Industrial Turbocharger Market Forecasts to 2030 - Global Analysis By Type (Single-Turbo, Twin-Turbo and Other Type), Fuel (Petrol, Diesel, Gasoline and Other Fuels), Sales Channel (Aftermarket, Original Equipment Manufacturers and Other Sales Channels), Raw Material, Application, End User and By Geography
According to Stratistics MRC, the Global Industrial Turbocharger Market is accounted for $10.54 billion in 2023 and is expected to reach $18.41 billion by 2030 growing at a CAGR of 8.3% during the forecast period. A turbocharger is a crucial component of an internal combustion (IC) engine that boosts the volume of air injected into the combustion chamber with the aid of expelled burned air. Because an IC engine needs more air to burn greater fuel for high power output, which reduces efficiency, turbochargers are essential for boosting efficiency by delivering compressed air. A turbocharger is a straightforward, reasonably priced addition to the engine that can increase power.
According to ATM, the Vigus Pro, which is CKD locally assembled at Tan Chong's Serendah plant, is a new value proposition among pick-up trucks sold in Malaysia. Power comes from a 'Puma' 2.0-liter turbodiesel engine with a variable geometry turbocharger.
Downsizing of vehicle engines has become a common trend in the industry in recent years. Without altering the piston displacement, the automobile turbocharger system increases an engine's output power. This causes engines with higher performance and better fuel efficiency to be downsized. Engines are being downsized by manufacturing businesses by lowering piston displacement and the number of cylinders and using turbochargers to increase power and torque. Downsizing engines will result in better safety; lower costs, higher durability, and more efficient use of fuel accelerate the market expansion of these turbochargers.
Costs of operation, maintenance, and repair are very high
High operating, maintenance, repair, and overhaul expenses are a significant barrier to the expansion of the industrial turbocharger market. Since a turbocharger is made up of casings, blades, rotors, bearings, gaskets, assemblies, and related parts, continuous operation in high-temperature conditions can cause wear and tear over time. Additionally, qualified specialists are needed for maintenance, repair, and overhaul services, coupled with a price difference from OEM, aftermarket suppliers, or third-party service providers, which raises the operational expenses for the end users. These problems eventually lead to less flexibility from small-scale enterprises, which have a negative effect on the expansion of the industrial turbocharger market.
Governmental measures or programmes to reduce vehicle emissions
The market expansion has been linked to automakers placing more attention on creating fuel-efficient vehicles, increasing their usage of dual charging or multiple turbocharged engines, and so forth in order to meet regulatory requirements. Utilising a turbocharged engine aids in delivering increased fuel economy, reduced CO2 emissions, and better performance since it recycles lost energy from the exhaust gas. As manufacturers are continually pressured to fulfil strict pollution and fuel efficiency regulations, turbocharged engines help in offering these benefits the government's attention on fulfilling CO2 emission standards for new passenger cars or vehicles, together with significant R&D efforts connected to cars with turbo charging petrol engines, may also help to advance the industry.
Rise in the use of electric vehicles
Electric vehicles are replacing traditional gasoline vehicles in the worldwide automobile sector. The issue of air pollution and global warming is being exacerbated by the rising emissions brought on by the fuels of the automobiles. The well-known vehicle manufacturers are moving more and more in the direction of renewable energy. Vehicle manufacturers are adopting the electric mode of energy and investing extensively in research to create cars with cutting-edge technologies. The market may suffer as a result of people's growing preference for zero-emission automobiles.
The COVID-19 epidemic had an impact on the sector because it forced firms to shut down production lines and weakened the economy. There were hardly any vehicle transfers, thus there were no new needs for spare turbochargers to be fitted in existing cars or for new turbochargers to be installed in new vehicles. With the demand for performance and luxury vehicles rising over the medium term, the market is attempting to return to economic stability with strong sales predictions to fulfil the possibly high demand. To sustain long-term relationships, players in the industry want to form beneficial collaborations with OEMs and turbocharger suppliers.
