Europe Turbocharger Market
Rise in demand for fuel efficient engines and gasoline engines is expected to supplement the growth of the turbocharger market during the forecast period.
WILMINGTON, DE, UNITED STATES, November 7, 2024 /EINPresswire.com/ — Allied Market Research published a new report, titled, ” The Europe Turbocharger Market Reach USD 9.49 Billion by 2030, Registering CAGR of 5.1%.” The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.
The Europe Turbocharger market was valued at $5,811.05 million in 2020, and is projected to reach $9,492.68 million by 2030, registering a CAGR of 5.1% from 2021 to 2030.
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Turbocharger is an integral part of internal combustion (IC) engine, which improves its performance by increasing the amount of air intake in the combustion chamber with the help of ejected burnt air. The Europe turbocharger market is expected to exhibit a notable growth in the coming years as these chargers ensure optimum engine performance and enhanced fuel efficiency. Turbochargers swiftly gained popularity as they find wide applications in light commercial vehicles, heavy commercial vehicles, ships & aircraft, heavy duty vehicles, and locomotives, owing to several benefits such as enhanced fuel-efficiency and improved engine performance in terms of power and output.
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The Europe turbocharger market has been segmented on the basis of technology, application, industry vertical, fuel type, material, end-user, and country. By technology, the turbocharger market has been categorized into twin-turbo technology, waste-gate technology, and variable geometry technology (VGT). By application, turbochargers find application in light commercial vehicles, heavy commercial vehicles, ships & aircrafts, heavy duty vehicles, and locomotives. By industry vertical, the turbocharger market has been categorized into aerospace & defense, automotive, marine and agriculture & construction. By fuel type, it is segmented into gasoline and diesel. Cast Iron and Aluminum are different types of materials used for turbochargers. By end-user, the turbocharger market has been categorized into original equipment manufacturers (OEMs) and aftermarket players.
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Europe turbocharger market currently generates most part of its revenue from Germany market, owing to the presence of numerous automotive companies in Europe. In addition, UK and France market shows tempting market shows tempting opportunity for turbocharger market, owing to increase in vehicle production, rise in disposable income, and surge in turbocharger applications in ships & aircrafts.
The key market players profiled in the report include BMTS Technology GmbH & Co. KG, Borgwarner Inc., Cardone Industries, Continental AG, Cummins Inc., Eaton Corporation Plc, Garrett Motion Inc., IHI Corporation, Mitsubishi Heavy Industries, Ltd. and Turbo Dynamics Ltd.
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The COVID-19 crisis is creating uncertainty in the market, massive slow-down of supply chain, fall in business confidence, and increase in panic among customers. Governments of different countries have already announced total lockdown and temporary shutdown of industries, the overall production and sales being adversely affected. Therefore, the turbocharger market is witnessed a moderate dip in 2020, owing to the coronavirus (COVID-19) pandemic. Temporary lockdown of various design, development, and manufacturing facilities with limited operational launch stations also limits the market growth. Sluggish Europe economies with a major focus on fighting the pandemic is also expected to negatively impact the market demand. The post pandemic demand for Turbocharger- is foreseen to grow appreciably.
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