iCrowd Newswire – Jul 17, 2020
The Global Turbocharger Market is estimated to grow at a CAGR of 5.3% during the forecast period 2020-2027. As per the detailed market study, the global turbocharger industry was valued $16.13 billion in the year 2019 and is anticipated to reach $24.23 billion by the end of the year 2027. As per the research analyst viewpoint, the variable geometry technology segment under the category of technology is estimated to grow at a CAGR of 6% during the forecast period. Whereas, the aluminium segment contributes around 3/4th of the market share in the global marketplace under the category of material segment during 2020-2027.
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Turbocharger is a part of internal combustion (IC) engine that helps to boost its performance by intaking high amount of air in the combustion chamber through ejected burnt air. Turbocharger plays a significant role in boosting the efficiency by supplying compressed air; it is compact in size, which reduces the overall engine and vehicle size.
The global turbocharger industry is driven by various growth factors such as benefits offered by these charges considering enhanced fuel efficiency and optimum engine performance. Turbochargers are majorly used in the aerospace and automotive industries. Turbochargers are used in engines of fast racing cars to generate high amount of power under high and harsh temperature conditions.
Increasing demand of vehicles boost the adoption of eco-friendly and energy efficient solution in vehicle engine to reduce atmospheric pollution and fuel consumption. Moreover, increasing demand for efficient and better vehicles in terms of operations and propulsion also support the demand of turbochargers. Whereas, ongoing researches related to possible application of turbochargers in other sectors and growing application of IC engines in moto vehicles offer lucrative opportunities for the market players operating in the global turbocharger market.
Segmentation Overview of the Global Turbocharger Market
The global turbocharger market is categorized on the basis of various market segments such as technology, application, fuel type, material and end-user. These major market segments are further categorized into various sub-segments to study the market in detail considering market determinants and geographical dynamics.
The Technology Segment of the Global Turbocharger Market is Sub-Segmented into:
- Variable Geometry Technology (VGT)
- Wastegate Technology
- Twin-turbo Technology
The Application Segment of the Global Turbocharger Market is Sub-Segmented into:
- Agriculture & Construction
- Ships & Aircrafts
- Heavy Commercial Vehicle
- Light Commercial Vehicle
The Fuel Type Segment of the Global Turbocharger Market is Sub-Segmented into:
The Material Segment of the Global Turbocharger Market is Sub-Segmented into:
- Cast Iron
The End-User Segment of the Global Turbocharger Market is Sub-Segmented into:
- Original Equipment Manufacturer (OEMs)
Competitive Insights of the Global Turbocharger Market
Turbo Dynamics Ltd., Rotomaster International, Precision Turbo & Engine, Mitsubishi Heavy Industries, IHI Corporation, Honeywell International Corporation, EATON Corporation, Cummins Inc., Continental AG and BorgWarner Inc. are some major players included in the research study of the global turbocharger market.
Geographical Overview of the Global Turbocharger Market
The Asia-Pacific turbocharger market is estimated to grow at a CAGR of 6.1% during 2020-2027. On the other hand, the Europe turbocharger market hold the dominant share of approx. 2/5th of the total market share in the year 2019 and is estimated to maintain the dominance over the forecast period.
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Keywords: Turbocharger Market