Turbocharger Market Revenue Augmented by Thriving Automotive Industry
In current scenario, fuel efficiency is the major concern for vehicle users due to spurring fuel prices globally. The automotive industry register high demand for efficient internal combustion engines rather than naturally aspirated engines with better mileage. To fulfill the demand, automotive manufacturers developed turbochargers, originally known as turbo superchargers to enhance engine performance and fuel efficiency. The increasing demand for fuel efficient engines such as turbo engines is boosting the growth of turbocharger market, as per the newly published business intelligence report by IndustryARC. The report has estimated the global Turbocharger market size at $1.6 billion in 2018 and the market is expected to grow at a CAGR of 5.08% during the forecast period 2019-2025.
The report is titled, “Turbocharger Market - Industry Analysis, Market Size, Share, Trends, Application Analysis, Growth and Forecast 2019–2025.” This report has been compiled thoroughly by the IndustryARC analyst who has used statistical information in elucidating how the market will experience growth in the upcoming years.
Turbocharger Market: Leading Segments
Europe is dominating the turbocharger market with an esteemed regional share of 41.2% of the total market share in 2018. High penetration of technological advancements into turbochargers and stringent emission regulations by the government are the factors fueled the turbocharger market growth regionally. Additionally, the demand for light weight engines and engine downsizing that are met by turbocharger installations have rendered Europe with maximum share.
The turbocharger market is segmented on the basis of industry into aerospace and defense, automotive, marine, agriculture, and construction. The major applications of turbochargers are in automotive industry. The increasing demand from automotive customers for cost effective and fuel efficient engines led to enhanced adaption of turbochargers by automakers. Resultant, the automotive turbocharger market is anticipated to propel at a CAGR of 5.3% by 2025.
Turbocharger Market Disruptive Trends
Technological advancement in turbochargers led to the development of electric turbochargers. There are several advantages possessed by electric turbochargers over traditional turbochargers such as elimination of turbo-lag, minimized heating of the engine chamber, enhanced engine efficiency, and environmental friendly with minimal contribution to air pollution. The aforementioned benefits of electric turbocharger are fueling the demand for the same and thereby disrupting the turbocharger market.
Turbocharger Market: Major Players
There are many companies that are combating to gain majority of shares in the turbocharger market. Some of those companies are Continental AG, BMTS Technology, Honeywell, Inc., Eaton Corp., IHI, Mitsubishi, ABB LTD., DELPHI Technologies PLC, and CUMMINS Inc.