WASHINGTON, April 26, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the Global Turbocharger Market finds that the increase in demand for passenger vehicles is expediting market growth. Primarily driven by growing demand for fuel efficient vehicles, the total Global Turbocharger Market is estimated to reach a revenue of USD 22888.3 Million by the year 2028.
The Market stood at a revenue of USD 16,982.4 Million in the year 2021, and is projected to grow at a Compound Annual Growth Rate (CAGR) of 5.1%.
Furthermore, the growing stringent emission norms worldwide are also anticipated to augment the growth of the Global Turbocharger Market, states Vantage Market Research, in a report, titled “Turbocharger Market Size, Share & Trends Analysis Report by Vehicle Type (Passenger Car, LCV, HCV, Agricultural Machinery), by Product Type (Wastegate, Variable-geometry Technology, Twin Turbo), by Fuel Type (Gasoline, Diesel), by Sales Channel (OEM, Aftermarket), by Actuators (Hydraulic, Pneumatic, Electric), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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Market Dynamics:
Increase in Demand for Passenger Vehicles to Fuel Global Turbocharger Market
The increasing demand for passenger vehicles is expected to fuel the growth of the Turbocharger Market during the forecast period. This is attributable to the cumulative use of passenger vehicles as it is preferred to be the most common mode of transportation in the developed as well as developing countries owing to the rising per capita income of the consumers. Furthermore, owing to the rising consumer base, most of the major companies are focusing on increasing their production of passenger vehicles in the automotive industry which in turn is supporting the demand of the turbochargers in the years to come. Additionally, the considerable increase in the automotive sales across the globe is also anticipated to augment the growth of the market in near future. This is owing to the rising urbanization and disposable income of the consumers which is allowing consumers to spend more on luxurious and comfortable cars that are equipped with more safety features. Most of the major players in the automotive industry are also focussing on including more safety features to increase their sales.
Key Insights & Findings from the Report:
- According to our primary respondents’ research, the Turbocharger market is predicted to grow at a CAGR of roughly 5.1% during the forecast period.
- The Turbocharger market was estimated to be worth roughly USD 16,982.4 Million in 2021 and is expected to reach USD 22888.3 Million by 2028; based on primary research.
- On the basis of region, Asia Pacific is projected to dominate the worldwide Turbocharger market.
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Segmentation of the Global Turbocharger Market:
- Vehicle Type
- Passenger Car
- LCV
- HCV
- Agricultural Machinery
- Construction Machinery
- Product Type
- Wastegate
- Variable-geometry Technology
- Twin Turbo
- Fuel Type
- Gasoline
- Diesel
- Sales Channel
- OEM
- Aftermarket
- Actuators
- Hydraulic
- Pneumatic
- Electric
- Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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Growing Demand for Fuel Efficient Vehicles to Augment Market Growth
The rising demand for fuel efficient vehicles is anticipated to augment the growth of the Turbocharger Market within the estimated period. Turbocharger helps in increasing the engine efficiency and power by inducing more air into the combustion chamber. This further results in enhanced fuel efficiency and cleaner fuel combustion, and hence improving the overall engine performance, and also helps in extending the life of engine components. Thus, owing to the increase in benefits the demand for turbochargers is expected to grow in the years to come. Additionally, the government regulatory implementation of stringent emission norms especially for vehicles is also anticipated to boost the growth of the market during the forecast period. With the use of fine- tuning turbochargers leads to complete combustion of the fuel and helps lower the emission of harmful gases. However, higher maintenance costs and more cooling oil requirements are expected to hamper the growth of the market in near future. Moreover, the development of electric turbochargers is further expected to create immense opportunities for the market within the estimated time period.
COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the automotive industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
- Impact Assessment of COVID-19 Pandemic
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long Term Dynamics
- Short Term Dynamics
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The report on Turbocharger Market highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates and Forecast
- Company Profiles
- Global and Regional Dynamics
Regional Analysis:
Asia Pacific to Dominate the Global Turbocharger Market
Asia Pacific has dominated the Global Turbocharger Market in 2021 and is likely to continue the same trend during the forecast period. China dominated the APAC region in 2021. This is attributable to the increased vehicle production and upcoming stringent emission norms in emerging economies such as China and India in the region. Furthermore, the improving socio-economic conditions in the region along with increasing adoption of Turbocharged Gasoline Direct Injection (TGDI) technology are also anticipated to encourage the adoption of turbochargers.
List of Prominent Players in the Turbocharger Market:
- Honeywell International Inc. (Garret Advancing Motion)
- BorgWarner Inc.
- IHI Corporation
- Cummins Inc.
- Bosch Mahle Turbo Systems GmbH & Co
- Eaton Corporation plc
- Weifang FuYuan Turbochargers Co., Ltd.
- Mitsubishi Heavy Industries
- Continental AG
Browse market data Tables and Figures spread through 148 Pages and in-depth TOC on "Turbocharger Market Size, Share & Trends Analysis Report by Vehicle Type (Passenger Car, LCV, HCV, Agricultural Machinery), by Product Type (Wastegate, Variable-geometry Technology, Twin Turbo), by Fuel Type (Gasoline, Diesel), by Sales Channel (OEM, Aftermarket), by Actuators (Hydraulic, Pneumatic, Electric), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)" View detailed Research Report here - https://www.vantagemarketresearch.com/press-release/turbocharger-market-425711
Recent Developments:
February, 2022: ABB announced that its Turbocharging division (PA), a global leader in heavy duty turbocharging for diesel and gas engines, has unveiled its new brand name “Accelleron”, a compound word of: Access – Accelerate – Excel – on and on, with a bold new color of bright purple representing a powerful, inspirational, and noble brand.
November, 2020: Garrett Motion Inc., announced its advanced turbocharging technologies that have been deployed in support of a recent launch by a global manufacturer of harvesters, combines, excavators and other agricultural equipment.
Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the Turbocharger Market?
- How will the Turbocharger Market change in the upcoming six years?
- Which application and product will take a lion’s share of the Turbocharger Market?
- What is the Turbocharger market drivers and restrictions?
- What will be the CAGR and size of the Turbocharger Market throughout the forecast period?
This market titled “Turbocharger Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
| Parameter | Details |
| Market Size Provided for Years | 2016-2028 |
| Base Year | 2021 |
| Historic Years | 2016-2020 |
| Forecast Years | 2022-2028 |
| Segments Covered | • Vehicle Type • Passenger Car • LCV • HCV • Agricultural Machinery • Construction Machinery • Product Type • Wastegate • Variable-geometry Technology • Twin Turbo • Fuel Type • Gasoline • Diesel • Sales Channel • OEM • Aftermarket • Actuators • Hydraulic • Pneumatic • Electric • Region • North America • Europe • Asia Pacific • Latin America • Middle East and Africa |
| Region & Counties Covered | • North America • U.S. • Canada • Mexico • Europe • U.K • France • Germany • Italy • Spain • Rest Of Europe • Asia Pacific • China • Japan • India • South Korea • South East Asia • Rest Of Asia Pacific • Latin America • Brazil • Argentina • Rest Of Latin America • Middle East & Africa • GCC Countries • South Africa • Rest Of Middle East & Africa |
| Companies Covered |
|
| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis |
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- Top Companies in the Turbocharger Market: - https://v-mr.biz/turbocharger-market
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