The diesel segment is expected to be the largest during the forecast period
The diesel segment is estimated to have a lucrative growth; due to diesel engines may more easily be modified to get their best performance. Diesel turbochargers improve transit efficiency, reduce torque speed, and boost the use of automobile turbochargers, which can result in smaller diesel engine sizes. Compared to other fuels, diesel engines also produce less carbon dioxide, which improves turbo performance, boosts fuel economy, and offers great durability. To fulfil the soaring client demands in the diesel category, manufacturers are anticipated to increase their expenditure over the projection period.
The cast iron segment is expected to have the highest CAGR during the forecast period
The cast iron segment is anticipated to witness the highest CAGR growth during the forecast period, due to its popularity and ability to tolerate high temperatures up to 900°C. The turbine housing is where this cast iron is mostly used. Turbine housings are constructed by Mitsubishi Heavy Industries (MHI) from cast iron, which can survive temperatures up to 700°C, and austenitic stainless cast steel, which can handle temperatures up to 1,000°C. The heavy-duty pick-up truck models provided by Ford, such the F-Series Super Duty, and feature turbocharged diesel engines with cast iron turbine housings. Cast iron is predicted to lead the material type sector in the automotive turbocharger market taking into account all the relevant criteria and their significance.
Region with largest share:
Asia Pacific is projected to hold the largest market share during the forecast period owing to the enormous number of passenger vehicles produced in this area, Asia Pacific now accounts for the highest proportion of the automotive turbocharger market. The market for turbochargers in this area is expanding as a result of some of the rapidly expanding economies, including China and India, which are the top nations with the highest levels of automobile sales and production. The primary drivers of market expansion include rapid urbanisation, more industry, better infrastructure, and an increase in disposable income. Furthermore, the expansion of turbochargers in this region is being impacted by the strict government regulations and pollution requirements.
Region with highest CAGR:
Europe is projected to have the highest CAGR over the forecast period, owing to fuel economy and efficiency, which are in turn driven by EU regulations on fuel economy and emissions standards, regulate the modern automobile business. It mainly addressed NOx and particle pollution, which boosted sales of diesel-engine vehicles. To meet EU NOx goals, diesel-engine automobiles switched to turbo charging. This led to an increase in vehicle efficiency and a decrease in the cost of turbochargers. Due to strict factory closures and workplace regulations across the continent, Europe has become the epicentre of COVID-19's impact.
Key players in the market
Some of the key players profiled in the Industrial Turbocharger Market include Mitsubishi, ABB, Honeywell, Toyota Industries, IHI Corporation, Bosch Mahle, Cummins, Komatsu, Magnum Performance Turbos, Rotomaster International, BMTS Technology GmbH & Co. KG, Turbo Energy Private Limited, Continental AG, Garrett Motion Inc., Keyyang Precision Co., LTD, Ningbo Motor Industrial Co. Ltd, Rotomaster International, Kompressorenbau Bannewitz GmbH, Fuyuan Turbocharger Co, Ltd and Marelli Corporation
In May 2022, Mitsubishi Heavy Industries Engine & Turbocharger, Ltd. (MHI-ET) and IHI Corporation (IHI) plan to put turbochargers into practical use in electric compressors for FC (fuel cell) trucks. Both makers expect that there is room for survival in the turbo business with FC trucks.
In April 2022, Garrett Motion Inc. announced that it would be showcasing cutting-edge electric-boosting technologies at the Vienna Motor Symposium. The display includes the award-winning E-Turbo and advanced E-Compressor for mild and full hybrids – plus the first-ever public showing of Garrett's new generation modular compressor for 400-volt fuel cell electric vehicles.
In May 2022, General Motors was looking forward to manufacturing a new twin-turbocharged six-cylinder gasoline engine. The turbocharger and engine shall be produced for pickup trucks and SUVs.
