Global Turbocharger Market (by Engine Type, Technology, Distribution Channel, Vertical, & Region): Insights and Forecast with Potential Impact of COVID-19 (2022-2027)

Global Turbocharger Market (by Engine Type, Technology, Distribution Channel, Vertical, & Region): Insights and Forecast with Potential Impact of COVID-19 (2022-2027)


Market Insight:

A turbocharger is a device that is installed in the engine of a vehicle to improve overall economy and performance. In a combustion engine, air, fuel, and spark combine to produce an explosion that generates power to spin the engine.

Because of the increasing application of rigorous automobile pollution requirements across the world, Original Equipment Manufacturers (OEMs) are utilizing engine-downsizing tactics to optimise vehicle fuel economy. This trend is likely to drive demand for turbochargers since they play an important role in reducing vehicle emissions and improving fuel economy throughout the forecasted years. The global turbocharger market is projected to reach US$18.67 billion in 2023, growing at a CAGR of 6.90% over the projected period.

Segment Covered:
  • By Engine Type: In terms of engine type, the report offers insights of the global turbocharger market into five segments: gasoline, diesel and hybrid. The gasoline segment held a major share in the market. On the other hand, the hybrid segment is expected to grow at a significant CAGR in the forthcoming years owing to the increasing trend of emission reduction along with increased engine economy.
  • By Technology: On the basis of technology, the report provides the bifurcation of the market into four segments: Variable geometry technology, twin turbo technology, wastegate technology and others. The variable geometry technology segment held highest share in the market. This was being followed by twin turbo technology segment. Emission regulations across the globe have generated demand for downsized and down-speeded turbocharging systems for application in small and medium-sized vehicles. This factor has increasingly endorsed the preference for variable geometry technology in turbochargers.
  • By Distribution Channel: The report provides the bifurcation of the market into two segments according to the distribution channel: original equipment manufacturer and aftermarket. The original equipment manufacturer segment held a major share in the market. This was being followed by aftermarket segment. Original equipment manufacturers (OEMs) are implementing engine-downsizing tactics to maximize vehicle fuel efficiency as a result of the increasing adoption of rigorous automobile emission standards around the world. The large scale production of vehicles in different categories such as commercial and passenger vehicles with increasing emphasis on fuel efficiency is expected to aid the growth of original equipment manufacturer segment.
  • By Vertical: The report provides the bifurcation of the market into four segments based on the vertical: aerospace & defense, automotive, marine and agriculture & construction. The aerospace & defense segment held the largest share of in the market. This was being followed by automotive segment. Turbochargers used in aviation increases the density of the intake gas, allowing for more power. Factors such as increase in air passenger traffic across the globe, surge in demand for fuel-efficient and downsized engine and increased public investment in defense aircrafts by nations across the world are expected to propel the aircraft and defense turbocharger market in the coming years.
Geographic Coverage:
  • According to this report, the global turbocharger market can be divided into four regions, namely North America, Europe, Asia Pacific, and Latin America, Middle East & Africa (LAMEA). The countries covered in North America region are the US, Mexico, Canada, while Europe includes UK, Germany, France and Rest of Europe. Moreover, China, Japan, India, South Korea and Rest of Asia Pacific are included in the Asia Pacific region.
Asia Pacific held the maximum share in the market, owing to increasing per capita income and stringent government regulations in this region. Within North America, the US is leading the market, due to increasing awareness about technology and emission regulations. Whereas, in the Europe region, Germany is dominating the market due to strict pollution control rules and restrictions on high emissions.

Top Impacting Factors:

