Asia Pacific Turbocharger Market By Fuel Type (Diesel and Gasoline), By Application (Light Commercial Vehicle, Heavy Commercial Vehicle, Ships & Aircrafts, Agriculture & Construction, and Locomotives), By Material (Aluminium and Cast Iron), By Technology (Twin-turbo Technology, Wastegate Technology and Variable Geometry Technology (VGT)), By End User (Original Equipment Manufacturer (OEMs) and Aftermarket), By Country, Growth Potential, Industry Analysis Report and Forecast, 2021 - 2027
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Market Report Description
The Asia Pacific Turbocharger Market would witness market growth of 6.2% CAGR during the forecast period (2021-2027).
Turbocharge refers to an essential component of the internal combustion (IC) engine that enhances its performance by expanding the air intake quantity in the combustion chamber by using ejected burnt air. An internal combustion engine requires more air for the combustion of extra fuel for significant power generation, which reduces its efficiency, and hence, the turbocharger is very important in fueling the efficiency by providing compressed air.
These turbochargers help in maximizing engine performance and boost fuel efficiency, which is estimated to bode well for the turbocharger market in the upcoming years. Turbocharger, specifically, operates better on high engine speed and does not need a power source to run. Additionally, it is also directed by the movement of burnt gases that are discharged by the engine. Currently, this technology is widely utilized in the automotive & aerospace industries. For instance, manufacturers use turbochargers in engines of racing cars to produce huge power even within harsh & high-temperature situations.
The increasing number of automotive vehicles in the nations like China and India along with the high production of automobiles would support the growth of the regional turbocharger market. In addition, there are several stringent emissions regulations enforced by the governments in this region, which motivates manufacturers to use turbochargers as it reduces carbon emissions. People are also increasingly inclining towards adopting turbocharger-based vehicles, which would augment the regional turbocharger market.
The production of the turbocharger is high in this region, which is supporting the growth of the regional turbocharger market. Additionally, the high awareness among the customers regarding the environmental problems, which is motivating them to adopt vehicles with lower carbon emissions to reduce the carbon level in the environment. This would bolster the growth of the regional turbocharger market.
The China market dominated the Asia Pacific Aftermarket Turbocharger Market by Country 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $509.2 million by 2027. The Japan market is showcasing a CAGR of 7.8% during (2021 - 2027). Additionally, The India market is poised to grow at a CAGR of 8.8% during (2021 - 2027).
Based on Fuel Type, the market is segmented into Diesel and Gasoline. Based on Application, the market is segmented into Light Commercial Vehicle, Heavy Commercial Vehicle, Ships & Aircrafts, Agriculture & Construction, and Locomotives. Based on Material, the market is segmented into Aluminium and Cast Iron. Based on Technology, the market is segmented into Twin-turbo Technology, Wastegate Technology and Variable Geometry Technology (VGT). Based on End User, the market is segmented into Original Equipment Manufacturer (OEMs) and Aftermarket. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Turbocharger Market is Projected to reach USD 24.3 Billion by 2027, at a CAGR of 6.2%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Garrett Motion, Inc., BorgWarner, Inc., Cummins, Inc., Mitsubishi Heavy Industries Ltd., Precision Turbo & Engine (Wabtec Corporation), IHI Corporation (Dai-ichi Life), Turbo Dynamics Ltd, Marelli, Magnum Performance Turbos, Inc., and Kompressorenbau Bannewitz GmbH.
Scope of the Study
Market Segments Covered in the Report:
By Fuel Type
- Light Commercial Vehicle
- Heavy Commercial Vehicle
- Ships & Aircrafts
- Agriculture & Construction
- Cast Iron
- Twin-turbo Technology
- Wastegate Technology
- Variable Geometry Technology (VGT)
By End User
- Original Equipment Manufacturer (OEMs)
- South Korea
- Rest of Asia Pacific
Key Market Players
List of Companies Profiled in the Report:
- Garrett Motion, Inc.
- BorgWarner, Inc.
- Cummins, Inc.
- Mitsubishi Heavy Industries Ltd.
- Precision Turbo & Engine (Wabtec Corporation)
- IHI Corporation (Dai-ichi Life)
- Turbo Dynamics Ltd
- Magnum Performance Turbos, Inc.
- Kompressorenbau Bannewitz GmbH
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