Turbocharger Market Revenue Will Reach $24.07 Billion By 2024, Says Esticast Research and Consulting
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As per the report “Turbocharger Market By Technology (Wastegate technology, Variable geometry technology), By Fuel Type (Gasoline, Diesel), By End-User (OEM, After Market), Industry trends, Estimation & forecast, 2016 – 2024,” The global turbocharger market was valued at $10.2 billion in 2016, and is projected to reach $24.07 billion by 2024, growing at a CAGR of 11.6% from 2017 to 2024.
In 2016, the diesel turbocharger segment held the highest revenue share of nearly 57% of the global turbocharger market share. Among major regions, Europe was the highest revenue generating market in 2016.
“The current obsession with improving fuel economy and the enforced reduction in emissions is proving a boon for manufacturers of turbochargers. Moreover, new government fuel economy regulations and the prospect of higher fuel prices are driving the stampede to turbocharge. However, the upcoming trend of electric vehicles due to environmental concerns can act as a major impeding factor to the turbocharger market growth”
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The twin-turbo also called as bi-turbo refers to a turbocharged engine in which two turbochargers compress the intake charge and use it for the combustion. As a result of less piping requirement and reduced turbo lag, the twin turbo market held approx. 44% of the overall turbocharger market in 2016 and is witnessed to dominate the market throughout the forecast period of 2017-2024, having a CAGR of 10.8%. However, the variable geometry turbochargers are expected to experience the fastest growth having a CAGR of 12.3% during the entire forecast period. This is a result of certain emerging advantages of variable geometry turbochargers. According to a research done by International Journal of Trend in Research and Development (IJTRD), variable geometry turbochargers (VGT) can increase the charged air mass by 10-20%, increase the torque by 40% and considerably reduce the exhaust smoke due to complete fuel combustion.
With innovations in technology, Diesel turbochargers would receive a higher adoption, especially in Europe.
Diesel turbochargers are ruling the overall turbocharger market owing to low cost of diesel and higher fuel efficiency. Diesel is up to 30 percent more fuel efficient than gasoline, and it already dominates many markets in Europe, where fuel is more expensive. Exponential rise in demand of cost-effective and fuel-efficient engines has led to a higher adoption of turbocharger across industries such as automotive, marine, and aerospace & defense. The diesel turbocharger market is expected to witness a CAGR of 11.8% during the forecast period.
GLOBAL TURBOCHARGER MARKET BY APPLICATION
Light commercial Vehicle turbochargers will dominate the entire market throughout the forecast period holding nearly 1/4th of the total market share in 2016. This is a result of hiked LCV production all over the globe, especially in Europe and Asia Pacific.
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Europe to lead the global turbocharger market as a result of being the largest automobile manufacturing market
Europe held nearly 43% of the global turbocharger market in 2016 and is expected to grow at a CAGR of 10.7% during the forecast period as a result of high automobile production in countries such as, Germany and stringent emission rules imposed by a European government. However, Asia Pacific turbocharger market is expected to witness the fastest growth rate of 12.3% owing to constantly increasing vehicle production, large population base, growing demand for diesel vehicles and upcoming emission norms.
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TURBOCHARGER MARKET KEY FINDINGS
• The global turbocharger market was valued at $10.2 billion in 2016 and is projected to reach $24.07 billion by 2024.
• The variable geometry turbochargers are expected to experience the fastest growth having a CAGR of 12.3% during the entire forecast period.
• Europe held nearly 43% of the global turbocharger market in 2016 and is expected to grow at a CAGR of 10.7% during the forecast period.
• Light commercial Vehicle turbochargers will dominate the entire market throughout the forecast period holding nearly 1/4th of the total market share in 2016.
• The diesel turbocharger market is expected to witness a CAGR of 11.8% during the forecast period.
Product Launch is a majorly adopted strategy among the turbocharger manufacturing companies. Honeywell International, the leading global developer of an automotive turbocharger, revealed a new technology representing the third generation gasoline turbocharger architecture that has been updated and designed for twin-scroll, 4-cylinder engines that are 1.5 liters and larger. The new technology has shown representative increases in power from 90kW/L to more than 100kW/L and in torque from 175Nm/L to more than 200 Nm/L over the previous generation technology.
Some major market players are Bosch Mahle Turbo Systems GmbH & Co. KG, Precision Turbo, and Engine, Borgwarner, Inc., IHI corporation, Rotomaster International, Mitsubishi Heavy Industries, Ltd., Continental AG, Cummins, Inc., Eaton Corporation, Honeywell International, Inc.