Growth Drivers
  • Increasing Per Capita Income
  • Improved Engine Performance
  • Increasing Penetration of Turbochargers in Diesel Vehicles
  • Improved Fuel Efficiency
Challenges
  • Turbocharger Installation & High Maintenance Costs
Trends
  • Variable Geometry Turbocharging
  • Next Generation Technologies
  • Increasing Adoption of Electric Turbochargers
  • Driver: Improved Engine Performance
Turbochargers can make significant contributions to overall engine performance. A turbocharger turbine converts thermal energy from exhausted gas to mechanical energy and drives the compressor. The compressor increases the air pressure before the air enters into the engine intake manifold and increases the air mass flow entering the cylinders. Turbochargers can enhance the output of an internal combustion engine without increasing the cylinder capacity and make it possible to downsize the engine. Turbocharger provides a feasible engineering solution to engine economics and emission reductions. For achieving emission and fuel consumption reductions, all potential areas of improvement must be identified for both core engines and turbochargers. Developments of the new diesel engines are undergoing rapid transformation due to emission regulations and fuel efficiency. Thus, owing to increasing advantages of turbocharger installations in motor vehicles, the market has been witnessing growth over past years which is anticipated to continue further in the coming years.
  • Challenge: Turbocharger Installation & High Maintenance Costs
The turbocharger market shows very impressive growth rate for the future. However, there are still some technology related issues with turbochargers that limit its market growth. Installation is a crucial factor in the effective working of a turbocharger, so if there is any mistake during the installation of a turbocharger, it not only makes the turbocharger ineffective, but also harms the engine. Hence, compatibility of turbochargers with engines is an issue that needs serious observation. Turbocharger replacement is also costly. Turbochargers with poor maintenance might fail prematurely, increasing the load on the engine cooling oil. As a result of the cooling oil required, TGDI (turbocharged gasoline direct injection) engines have high maintenance costs.
  • Trend: Next Generation Technologies
According to the IEA, longer-term out to 2050, the biggest opportunities include advanced batteries, hydrogen electrolyzers, and direct air capture/storage. Build out of these technologies includes new pipelines to transport captured emissions and systems to move hydrogen between ports and industrial zones. To do this, government R&D spending needs to increased and be reallocated. Critical areas include electrification, hydrogen, bio-energy and carbon capture / utilisation / storage (CCU). However, collectively, these areas only receive 1/3rd of public R&D funding of the more established low-carbon electricity generation and energy efficiency technologies. cUS$90bn in public money needs to be mobilized globally. The International Energy Agency (IEA) forecasts a significant shift to renewables and natural gas in all three of its case scenarios. With a move to renewables, the world needs more balancing power and turbochargers could play a role here and its base is diversified beyond power plant applications to include industrial customers.

The COVID-19 Analysis:

The novel coronavirus pandemic and the resulting lockdowns have negatively impacted numerous manufacturing and service industries by hampering both the supply-side and demand-side supply chains. The turbocharger market, too, was affected greatly due to the pandemic and lockdowns. The virtual halt on the manufacturing of automobiles during the pandemic drastically brought down the supply of the vehicles, while the travel restrictions brought down the demand for automobiles. This dual shock faced by the automobile industry, in turn, negatively affected the turbocharger market during the pandemic.

Automobile companies have been bearing the brunt of the coronavirus pandemic. New wave in India, China, and the U.K. is compelling stakeholders in the turbocharger market to adopt contingency planning in order to tide over business uncertainties.

Analysis of Key Players:

The turbocharger market is consolidated market, where, Garrett Motion, Borgwarner and IHI are major market players. The key players in the global turbocharger market are:
  • Eaton Corporation plc
  • ABB GroupMondi plc
  • Cummins Inc.
  • BorgWarner Inc.
  • Wabtec Corporation (Precision And Turbo Inc.)
  • Cardone (Rotomaster)
  • Mitsubishi Heavy Industries Ltd
  • IHI Corporation
  • Continental AG
  • Garrett Motion Inc.
  • FountainVest Partners (Bosch Mahle Turbo Systems)
  • Turbo Dynamics Limited
Some of the strategies among key players in the market for turbocharger market are mergers, acquisitions, and collaborations. For instance, in 2022, BorgWarner Inc. and Hubei Surpass Sun Electric (SSE) announced that they have entered into an Equity Transfer Agreement under which BorgWarner has agreed to acquire the Electric Vehicle Solution. Whereas, Cummins Inc. announced the launch of Onan Power Stations, the latest offering in its portfolio of backup power solutions. Cummins Power Stations were created with consumers in mind, providing portable, clean power that is well suited for a variety of indoor and outdoor activities.