• Electric Turbo
• Variable Geometry Turbocharger
• Other Types
• Other Fuels
Sales Channels Covered:
• Original Equipment Manufacturers
• Other Sales Channels
Raw Materials Covered:
• Cast Iron
• Other Raw Materials
• Commercial Vehicles
• Earthmoving Machinery
• Power Generators
• Farming Equipment
• Other Applications
End Users Covered:
• Mining & Construction Equipment
• Agriculture Equipment
• Oil & Gas Industry
• Power Industry
• Marine Industry
• Other End Users
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
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Table of Contents
1 Executive Summary
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
3 Market Trend Analysis
3.6 Application Analysis
3.7 End User Analysis
3.8 Emerging Markets
3.9 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Industrial Turbocharger Market, By Type
5.4 Electric Turbo
5.5 Variable Geometry Turbocharger
5.6 Other Type
6 Global Industrial Turbocharger Market, By Fuel
6.5 Other Fuels
7 Global Industrial Turbocharger Market, By Sales Channel
7.3 Original Equipment Manufacturers
7.4 Other Sales Channels
8 Global Industrial Turbocharger Market, By Raw Material
8.3 Cast Iron
8.6 Other Raw Materials
9 Global Industrial Turbocharger Market, By Application
9.2 Commercial Vehicles
9.2.1 Heavy Commercial Vehicles
9.2.2 Light Commercial Vehicles
9.3 Earthmoving Machinery
9.3.3 Other Earthmoving Machinery
9.5 Power Generators
9.6 Farming Equipment
9.6.3 Other Farming Equipments
9.7 Other Applications
10 Global Industrial Turbocharger Market, By End User
10.2 Mining & Construction Equipment
10.3 Agriculture Equipment
10.4 Oil & Gas Industry
10.5 Power Industry
10.6 Marine Industry
10.7 Other End Users
11 Global Industrial Turbocharger Market, By Geography
11.2 North America
11.3.6 Rest of Europe
11.4 Asia Pacific
11.4.5 New Zealand
11.4.6 South Korea
11.4.7 Rest of Asia Pacific
11.5 South America
11.5.4 Rest of South America
11.6 Middle East & Africa
11.6.1 Saudi Arabia
11.6.4 South Africa
11.6.5 Rest of Middle East & Africa
12 Key Developments
12.1 Agreements, Partnerships, Collaborations and Joint Ventures
12.2 Acquisitions & Mergers
12.3 New Product Launch
12.5 Other Key Strategies
13 Company Profiling
13.4 Toyota Industries
13.5 IHI Corporation
13.6 Bosch Mahle
13.9 Magnum Performance Turbos
13.10 Rotomaster International
13.11 BMTS Technology GmbH & Co. KG
13.12 Turbo Energy Private Limited
13.13 Continental AG
13.14 Garrett Motion Inc.
13.15 Keyyang Precision Co., LTD
13.16 Ningbo Motor Industrial Co. Ltd
13.17 Rotomaster International
13.18 Kompressorenbau Bannewitz GmbH
13.19 Fuyuan Turbocharger Co, Ltd
13.20 Marelli Corporation
List of Tables
1 Global Industrial Turbocharger Market Outlook, By Region (2021-2030) ($MN)
2 Global Industrial Turbocharger Market Outlook, By Type (2021-2030) ($MN)
3 Global Industrial Turbocharger Market Outlook, By Single-Turbo (2021-2030) ($MN)
4 Global Industrial Turbocharger Market Outlook, By Twin-Turbo (2021-2030) ($MN)
5 Global Industrial Turbocharger Market Outlook, By Electric Turbo (2021-2030) ($MN)
6 Global Industrial Turbocharger Market Outlook, By Variable Geometry Turbocharger (2021-2030) ($MN)
7 Global Industrial Turbocharger Market Outlook, By Other Types (2021-2030) ($MN)
