Turbocharger Market Size and Prediction by Leading Manufacturers According to Its Application and Types Till 2028
The global turbocharger market forecast to be valued at $15,284.7 million by 2028, surging from $9,153.8 million in 2020, at a noteworthy CAGR of 6.8%.
Analysis of Covid-19 Impact on Turbocharger Market
The Covid-19 impact on turbocharger market share has been negative. The imposed lockdown measures across the world affected the automobile industry for the sales of new vehicles, the production as well as transportation of raw materials such as steel that are required in manufacturing of automotive parts got delayed due to the COVID-19, negatively impacting the growth of the turbo charger market.
The coronavirus epidemic has enforced the companies in the turbocharger industry for the adoption of new technology during operation such as implementation of predictive analytics to forecast losses accurately and mitigate the impact of COVID-19 on the global turbocharger market.
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Global Turbocharger Market Analysis
The application of the turbochargers in the vehicles has advantages such as turbo-boosted engines are compact in size and specifically designed to increase fuel efficiency in compliance with the corporate average fuel economy standards, which are applicable across the globe. In addition, these chargers offer several advantages, for instance, increased air intake in combustion chamber, high engine performance, and reuse of exhausted air.. The improved engine performance and fuel efficiency are the major drivers of growth for the global turbocharger market.
The arrival of organized players in the market in emerging nations is anticipated to aid the growth of turbocharger market in the forecast period. The utilization of e-commerce channels for promotion and sales of turbocharger is expected to open new scope of opportunities for the turbocharger market. The original equipment manufacturer (OEM) companies such as Delphi Technologies, Continental AG, and ABB are expected to utilize e-commerce for lead generation and sales of their turbochargers. These new developments are anticipated to open new scope of opportunities for the global turbocharger market.
Global Turbocharger Market, Segmentation
The global turbocharger market is segmented based on vehicle type, fuel type, technology, distribution channel, and region.
Vehicle Type:
The vehicle type segment is further classified into passenger vehicles, light commercial vehicles, and heavy commercial vehicles. Among these, the passenger vehicles sub-segment is anticipated to generate the maximum revenue and surpass $6,827.2 million by 2028, with an increase from $4,078.3 million in 2020.
Fuel Type:
The fuel type segment is further classified in to petrol, diesel, and others. Among these, petrol sub-segment is anticipated to have fastest growth in the forecast period and surpass $5,537.0 million by 2028, with an increase from $3,190.6 million in 2020.
Technology:
The technology segment is further classified in to twin-turbo technology, variable geometry technology, wastegate technology, and others. Among these, variable geometry technology sub-segment is anticipated to be most dominating as well have the fastest growth in the forecast period and surpass $5,527.9 million by 2028, with an increase from $3,164.1 million in 2020.
Distribution Channel:
The distribution channel segment is further divided into original equipment manufacturer and aftermarket. The original equipment manufacturer dealer sub-segment is projected to be most dominating in the global market in terms of distribution channel and register a revenue of $9,761.5 million during the forecast timeframe of 2021-2028.
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Region:
The turbocharger market forecast for the Asia-Pacific region generated a revenue of $3,642.3 million in 2020 and is further projected to reach up to $6,343.2 million by 2028. The Asia-Pacific region is expected to be the most dominating as well as lucrative region for the turbocharger market in the forecast period.
Top 10 Major Key Players in the Global Turbocharger Market are -
- BorgWarner Inc.
- Delphi Technologies
- Eaton
- Honeywell International Inc.
- Continental AG
- ABB
- IHI Corporation
- MITSUBISHI ELECTRIC CORPORATION
- Rotomaster International
- Precision Turbo & Engine INC.
Along with the company profiles of the key players in the market, the report includes the Porter’s five forces model that gives deep insights into the competitive environment of the market.