1. Executive Summary
2. Introduction
2.1 Turbocharger: An Overview
2.1.1 Definition of Turbocharger
Table 1: Applications of Turbocharger
2.2 Turbocharger Segmentation: An Overview
2.2.1 Turbocharger Segmentation
Table 2: Turbocharger Segmentation
3. Global Market Analysis
3.1 Global Turbocharger Market: An Analysis
3.1.1 Global Turbocharger Market: An Overview
3.1.2 Global Turbocharger Market by Value
Table 3: Global Turbocharger Market by Value; 2017-2021 (US$ Billion)
Table 4: Global Turbocharger Market by Value; 2022-2027 (US$ Billion)
3.1.3 Global Turbocharger Market by Engine Type (Gasoline, Diesel And Hybrid)
Table 5: Global Turbocharger Market by Engine Type ; 2021 (Percentage, %)
3.1.4 Global Turbocharger Market by Technology (Variable Geometry Technology, Twin Turbo Technology, Wastegate Technology And Others)
Table 6: Global Turbocharger Market by Technology; 2021 (Percentage, %)
3.1.5 Global Turbocharger Market by Distribution Channel (Original Equipment Manufacturer And Aftermarket)
Table 7: Global Turbocharger Market by Distribution Channel; 2021 (Percentage, %)
3.1.6 Global Turbocharger Market by Vertical (Aerospace & Defense, Automotive, Marine And Agriculture & Construction)
Table 8: Global Turbocharger Market by Vertical; 2021 (Percentage, %)
3.1.7 Global Turbocharger Market by Region (Asia Pacific, North America, Europe and LAMEA)
Table 9: Global Turbocharger Market by Region; 2021 (Percentage, %)
3.2 Global Turbocharger Market: Engine Type Analysis
3.2.1 Global Turbocharger Market by Engine Type : An Overview
3.2.2 Global Gasoline Turbocharger Market by Value
Table 10: Global Gasoline Turbocharger Market by Value; 2017-2021 (US$ Billion)
Table 11: Global Gasoline Turbocharger Market by Value; 2022-2027 (US$ Billion)
3.2.3 Global Diesel Turbocharger Market by Value
Table 12: Global Diesel Turbocharger Market by Value; 2017-2021 (US$ Billion)
Table 13: Global Diesel Turbocharger Market by Value; 2022-2027 (US$ Billion)
3.2.4 Global Hybrid Turbocharger Market by Value
Table 14: Global Hybrid Turbocharger Market by Value; 2017-2021 (US$ Billion)
Table 15: Global Hybrid Turbocharger Market by Value; 2022-2027 (US$ Billion)
3.3 Global Turbocharger Market: Technology Analysis
3.3.1 Global Turbocharger Market By Technology: An Overview
3.3.2 Global Variable Geometry Technology Turbocharger Market By Value
Table 16: Global Variable Geometry Technology Turbocharger Market By Value; 2017-2021 (US$ Billion)
Table 17: Global Variable Geometry Technology Turbocharger Market By Value; 2022-2027 (US$ Billion)
3.3.3 Global Twin Turbo Technology Turbocharger Market By Value
Table 18: Global Twin Turbo Technology Turbocharger Market By Value; 2017-2021 (US$ Billion)
Table 19: Global Twin Turbo Technology Turbocharger Market By Value; 2022-2027 (US$ Billion)
3.3.4 Global Wastegate Technology Turbocharger Market By Value
Table 20: Global Wastegate Technology Turbocharger Market By Value; 2017-2021 (US$ Billion)
Table 21: Global Wastegate Technology Turbocharger Market By Value; 2022-2027 (US$ Billion)
3.3.5 Global Others Technology Turbocharger Market By Value
Table 22: Global Others Technology Turbocharger Market By Value; 2017-2021 (US$ Billion)
Table 23: Global Others Technology Turbocharger Market By Value; 2022-2027 (US$ Billion)
3.4 Global Turbocharger Market: Distribution Channel Analysis
3.4.1 Global Turbocharger Market By Distribution Channel: An Overview
3.4.2 Global Turbocharger Original Equipment Manufacturer Market By Value
Table 24: Global Turbocharger Original Equipment Manufacturer Market By Value; 2017-2021 (US$ Billion)
Table 25: Global Turbocharger Original Equipment Manufacturer Market By Value; 2022-2027 (US$ Billion)
3.4.3 Global Turbocharger Aftermarket Market By Value
Table 26: Global Turbocharger Aftermarket Market By Value; 2017-2021 (US$ Billion)
Table 27: Global Turbocharger Aftermarket Market By Value; 2022-2027 (US$ Billion)
