Rising Emphasis on Fuel Efficiency Spurs Turbocharger Market
A turbocharger is a device that increases the air pressure delivered to an internal combustion engine. It does this by using a turbine driven by exhaust gases to compress incoming air, allowing the engine to burn more fuel and produce more power.
The pandemic has resulted in a significant decrease in demand for vehicles and the temporary shutdown of many automotive factories, leading to a decline in the production and sales of turbochargers.
According to MRFR analysis, the global Turbocharger market is expected to register a CAGR of ~7.13% from 2022 to 2030 and hold a value of over USD 30.01 billion by 2030.
Regional Analysis
North America has historically accounted for a significant share of the global turbocharger market. Factors such as the presence of major automotive manufacturers, favorable government regulations, and high demand for high-performance vehicles have contributed to the growth of the turbocharger market in North America. The region is expected to continue to be a key player in the turbocharger industry in the coming years.
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Market Segmentation
The Global Turbocharger market has been segmented into the sales channel, fuel types, and technology.
Based on the sales channel, the market has been segmented into OEM and Aftermarket.
Based on the fuel type, the market has been segmented into Diesel and Gasoline.
Based on the technology, the market has been segmented into VGT/VNT, Wastegate, and Electric Turbochargers.
Key Players
Some of the key market players are Cummins Inc, Eaton Corporation, Honeywell International Inc, Bosch Mahle Turbo Systems GmbH, Precision & Turbo, Borgwarner and Inc, Rotomaster International, Mitsubishi Heavy Industries, and Continental AG.
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