June 21, 2022 08:35 ET | Source: Straits Research Straits Research
New York, United States, June 21, 2022 (GLOBE NEWSWIRE) -- From 2022 to 2030, the global turbochargers market is expected to grow rapidly. A turbocharger is a turbine-driven driven induction system that boosts the energy conversion efficiency of an internal combustion engine by propelling additional air into the combustion chambers. Turbochargers are an excellent solution since they convert the exhaust gas produced by the expended fuel energy into power. Furthermore, the technology reduces CO2 emissions, improves fuel efficiency, and improves engine efficiency over non-turbocharged engines.
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Increasing Need for High Fuel Economy and Stringent Laws about Vehicular Emissions Driving the Global Turbochargers Market
Turbochargers are an excellent solution since they convert the exhaust gas produced by the expended fuel energy into power. Turbochargers have grown in popularity among vehicle manufacturers in recent years. The technology reduces CO2 emissions, improves fuel efficiency, and improves over non-turbocharged engines. Reduction in carbon emissions from vehicles assists manufacturers in meeting increasingly stringent norms and regulations, hence boosting demand. Currently, turbocharged engines are attracting increasingly environmentally conscious drivers due to their performance improvements and excellent green certifications.
Driving Demand for Electric Vehicles and Electric Turbochargers Offer Lucrative Opportunities for Global Turbochargers Market
The automobile industry is embracing electric and hybrid car technologies, and new models are set to hit the street in the years ahead. Automakers are making significant investments in extending battery range while lowering hybrid vehicle prices. Automakers are looking for ways to incorporate turbo technology into new vehicle types, such as battery-powered vehicles, hybrids, and electrics. Turbochargers play an essential function in vehicle engines and are projected to increase engine mix.
Turbochargers and similar technologies are commonly utilized to recapture the energy and offer a supplementary power source for electric vehicles. Consumers' range concerns and inadequate infrastructure impede the market for battery-powered automobiles. The introduction of a turbo range extender for backup scenarios, on the other hand, is intended to reduce EV range concerns and fuel market expansion.
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The global turbochargers market has been researched throughout North America, Europe, South, Central America, and the Caribbean, Asia-Pacific, and the Middle East and Africa. Europe is expected to have the most significant market share in the worldwide turbocharger industry. European nations such as Germany, France, Italy, and Spain lead the total market and are predicted to rise rapidly during the projection period. It is expected to reach USD 20,975 million at a CAGR of 6.4% by 2030.
In 2019, the European Union exported 5 million passenger cars with USD 139.3 billion. Furthermore, the growing demand for electric and hybrid vehicles also positively impacts turbochargers' growth in European region. As per the International Council on Clean Transportation, hybrid electric vehicles (HEV) in the EU were 3% of all new car sales in 2018, projected to grow further. In addition to this, the growing production of passenger cars and an increase in exports also augment the demand for turbochargers in this region.
Asia-Pacific is expected to reach a value of USD 5,840 million at a CAGR of 9.8% by 2030. Major automobile-producing countries in the Asia-Pacific are China, Japan, India, and South Korea, with China being the leading one. With a transition in producers' focus to manufacture in this region due to cheap labor and reduced cost, the region has a more significant presence of foremost automobile manufacturers, which has resulted in large manufacturing, revenues, and sell of automobiles in this region's demand for turbochargers.
In addition to this, the use of turbochargers in industries such as mining, off-shore drilling, and off-highway (heavy-duty construction, agricultural) are also augmenting the growth of this region in the global turbocharger market. Moreover, developing economies stress cleaner vehicles such as hybrid and electric vehicles, supporting the development of the turbocharger market in the Asia-Pacific.
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Competitive Analysis of the Global Turbocharger Market –
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4.2 Value Chain Analysis: Turbocharger Market
4.4 Porter’s Five Forces Analysis
4.6 Forecast Factors & Relevance of Impact
4.14.1 Pre Covid-19 Market Scenario Analysis
4.14.2 Post Covid-19 Market Scenario Analysis
4.14.3 Measures Taken by Top Players
4.14.4 Quarterly Market Revenue and Growth Forecast Till 2021
5.1.1 Market Size & Forecast (Value & Volume)
5.2.1 Market Size & Forecast (Value & Volume)
5.3.1 Market Size & Forecast (Value & Volume)
5.4.1 Market Size & Forecast (Value & Volume)
6.1.1 Market Size & Forecast (Value & Volume)
6.2.1 Market Size & Forecast (Value & Volume)
6.3.1 Market Size & Forecast (Value & Volume)
6.4.1 Market Size & Forecast (Value & Volume)
7.1.1 Market Size & Forecast (Value & Volume)
7.2.1 Market Size & Forecast (Value & Volume)
7.3.1 Market Size & Forecast (Value & Volume)
8.1.1 Market Size & Forecast (Value & Volume)
8.2.1 Market Size & Forecast (Value & Volume)
8.3.1 Market Size & Forecast (Value & Volume)
8.4.1 Market Size & Forecast (Value & Volume)
8.5.1 Market Size & Forecast (Value & Volume)
8.6.1 Market Size & Forecast (Value & Volume)
8.7.1 Market Size & Forecast (Value & Volume)
9.1.1 Market Size & Forecast (Value & Volume)
9.3 Central and South America and Caribbean
9.3.6 Rest of Central and South America and Caribbean
9.6.8 The Rest of the Middle East
10 Competitive Landscape — Manufacturers & Suppliers
10.3 Refone Auto Power Co Ltd
10.7 BMTS Technology GmbH & Co. KG
10.15 Weifang FuYuan Turbochargers Co Ltd
10.17 Ningbo Motor Industrial Co Ltd
10.18 PBS Turbo s.r.o.
10.19 Precision Turbo & Engine Inc.
10.21 Hartzell Engine Technologies LLC. (Aeroforce)
10.23 Hunan Tianyan Machinery Co Ltd
10.27 LI JUN Enterprise Co Ltd
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