A turbocharger is a forced induction system which utilizes energy of exhaust gases from an engines via turbine. It helps in an induction of a volume of air into combustion chamber. The power output of an engine can be improved by increasing the volume of inlet fuel air mixture; which could be easily attained with the use of turbochargers. It exploits the energy of exhaust gases from an engine to compress the inlet air and feed it into the engine to generate a better air to fuel ratio. Turbochargers are considered to be a most important automotive accessories to increase an efficiency of the engines in terms of power & output. It is used to meet the norms & standards regarding the emission of exhaust gasses for instance nitrous oxide, CO2, and particulate materials from the automobile.
According to study, “World Turbocharger Market Research Report 2024(covering USA, EU, China, South East Asia, Japan and etc)” the key companies operating in the world turbocharger market are Honeywell International Inc., Eaton Corp., Cummins Inc., BorgWarner and Inc., Continental AG, IHI Turbo America, Delphi Technologies, Weifu Tianli, Bosch Mahle Turbo Systems GmbH, Rotomaster International, Magnum Performance Turbos, Precision & Turbo, Mitsubishi Heavy Industries, Hunan Tyen, Weifang Fuyuan, Kangyue, Zhejiang Rongfa, MHI, Hunan Rugidove, Shenlong, Okiya Group. Key manufacturers are evolving technologies in design & mechanism of turbochargers which would improve the overall performance of the engine and make sure to decrease the less consumption of the fuel.
Based on fuel type, turbocharger market is segmented into gasoline engine turbocharger and diesel engine turbocharger. Diesel engine is easier to modify for achieving optimum performance. Based on technology, market is segmented into waste-gate technology, twin-turbo technology and variable geometry technology (VGT). Twin-turbo technology holds major share in market owing to its extensive usage in the automotive industry as this technology facilitates improved fuel efficiency and engine performance, primarily in light commercial vehicle. Based on material, market is segmented into aluminum, cast iron and others. Based on sales channel, market is segmented into aftermarket and OEM. Based on application, market is segmented into ships & aircrafts, heavy commercial vehicle, light commercial vehicle, locomotives and heavy duty vehicles. In addition, based on industry vertical, market is segmented into marine, aerospace & defense, agriculture & construction and automotive.
The turbocharger market is driven by improvement in engine performance & fuel efficiency, followed by engine downsizing to reduce vehicle weight, rise in goods transportation, increase in focus towards driver & vehicle safety, and growth in government regulations. However, engine overheating issues and turbocharger installation may impact the market. Moreover, rise in demand for fuel efficient engines & gasoline engines is a key opportunity for market.
Based on geography, Japan and China countries hold major share in turbocharger market owing to growth in socio-economic condition, rise in population and increase in commercial vehicle production in the countries. USA and EU regions are expected to witness lucrative growth due to rise in production of commercial vehicles and presence of large manufactures over the forecast period. It is projected that future of the market will be bright on account of rise in investments in research & development (R&D) activities.
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Ankur Gupta, Head Marketing & Communications