3.5 Global Turbocharger Market: Vertical Analysis
3.5.1 Global Turbocharger Market By Vertical: An Overview
3.5.2 Global Aerospace Turbocharger Market By Value
Table 28: Global Aerospace Turbocharger Market By Value; 2017-2021 (US$ Billion)
Table 29: Global Aerospace Turbocharger Market By Value; 2022-2027 (US$ Billion)
3.5.3 Global Automotive Turbocharger Market By Value
Table 30: Global Automotive Turbocharger Market By Value; 2017-2021 (US$ Billion)
Table 31: Global Automotive Turbocharger Market By Value; 2022-2027 (US$ Billion)
3.5.4 Global Marine Turbocharger Market By Value
Table 32: Global Marine Turbocharger Market By Value; 2017-2021 (US$ Billion)
Table 33: Global Marine Turbocharger Market By Value; 2022-2027 (US$ Billion)
3.5.5 Global Agriculture & Construction Turbocharger Market By Value
Table 34: Global Agriculture & Construction Turbocharger Market By; 2017-2021 (US$ Billion)
Table 35: Global Agriculture & Construction Turbocharger Market By Value; 2022-2027 (US$ Billion)
4. Regional Market Analysis
4.1 Asia Pacific Turbocharger Market: An Analysis
4.1.1 Asia Pacific Turbocharger Market: An Overview
4.1.2 Asia Pacific Turbocharger Market by Value
Table 36: Asia Pacific Turbocharger Market by Value; 2017-2021 (US$ Billion)
Table 37: Asia Pacific Turbocharger Market by Value; 2022-2027 (US$ Billion)
4.1.3 Asia Pacific Turbocharger Market by Region (China, Japan, India, South Korea and Rest of Asia Pacific)
Table 38: Asia Pacific Turbocharger Market by Region; 2021 (Percentage, %)
4.1.4 China Turbocharger Market by Value
Table 39: China Turbocharger Market by Value, 2017-2021 (US$ Billion)
Table 40: China Turbocharger Market by Value; 2022-2027 (US$ Billion)
4.1.5 Japan Turbocharger Market by Value
Table 41: Japan Turbocharger Market by Value; 2017-2021 (US$ Million)
Table 42: Japan Turbocharger Market by Value; 2022-2027 (US$ Billion)
4.1.6 India Turbocharger Market by Value
Table 43: India Turbocharger Market by Value; 2017-2021 (US$ Million)
Table 44: India Turbocharger Market by Value; 2022-2027 (US$ Million)
4.1.7 South Korea Turbocharger Market by Value
Table 45: South Korea Turbocharger Market by Value; 2017-2021 (US$ Million)
Table 46: South Korea Turbocharger Market by Value; 2022-2027 (US$ Million)
4.1.8 Rest of Asia Pacific Turbocharger Market by Value
Table 47: Rest of Asia Pacific Turbocharger Market by Value; 2017-2021 (US$ Million)
Table 48: Rest of Asia Pacific Turbocharger Market by Value; 2022-2027 (US$ Billion)
4.2 North America Turbocharger Market: An Analysis
4.2.1 North America Turbocharger Market: An Overview
4.2.2 North America Turbocharger Market by Value
Table 49: North America Turbocharger Market by Value; 2017-2021 (US$ Billion)
Table 50: North America Turbocharger Market by Value; 2022-2027 (US$ Billion)
4.2.3 North America Turbocharger Market by Region (The US, Mexico, and Canada)
Table 51: North America Turbocharger Market by Region; 2021 (Percentage, %)
4.2.4 The US Turbocharger Market by Value
Table 52: The US Turbocharger Market by Value; 2017-2021 (US$ Billion)
Table 53: The US Turbocharger Market by Value; 2022-2027 (US$ Billion)
4.2.5 Canada Turbocharger Market by Value
Table 54: Canada Turbocharger Market by Value; 2017-2021 (US$ Million)
Table 55: Canada Turbocharger Market by Value; 2022-2027 (US$ Million)
4.2.6 Mexico Turbocharger Market by Value
Table 56: Mexico Turbocharger Market by Value; 2017-2021 (US$ Million)
Table 57: Mexico Turbocharger Market by Value; 2022-2027 (US$ Million)
4.3 Europe Turbocharger Market: An Analysis
4.3.1 Europe Turbocharger Market: An Overview
4.3.2 Europe Turbocharger Market by Value
Table 58: Europe Turbocharger Market by Value; 2017-2021 (US$ Billion)
Table 59: Europe Turbocharger Market by Value; 2022-2027 (US$ Billion)
4.3.3 Europe Turbocharger Market by Region (UK, Germany, France and Rest of Europe)
Table 60: Europe Turbocharger Market by Region; 2021 (Percentage, %)
4.3.4 Germany Turbocharger Market by Value
