Turbocharger Market

Turbocharger Market Insights

"The global turbocharger market was estimated at USD 12 billion in 2021 and is likely to grow at a CAGR of 10.44% during 2022-2028 to reach USD 24.28 billion in 2028."

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• An expected rebound in vehicle production, & emission and fuel efficiency regulations.
• Increasing penetration/installation rates of turbochargers in gasoline engine-powered vehicles is the driving force of the market during the forecast period.

The fuel efficiency and environmental emission regulations in many developed and developing countries are putting pressure on automakers to either reduce the vehicle weight or downsize the engine to achieve the targets. The automakers are downsizing engines to meet the stringent global fuel economy and emission regulations and customer demand for better-performing vehicles. Turbochargers help downsized engines improve fuel economy by 20% to 40% as compared to larger, naturally aspirated engines.

Segment Analysis

Vehicle Insights

"The passenger cars segment accounted for the largest market share."

The market is segmented as On-Highway Vehicles: Passenger Car, Light Duty Vehicle, Medium, and Heavy Duty Vehicle, and Off-Highway Vehicles: Tractors and Construction Equipment. Passenger Cars dominated the overall market with a share of more that 55% in 2021.

 Fuel Insights

"The fuel type segment accounted for the largest market share.

The market is segmented as gasoline and diesel. The gasoline fuel type is expected to dominate the market and it held a revenue share of more than 45% in 2021 and is likely to expand at a CAGR of nearly 8.5% over the forecast period.

Technology Insights

 "VGT / VNT is more efficient turbochargers and will continue to gain market share during the forecast period"

This market is segmented as VGT/VNT, Wastegate, and Twin Turbo. VGT / VNT is more efficient than traditional wastegate turbochargers and will continue to gain market share during the forecast period. VGT / VNT is well suited both for diesel as well as gasoline-powered engines.

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Regional Insights

"Asia-Pacific accounted for the largest market share."

Asia-Pacific is likely to remain the largest market share with an 11% CAGR growth during the forecast period, driven by demand in emerging economies, such as China and India. The European market is likely to witness a market share of more than 50% in 2021. This region owns the world’s largest turbo diesel fleet and the highest turbocharger installation rates worldwide.

• China is the world’s fastest-growing automotive market and is projected to increase the turbocharger installation rates in its new vehicles from 25% to 47% in the year 2028. This will lead to an almost twofold increase in the demand for turbochargers in China in five years.
• North America is another growing market for turbochargers, driven by the demand for lightweight and engine downsizing in new vehicles to meet the CAFÉ standards.
• Most of the major turbocharger manufacturers have already set up their manufacturing plants in China to tap the regional growth potential. India, Japan, and South Korea have also joined the row and are projected to increase installation rates of turbochargers in the new vehicles. Apart from China, significant demand for turbochargers is expected to be generated from these countries in the next five years.

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Key Players

Transportation industry stakeholders are continuously trying hard to address the challenges related to turbochargers, which are the production of cost-effective turbochargers without sacrificing their performance and mitigating the noise generated by turbochargers.

The supply chain of this market comprises raw material suppliers, turbocharger component manufacturers, turbocharger manufacturers, distributors, and Automotive OEMs.

The key On-highway OEMs are-

• Daimler
• General Motors
• Toyota
• Nissan
• Ford

and the key off-highway OEMs are-

• Caterpillar
• Hitachi Construction Machinery
• Komatsu
• Hitachi Construction Machinery
• Hyundai Heavy Industries
• Volvo Construction Equipment.

The global turbocharger market in the transportation industry is highly consolidated.

The following are the key players in the turbocharger market:

• BorgWarner
• Cummins
• Continental AG
• Honeywell International
• IHI Corporation.
• Mitsubishi Heavy industries

New product development, custom product offering, and regional expansion are the key strategies adopted by the key players to gain a competitive edge in the market

Note: The above list does not necessarily include all the top players in the market.

Are you the leading player in this market? We would love to include your name. Write to us at sales@stratviewresearch.com

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

Market Segmentation

This report studies the market covering 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The turbocharger market is segmented into the following categories:

By Vehicle Type

• On-Highway Vehicles
• Passenger Car
• Light Duty Vehicles
• Medium & Heavy-Duty Vehicles
• Off-Highway Vehicles
• Tractor
• Construction Equipment

By Charger Type

• Turbocharger
• Supercharger

By Fuel Type

• Gasoline
• Diesel

By Technology Type

• VGT / VNT
• Wastegate
• Twin Turbo

By Region

• North America (Country Analysis: The USA, Canada, Mexico)
• Europe (Country Analysis: Germany, France, United Kingdom, Italy, Russia, Rest of Europe)
• Asia-Pacific (Country Analysis: China, japan, South Korea, India, Rest of Asia-Pacific)
• Rest of the World (Latin America, Middle East)

Research Methodology

This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s turbocharger market realities and future market possibilities for the forecast period. The report segments and analyzes the market in the most detailed manner to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3)
• SWOT analysis of key players (up to 3)

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview research offers custom research services across the sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your enquiry at sales@stratviewresearch.com.