Demand of Cost-Effective and Fuel-Efficient Engines raises the worldwide demand for Turbocharger Market
A turbocharger is a device that enhances an internal combustion engines power output and efficiency by driving extra air into the combustion chamber. The turbine pushes the piston of the engine by high compressed air, which increases the torque and efficiency of the engine. This device offers high torque, less emission rate, and engine downsizing. The dynamic design of turbocharger works best on high-speed conditions without any external power source as it reutilizes the waste energy. So, turbochargers are basically used wherever there is a need for internal combustion engines. Apart from vehicles, they are also employed in industries such as mining, off-shore drilling, and off-highway (heavy-duty construction, agricultural). Turbochargers are also used in the marine industry (commercial speedboats, commercial liners, and hovercrafts.), and power generation applications.
The turbocharger market
is projected to grow on the ground of rising demand for the cost-effective and fuel-efficient engine which has led to an adoption of turbocharger across various industries. The market of the turbocharger is also likely to grow in the coming years owing to the increase in demand for energy-proficient engine and optimize atmospheric pollution. Apart from vehicles, the turbocharger is also used in mining, off-shore drilling, and off-highway industries. Thus, accelerating the growth of turbocharger market worldwide.
Currently, fuel efficiency is one of the most significant concerns among automotive industry consumers as fuel prices are increasing rapidly on a regular basis. Hence, automotive manufacturers are required to manufacture efficient engines that can help to increase the engine’s efficiency and boost the engine’s performance. This is the key factor that is generating huge demand for adoption of the turbocharger in vehicle’s engine. At present, nearly all the diesel engine vehicles including ships, LCV, and HCV are equipped with turbocharger technology. Moreover, the turbocharger has now increased their application in gasoline engines as well.
Owing to their less contribution to environmental pollution, they are highly in demand from automotive industry, hence creating more opportunity for the manufacturer to produce more turbocharger. Increasing penetration of new players along with the rising collaboration to expand their presence and attract a number of the customer will work as a major driving factor for turbocharger market.
China is the most favorable market for turbochargers as it accounts for the world largest automotive industry. Also, increasing number of vehicle production and growing installation of the turbocharger in the vehicle is mainly driving the turbocharger market in China. Moreover, the presence of strong players like Honeywell International, Inc., BorgWarner Inc., Cummins Inc., Mitsubishi Heavy Industries, Ltd., and IHI Corporation in China is expected to accelerate the market growth in China in the coming years. In addition, rapid urbanization and infrastructural developments in the Asia Pacific region are likely to drive the need for high fuel efficient engines assimilated with turbocharger units.
North America and Europe are matured markets for turbocharger due to the presence of the largest number of vehicle per capita in the region.
A major factor limiting the turbocharger market is the growing number of electric or battery-operated vehicles. BEV (battery electric vehicles) are projected to replace conventional passenger vehicles in the coming years, thereby posing a significant limitation to the turbocharger market.
The article details are based on the information and data from the market report “Global Turbocharger Market Research Report - Industry Analysis, Size, Share, Growth, Trends And Forecast 2016 to 2023”
available with DecisionDatabases.com
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