DUBLIN–(BUSINESS WIRE)–The “Turbocharger Market by Technology, Fuel Type, Application, Material and End-User: Global Opportunity Analysis and Industry Forecast, 2020-2027” report has been added to ResearchAndMarkets.com’s offering.

According to this report the global turbocharger market was valued at $16.13 billion in 2019, and is projected to reach $24.23 billion by 2027, registering a CAGR of 5.3% from 2020 to 2027.

Asia-Pacific dominated the market in terms of growth in the year 2019, followed by North America, Europe and LAMEA. China dominated the global turbocharger market share in 2019, where as India is expected to grow at a significant rate in the turbocharger market during the forecast period.

Turbocharger is an integral part of internal combustion (IC) engine, which improves its performance by increasing the amount of air intake in the combustion chamber with the help of ejected burnt air. An IC engine requires extra air for combustion of additional fuel for large power generation that decreases its efficiency, thus, turbocharger plays a significant role in enhancing the efficiency by supplying compressed air. The global turbocharger market is expected to exhibit a notable growth in the coming years as these chargers ensure optimum engine performance and enhanced fuel efficiency.

Turbochargers swiftly gained popularity as they find wide applications in light commercial vehicles, heavy commercial vehicles, ships & aircraft, heavy duty vehicles, and locomotives, owing to several benefits such as enhanced fuel-efficiency and improved engine performance in terms of power and output. In addition, they also help automakers to meet regulatory standards regarding carbon emission. For instance, the government of Europe imposed emission targets for new light commercial vehicles, wherein each vehicle is required to have a label stating its fuel efficiency and CO2 emission level.

With the rise indemand for vehicles, numerous players are trying to employ eco-friendly and energy efficient solutions in vehicle engines to reduce fuel consumption and atmospheric pollution. Turbochargers reduce power loss and decrease emission of various gases from vehicles that cause air pollution. Moreover, turbochargers are compact in size, thereby, reducing overall size of engine and vehicle. The growing application of IC engines in motor vehicles and on going researches on implementation of turbochargers in other sectors is expected to create huge opportunities for turbocharger manufacturers.

Current trend for the installation of better and efficient turbochargers in vehicles has increased due to its advantages such as better and increased vehicle efficiency. This has enabled turbocharger manufacturers to make continuous enhancements in existing turbochargers, therefore, boosts the turbochargers market growth.

Factors such as improved engine performance and fuel efficiency, government regulations and engine downsizing to reduce vehicle weight drive the growth of the turbocharger market. Moreover, turbocharger installation and excessive rise in engine temperature, owing to overheating issues in turbochargers are the factors expected to hamper the growth of the turbocharger market. However, rise in demand for fuel efficient engines and gasoline engines is expected to supplement the growth of the turbocharger market during the forecast period.

Key Benefits

• This study presents analytical depiction of the global turbocharger market along with the current trends and future estimations to depict the imminent investment pockets.
• The overall market potential is determined to understand the profitable trends to enable stakeholders gain a stronger foothold in the market.
• The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.
• The current market is quantitatively analyzed from 2019 to 2027 to highlight the financial competency of the market.
• Porter’s five forces analysis illustrates the potency of the buyers and suppliers.

Key Findings

• By technology, the twin-turbo technology turbocharger generated the highest revenue in 2019.
• By application, the light commercial vehicle segment was the highest revenue contributor in 2019.
• By region, Europe contributed for the highest market share in 2019, followed by Asia-Pacific, North America, and LAMEA.
• Asia-Pacific is anticipated to exhibit the highest CAGR during the forecast period.

Market Dynamics

Drivers

• Improved Engine Performance and Fuel Efficiency
• Government Regulations
• Engine Downsizing to Reduce Vehicle Weight

Restraints

• Turbocharger Installation
• Excessive Rise in Engine Temperature Owing to Overheating Issue in Turbochargers

Opportunities

• Increasing Demand for Fuel Efficient Engines and Gasoline Engines

Key Players

• BorgWarner Inc.
• Continental AG
• Cummins Inc.
• EATON Corporation
• Honeywell International Corporation
• IHI Corporation
• Mitsubishi Heavy Industries
• Precision Turbo & Engine
• Rotomaster International
• Turbo Dynamics Ltd.

For more information about this report visit https://www.researchandmarkets.com/r/f4333c