The Europe Turbocharger Market would witness market growth of 5.8% CAGR during the forecast period (2021-2027).
A turbo is built by joining two halves together by using a shaft. Hot exhaust gasses rotate the turbine on one side, which is attached to an additional turbine that takes the air in and compresses it into the engine. Through this compression, the engine produces more power and efficiency since the high amount of air goes into the combustion chamber, wherein extra fuel would be added for more power.
Moreover, turbochargers have witnessed a rapid increase in popularity because turbochargers are widely used in heavy commercial vehicles, light commercial vehicles, ships & aircraft, heavy-duty vehicles, and locomotives, due to a wide range of benefits offered by them like higher fuel-efficiency and enhanced engine performance related to power and output. Additionally, it also assists automotive manufacturers to fulfill regulatory standards related to carbon emission. For example, the government of Europe enforced emission targets on new light commercial vehicles, in which every vehicle is needed to get a label showing its CO2 emission level and fuel efficiency.
There are several European nations like France, Spain, Italy, and Germany that are the home for many top automotive companies across the world. This mature automotive industry in Europe is among the key factors fueling the growth of the regional turbocharger market. Though, Europe is the most affected region by the COVID-19 pandemic particularly nations like Spain and Italy. The increasing preference of customers towards the downsized petrol engine is motivating manufacturers to use turbochargers to reduce the size of the engine in automobiles.
The stringent government regulations to control air pollution and carbon emission from vehicles are creating lucrative opportunities for turbocharger manufacturers. Additionally, various benefits of using turbochargers in vehicles and other transportation mediums are gaining more popularity among the manufacturers and thus, propelling the growth of the turbocharger market in this region.
The Germany market dominated the Europe Turbocharger Heavy Commercial Vehicle Market by Country 2020, thereby, achieving a market value of $380.9 million by 2027. The UK market is exhibiting a CAGR of 5.9% during (2021 - 2027). Additionally, The France market is anticipated to witness a CAGR of 7.5% 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 Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Global Turbocharger Market Size will Hit 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.
By Fuel Type
By Application
By Material
By Technology
By End User
By Country
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