A new report published by Research Nester,titled “Overall Turbocharger Market – Global Demand Analysis & Opportunity Outlook 2027” which delivers detailed overview of the overall turbocharger market in terms of market segmentation by technology, by fuel type, by distribution channel and by verticals.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The overall turbocharger market is segmented by verticals into aerospace & defense, automotive, marine and agriculture & construction, out of which, aerospace segment is anticipated to have largest market share on the back of rising production of aircrafts in the civil and military aeronautics division, combined with increasing global demand for aircraft mobility. According to The World Bank, air transport passengers of the world grew substantially between 1998 and 2017 from 1466 million to 3978 million respectively. Moreover, the automotive turbochargers market is also expected to gain significant market share pertaining to stringent norms taken by the government for lowering carbon and GHG emissions.
The overall turbocharger market is anticipated to record a CAGR of 8.9% during the forecast period, i.e. 2019-2027. Increasing demand for engines which are energy-proficient and adhere to emission norms, combined with growing demand for downsizing of engines, is estimated to promote the demand for overall turbocharger market.
Regionally, the overall turbocharger market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Stringent norms for lowering carbon footprints and greenhouse gas emissions combined with growing demand for downsizing of engines based on these norms are some of the factors on which North America is expected to hold the largest market share. The market is also estimated to grow rapidly in the region owing to the presence of large number of players in the aerospace industry.
Rising Investments for Research and Development To Boost The Market Growth For Overall Turbocharger Market
Rising concerns for the environment globally has enforced OEM’s to work extensively in the research and development (R&D) of modern and advance technology engines that offers lower carbon footprints and reduced GHG and nitrogen oxide (NOx) emissions. Special focus is on the aviation industry owing to its significant contributions for global GHG emissions. The United States Environmental Protection Agency (EPA), stated that an aircraft accounts for 12% of all U.S. transportation greenhouse gas (GHG) and 3% of total U.S. GHG emissions. In another statistics shared by the International Civil Aviation Organization (ICAO) stated that the total CO2 aviation emissions recorded approximately 2% of the global greenhouse emissions. It also forecasted that by 2050, global international aviation emissions were projected to grow further by 300-700% to that of emission levels in the year 2005.
Rising stringent norms by the governments of various economies have also drawn the advantage towards growing investments in R&D. Investments in research and development in the civil aeronautics industry of Europe for the year 2017 was around 47% of the overall investment, as per the Aerospace and Defence Industries Association of Europe (ASD). According to the Aerospace Industries Association (AIA), government R&D spending in America for the year 2017, relevant to aerospace and defense grew by 7.5% to $84.7 billion, and industry R&D from the top 25 aerospace and defense firms grew by 8.7% to $18.1 billion.
Riding on the back of these statistical data, growing need for highly efficient engines and continuous demand for research and technology to produce such engines which promote lower emissions and abide by the emission standards, all of these factors are anticipated to act as the key growth factor for the market.
However, concerns for fluctuating prices for volatile raw materials, used for manufacturing of turbochargers, are expected to operate as key restraints to the growth of the overall turbocharger market during the forecast period.
This report also provides the existing competitive scenario of some of the key players of the overall turbocharger market, which includes company profiling of BorgWarner Turbo Systems (NYSE: BWA), Honeywell International Inc. NYSE: HON), Mitsubishi Heavy Industries Ltd. (TYO: 7011), IHI Corporation (TYO: 7013), Continental AG (ETR: CON), Cummins Inc. (NYSE: CMI), Eaton (NYSE: ETN), BMTS technology, Precision Turbo & Engine and Rotomaster International. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent new and developments. On the whole, the report depicts detailed overview of the overall turbocharger market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.