8 Global Industrial Turbocharger Market Outlook, By Fuel (2021-2030) ($MN)
9 Global Industrial Turbocharger Market Outlook, By Petrol (2021-2030) ($MN)
10 Global Industrial Turbocharger Market Outlook, By Diesel (2021-2030) ($MN)
11 Global Industrial Turbocharger Market Outlook, By Gasoline (2021-2030) ($MN)
12 Global Industrial Turbocharger Market Outlook, By Other Fuels (2021-2030) ($MN)
13 Global Industrial Turbocharger Market Outlook, By Sales Channel (2021-2030) ($MN)
14 Global Industrial Turbocharger Market Outlook, By Aftermarket (2021-2030) ($MN)
15 Global Industrial Turbocharger Market Outlook, By Original Equipment Manufacturers (2021-2030) ($MN)
16 Global Industrial Turbocharger Market Outlook, By Other Sales Channels (2021-2030) ($MN)
17 Global Industrial Turbocharger Market Outlook, By Raw Material (2021-2030) ($MN)
18 Global Industrial Turbocharger Market Outlook, By Aluminium (2021-2030) ($MN)
19 Global Industrial Turbocharger Market Outlook, By Cast Iron (2021-2030) ($MN)
20 Global Industrial Turbocharger Market Outlook, By Nickel (2021-2030) ($MN)
21 Global Industrial Turbocharger Market Outlook, By Steel (2021-2030) ($MN)
22 Global Industrial Turbocharger Market Outlook, By Other Raw Materials (2021-2030) ($MN)
23 Global Industrial Turbocharger Market Outlook, By Application (2021-2030) ($MN)
24 Global Industrial Turbocharger Market Outlook, By Commercial Vehicles (2021-2030) ($MN)
25 Global Industrial Turbocharger Market Outlook, By Heavy Commercial Vehicles (2021-2030) ($MN)
26 Global Industrial Turbocharger Market Outlook, By Light Commercial Vehicles (2021-2030) ($MN)
27 Global Industrial Turbocharger Market Outlook, By Earthmoving Machinery (2021-2030) ($MN)
28 Global Industrial Turbocharger Market Outlook, By Excavator (2021-2030) ($MN)
29 Global Industrial Turbocharger Market Outlook, By Forklift (2021-2030) ($MN)
30 Global Industrial Turbocharger Market Outlook, By Other Earthmoving Machinery (2021-2030) ($MN)
31 Global Industrial Turbocharger Market Outlook, By Locomotives (2021-2030) ($MN)
32 Global Industrial Turbocharger Market Outlook, By Power Generators (2021-2030) ($MN)
33 Global Industrial Turbocharger Market Outlook, By Farming Equipment (2021-2030) ($MN)
34 Global Industrial Turbocharger Market Outlook, By Harvesters (2021-2030) ($MN)
35 Global Industrial Turbocharger Market Outlook, By Tractors (2021-2030) ($MN)
36 Global Industrial Turbocharger Market Outlook, By Other Farming Equipments (2021-2030) ($MN)
37 Global Industrial Turbocharger Market Outlook, By Other Applications (2021-2030) ($MN)
38 Global Industrial Turbocharger Market Outlook, By End User (2021-2030) ($MN)
39 Global Industrial Turbocharger Market Outlook, By Mining & Construction Equipment (2021-2030) ($MN)
40 Global Industrial Turbocharger Market Outlook, By Agriculture Equipment (2021-2030) ($MN)
41 Global Industrial Turbocharger Market Outlook, By Oil & Gas Industry (2021-2030) ($MN)
42 Global Industrial Turbocharger Market Outlook, By Power Industry (2021-2030) ($MN)
43 Global Industrial Turbocharger Market Outlook, By Marine Industry (2021-2030) ($MN)
44 Global Industrial Turbocharger Market Outlook, By Other End Users (2021-2030) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
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