Global On-highway Turbocharger Market Size is Projected to be at USD 22.1 Million by 2020.

Date: 2015-10-16

“Increasing demand for fuel efficiency in vehicles without compromising its power has generated the need of turbochargers in vehicles. Turbochargers can significantly increase engine power for minimum possible engine displacement. Increasing vehicle production across the globe and the trend for engine downsizing are estimated to be the main drivers propelling growth in the turbocharger industry. The global on-highway turbocharger market size in terms of value is projected to be at USD 22.1 million by 2020. This report covers the on-highway, off-highway, and locomotive turbocharger market on a global level. The on-highway turbocharger market has been analyzed by region, by technology, by fuel type, and by technology. The off-highway turbocharger market is studied by application, which includes agricultural tractors and construction vehicles (Articulated Dump Truck, Rigid Dump Truck, Loader, Crawler Dozer, Excavater, Asphalt Finisher, Motor Grader, Motor Scraper, RTLT-Masted, and RTLT-Telescopic). Apart from this, the global locomotive turbocharger market has been segmented by region into Asia-Oceania, Europe, North America, and RoW.

Turbocharger industry has huge growth potential, because the market is full of opportunities due to increasing penetration in gasoline engines and electric turbochargers. Almost all diesel vehicles are turbocharged, unlike their gasoline counterparts. However, turbochargers are now finding increasing applications in gasoline engines as well. This has made gasoline engine dominated countries such as China and the U.S., two of the fastest growing turbocharger markets. Electric turbochargers are projected to be the future of turbocharging, are they counter the problem of turbo lag.

The production of vehicles is projected to grow globally. This works as the major impetus for the turbocharger industry as well, turbocharger being an essential component. Turbochargers also facilitate engine downsizing, wherein the power of a given engine can be offered by smaller engine. Engine downsizing facilitates the reduction of vehicle weight as well, and improves fuel efficiency. These factors also drive the turbocharger market. The challenge for manufacturers is to come up with cost-efficient technologies that meet the growing need of emission norms and improved performance.

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