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
Electric Turbochargers
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.
Related Reports:
A. Automotive
Turbocharger Market
https://www.industryarc.com/Research/Automotive-Turbocharger-Market-Research-501101
B. Turbocompressor Market
https://www.industryarc.com/Research/Turbocompressor-Market-Research-504791
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