Turbocharger market is expected to garner revenue of $19 billion by 2022, at a CAGR of 11.1% from 2016 to 2022.
Turbocharger is a centrifugal blower that supplies high pressured air to enhance the internal combustion (IC) engines power. The turbine pushes the piston of the engine by high compressed air, which increases the torque and efficiency of the engine. World turbocharger market is expected to exhibit a notable growth during the forecast period due to the several advantages offered by these devices such as high torque, less emission rate and engine downsizing. The dynamic design of turbocharger works best on high speed conditions without any external power source as it reutilises the waste energy.
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Exponential rise in demand of fuel efficient engines and cost-effectiveness has led to a higher adoption of turbocharger across industries such as automotive, marine, and aerospace & defence. Therefore, the world turbocharger market is expected to grow in the near future owing to increasing demand for energy proficient engine and optimized atmospheric pollution. However, turbochargers are expensive as compared to the traditional chargers and are prone to overheating, which are considered as the major restraints to the market growth. Irrespective of these challenges, huge demand for fuel efficient engines and technological advancements especially related to the turbocharger segment would provide huge opportunities for the market growth.
The world turbocharger market is segmented on the basis of technology, fuel, application, end-user, vertical, and geography with further bifurcations into their sub-segments.
The technology segment is dominated by Twin-Turbo chargers technology owing to its widespread usage in the automotive industry as this technology facilitates improved engine performance and fuel efficiency, primarily in light commercial vehicles. Based on fuel type, world turbocharger is segmented into diesel and gasoline. The segment of diesel fuel dominates the global market as turbochargers are popularly installed in diesel engines. However, presently these are being installed in gasoline engines as well.
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Among various application types, light commercial vehicles is the dominant segment in terms of revenue contribution in overall turbocharger market. Furthermore, turbocharger market is analyzed on the basis of geographical regions, encompassing North America, Europe, Asia-Pacific and LAMEA.
Improvement in Engine Performance and Increased Fuel Efficiency
Presently, fuel efficiency is one of the most serious concern among automotive industry consumers as fuel prices are increasing rapidly on a regular basis. Hence, automotive manufacturers are required to manufacture efficient engines that can increase the engine’s efficiency and also improve the engine’s performance. This is the key factor that is creating huge demand for turbocharger installation in vehicle’s engine.
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