By Vehicle Type (Passenger Vehicle, Light Commercial Vehicle (LCV), Heavy Commercial Vehicle (HCV), Aerial and Marine Vehicles, Agriculture and Construction, Locomotive),
By Fuel Type (Gasoline, Diesel, CNG/LPG),
By Technology (Twin-Turbo Technology, Wastegate Technology, Variable Geometry Technology),
By End Use (Original Equipment Manufacturer, Aftermarket),
By Region (North America, Europe, Asia-Pacific, Latin America, Middle East & Africa): Global Analysis and Forecast 2023-2033
The global turbocharger market will be worth more than USD 38.56 billion by 2033.
The ongoing proliferation of electric cars within the automotive industry and growing disposable income in developing regions are predicted to support turbocharger market growth enormously. The analysis has represented vast opportunities in Asia- the Pacific region. Along with the rise in disposable income, consumer interest is also inclining towards fuel-efficient vehicles. The growing preference for advanced automotive technologies propels the demand for turbochargers on aftermarket channels. The turbocharger market is efficiently meeting the increasing needs of the automotive and industrial sectors.
Another Triggering factor for turbocharger market growth is that turbocharger offers adaptability regarding engine speed and vehicle type that can align with current demands. Engine manufacturers are downsizing engines by lowering piston displacement and the number of cylinders, and using turbochargers to produce greater power and torque via the engine will support the market growth of turbochargers, aligning with consumer demand. Due to their low environmental impact, electronic turbochargers are expected to dominate turbocharger technology. One of the first automakers to produce a car with an electric turbocharger is Audi. Consumer and government focus has shifted to fuel-efficient Euro VI requirements. BorgWarner turbochargers are being used on the medium-duty, commercial vehicle diesel e to comply with Euro VI requirementsngines from Mercedes-Benz. The Euro VI emissions standards put pressure on engine makers to cut nitrogen oxides by about 80% compared to the current standards. The turbocharger market is propelling due to such government norms and consumer patterns. It promises a higher growth rate during the forecast period.
The companies operating within the turbocharger industry are undergoing mergers, collaboration, acquisition, long-term contracts, and service agreements to increase their global footprint. For instance, in January 2021, ABB Turbocharging, Hyundai Heavy Industry's Engine & Machinery Division (HHI-EMD), and Hyundai Global Support (HGS) formed a "total service solution" for Hyundai and ABB customers. The solution provides optimum efficiency and emissions performance across the complete vessel. ABB Turbocharging, a leader in turbocharging technologies, Hyundai Heavy Industry's Engine & Machinery Division (HHI-EMD), a leading provider of marine engines and machinery, and Hyundai Global Support (HGS), a Hyundai Group affiliate, have formed a strategic partnership to provide a comprehensive service solution for their customers. The partnership aims to combine ABB Turbocharging's extensive experience in turbocharging technology with HHI-EMD's expertise in engine and machinery solutions and HGS's strong network and skills in after-sales services. As a result, the partnership will be able to provide clients with a comprehensive service package that covers the entire lifecycle of their engines and turbochargers, including maintenance, repairs, spare parts, and technical support. Customers will have access to the total service solution on a global scale, which will include a variety of sectors such as oil and gas, marine, power generation, and industrial applications. The collaboration will also use cutting-edge digital technologies, such as remote monitoring and predictive maintenance, to improve customer service and increase productivity. Customers should gain from this strategic partnership because it will give them a one-stop shop for their support requirements, reduce downtime, and boost operational effectiveness.
According to the CXOs and primary research conducted, the rise in disposable income and the stringent government norms for emission from automobiles in developed regions would aggressively impact turbocharger market growth. The need for fuel-efficient vehicles would trigger consumers to invest more of their disposable income toward vehicles with adaptive turbochargers. Established companies are also making fuel efficiency and hybrid models their unique selling points.
The turbocharger market is analyzed across North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. In line with the analyzed region, the Asia-pacific region will witness the highest market growth, followed by Europe, Asia-Pacific, Latin America, and Middle East & Africa. Quick adoption of new demands, influence by fuel efficiency, rise in disposable income, and significant industry players within the region are primary factors supporting market potential within the Asia- Pacific region. The major companies operating within the market are Aptiv PLC, ABB, Continental GT, Cummins Inc., Garrett Motion, IHI Corporation, and Mitsubishi Heavy Industries. Ltd, Ningbo Motor Industrial Co. Ltd., Robert Bosch GmbH, and Rotomaster International.