan-2020: Mitsubishi Heavy Industries (MHI) partnered with Imperial, a world-class university. This partnership aimed to establish a new research center to enhance turbocharger design and develop cleaner engines. The MHIET-Imperial Future Boosting Innovation Centre would do detailed research on turbocharger and exhaust energy technologies to boost engine performance & operation and allow low carbon engine technology.
Acquisitions and Mergers:
Jun-2021: BorgWarner acquired 89.08% share of AKASOL, a leading manufacturer of high-performance battery systems for different applications. This acquisition aimed to strengthen BorgWarner’s commercial vehicle and industrial electrification offerings that would help the company to capitalize on the fast-growing battery pack market.
Jun-2021: Cummins announced that it would buy a 50% equity interest in Rush Enterprises’s Momentum Fuel Technologies. Following this deal, the companies will form a joint venture, which would make natural-gas fuel-delivery systems for commercial vehicles.
Oct-2020: BorgWarner took over Delphi Technologies, an IT Service company. This acquisition aimed to strengthen BorgWarner’s electronics and power electronics products, capabilities, and scale, making it a leader in electrified propulsion systems.
Product Launches and Product Expansions:
Jun-2021: Cummins released GTA855GCE and G855GCE engines. These engines are designed for gas compression applications.
Jun-2021: Garrett Motion unveiled a new software solution aimed at Model-Based Predictive Control (MPC) technology with Hyundai Motor Company (HMC). The advanced MPC technology of Garrett would be able to predict and pre-emptively optimize the way a system works in real-world conditions, allowing all kinds of light and commercial vehicles, be it ICE, hybrid, battery-electric, or hydrogen fuel cell-powered, to enhance efficiency, performance, and reliability.
Mar-2021: Cummins launched the latest heavy-duty powertrain for the natural gas customer: ISX12N+Endurant HD N. The integration of the ISX12N near-zero natural gas engine along with the Endurant HD N 12-speed automated transmission from Eaton Cummins Automated Transmission Technologies is a perfect fit for heavy-duty regional haul fleets who want lower emissions and enhance their sustainability profile.
Oct-2020: Mitsubishi Heavy Industries launched the restyled ECLIPSE CROSS with a thin sporty SUV appearance, which boosts confidence and enhances comfort. This product would add a plug-in hybrid (PHEV) powertrain in some markets to meet the expanding requirements of customers who are looking for a more sustainable alternative.
Aug-2020: Cummins Turbo Technologies (CTT) introduced the 7th generation 400 series Variable Geometry Turbocharger (VGT). This turbocharge would assist engine manufacturers to fulfill the upcoming emission standards and provide top-class fuel economy.
Nov-2020: Marelli expanded its global footprint by opening a production facility for electric drivetrains in Cologne, Germany. This production facility would expand the company’s manufacturing footprint and capacities, which are crucial for its market growth.
Scope of the Study
Market Segments covered in the Report:
By Fuel Type
• Light Commercial Vehicle
• Heavy Commercial Vehicle
• Ships & Aircrafts
• Agriculture & Construction
• Cast Iron
• Twin-turbo Technology
• Wastegate Technology
• Variable Geometry Technology (VGT)
By End User
• Original Equipment Manufacturer (OEMs)
• North America
o Rest of North America
o Rest of Europe
• Asia Pacific
o South Korea
o Rest of Asia Pacific
o Saudi Arabia
o South Africa
o Rest of LAMEA
• Garrett Motion, Inc.
• BorgWarner, Inc.
• Cummins, Inc.
• Mitsubishi Heavy Industries Ltd.
• Precision Turbo & Engine (Wabtec Corporation)
• IHI Corporation (Dai-ichi Life)
• Turbo Dynamics Ltd
• Magnum Performance Turbos, Inc.
• Kompressorenbau Bannewitz GmbH
• Exhaustive coverage
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