Table 61: Germany Turbocharger Market by Value; 2017-2021 (US$ Million)
Table 62: Germany Turbocharger Market by Value; 2022-2027 (US$ Million)
4.3.5 United Kingdom Turbocharger Market by Value
Table 63: United Kingdom Turbocharger Market by Value; 2017-2021 (US$ Million)
Table 64: United Kingdom Turbocharger Market by Value; 2022-2027 (US$ Million)
4.3.6 France Turbocharger Market by Value
Table 65: France Turbocharger Market by Value; 2017-2021 (US$ Million)
Table 66: France Turbocharger Market by Value; 2022-2027 (US$ Million)
4.3.7 Rest of Europe Turbocharger Market by Value
Table 67: Rest of Europe Turbocharger Market by Value; 2017-2021 (US$ Billion)
Table 68: Rest of Europe Turbocharger Market by Value; 2022-2027 (US$ Billion)
4.4 LAMEA Turbocharger Market: An Analysis
4.4.1 LAMEA Turbocharger Market: An Overview
4.4.2 LAMEA Turbocharger Market by Value
Table 69: LAMEA Turbocharger Market by Value; 2017-2021 (US$ Billion)
Table 70: LAMEA Turbocharger Market by Value; 2022-2027 (US$ Billion)
5. Impact of COVID-19
5.1 Impact of COVID-19
5.1.1 Impact of COVID-19 on Turbocharger Market
5.1.2 Impact of COVID-19 on Motor Vehicle Production
Table 71: Global Motor Vehicle Production; 2019-2021 (Million)
5.1.3 Post COVID-19 Impact on Turbocharger Market
6. Market Dynamics
6.1 Growth Drivers
6.1.1 Increasing Per Capita Income
Table 72: Global GDP per capita (current US$); 2017-2021 (US$ Million)
6.1.2 Rapid Urbanization
Table 73: Global Urban Population; 2016-2021 (Billion)
6.1.3 Improved Engine Performance
6.1.4 Improved Fuel Efficiency
6.1.5 Increasing Penetration of Turbochargers in Diesel Vehicles
6.1.6 Stringent Regulations
6.2 Challenges
6.2.1 Turbocharger Installation & High Maintenance Costs
6.3 Market Trends
6.3.1 Variable Geometry Turbocharging
6.3.2 Next Generation Technologies
6.3.3 Increasing Adoption of Electric Turbochargers
7. Competitive Landscape
7.1 Global Turbocharger Players by Market Share
Table 74: Global Turbocharger Players by Market Share; 2021 (Percentage, %)
8. Company Profiles
8.1 ABB Group
8.1.1 Business Overview
8.1.2 Operating Business Areas
Table 75: ABB Group Revenues by Business Areas; 2021 (Percentage, %)
8.1.3 Business Strategy
8.2 Cummins Inc.
8.2.1 Business Overview
8.2.2 Operating Segment
Table 76: Cummins Inc. Sales by Operating Segment; 2021 (Percentage, %)
8.2.3 Business Strategy
8.3 Eaton Corporation plc
8.3.1 Business Overview
8.3.2 Business Segment
Table 77: Eaton Corporation plc Net Sales by Business Segment; 2021 (Percentage, %)
8.3.3 Business Strategy
8.4 Wabtec Corporation (Precision And Turbo Inc.)
8.4.1 Business Overview
8.4.2 Operating Business Segment
Table 78: Wabtec Corporation Net Sales by Business Segments; 2021 (Percentage, %)
8.4.3 Business Strategy
8.5 BorgWarner Inc.
8.5.1 Business Overview
8.5.2 Operating Segment
Table 79: BorgWarner Inc. Net Sales by Operating Segments; 2021 (Percentage, %)
8.5.3 Business Strategy
8.6 Mitsubishi Heavy Industries Ltd
8.6.1 Business Overview
8.6.2 Operating Segments
Table 80: Mitsubishi Heavy Industries Revenue by Segment; 2020 (Percentage, %)
8.6.3 Business Strategy
8.7 IHI Corporation
8.7.1 Business Overview
8.7.2 Operating Business Segment
Table 81: IHI Corporation Net Sales by Business Segment; 2020 (Percentage, %)
8.7.3 Business Strategy
8.8 Continental AG
8.8.1 Business Overview
8.8.2 Operating Segment
Table 82: Continental AG Sales by Operating Segment; 2021 (Percentage, %)
8.8.3 Business Strategy
8.9 Garrett Motion Inc.
8.9.1 Business Overview
8.9.2 Operating Segment
Table 83: Garrett Motion Inc. Revenue By Geographical Segment; 2021 (Percentage, %)
8.9.3 Business Strategy
8.10 Turbo Dynamics Limited
8.10.1 Business Overview
8.11 FountainVest Partners (Bosch Mahle Turbo Systems)
8.11.1 Business Overview
8.11.2 Business Strategy
8.12 Cardone (Rotomaster)
8.12.1 Business Overview
8.12.2 Business Strategy

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