Enjoy complimentary customisation on priority with our Enterprise License!
The industrial turbocharger market size is forecast to increase by USD 773.4 million at a CAGR of 3.33% between 2023 and 2028. The trend in turbocharging technologies focuses on tightening emission standards and enhancing engine performance, leading to significant growth in sectors like agricultural machinery. Turbochargers improve fuel combustion and power output while reducing emissions, aligning with environmental regulations. In addition, the use of automotive refurbished turbochargers is gaining traction, providing a cost-effective and efficient alternative for enhancing vehicle performance and sustainability.
Market Forecast 2024-2028
To learn more about this industrial turbocharger market report, Request Free Sample
The industrial turbocharger market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Million" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
The mining and construction equipment segment will account for a major share of the market's growth during the forecast period.?It includes heavy-duty and powerful machines and equipment like excavators and cranes, backhoes, and heavy-duty demolition grapples that depend on industrial turbochargers to enhance engine power output ratio. This segment in the market is predicted to witness a positive year-over-year growth rate during the forecast period. Moreover, rising investments in the construction industry, increasing industrialization, and urbanization rates will also propel the demand for industrial turbochargers.
The mining and construction equipment segment was valued at USD 1.48 billion in 2018.? Increasing energy security concerns will result in rising demand for coal as a fuel for power generation, and hence the demand from coal mining will increase the demand for industrial turbochargers. Moreover, the rising demand for metals and minerals from developing economies in Central and South America, Southeast Asia, and Africa and increased mining activities for precious metals, such as gold, silver, and platinum, will fuel market growth during the forecast period.
Based on the distribution channel, the market has been segmented into OEM and aftermarket. The OEM?segment will account for the largest share of this segment.? Original equipment manufacturers (OEM) are an essential part of modern industrial production as they offer numerous industrial equipment such as cranes, loaders, hydraulic presses, drills, etc. OEMs manufacture parts and components so as to align with industry requests and are customized for specific machinery. This ensures the performance and quality of the machinery, which makes end-users prefer them for supplying agricultural equipment, mining equipment, etc. Hence such factors will contribute to the growth of this segment during the forecast period.
For more insights on the market share of various regions, Download Sample PDF now!
APAC is estimated to contribute 55% to the growth by 2027. Technavio's analysts have provided extensive insight into the market forecasting, detailing the regional trends and drivers influencing the market's trajectory throughout the forecast period. In the APAC region, China and India are the largest turbocharger markets with Japan, Vietnam, and South Korea also being countries with immense growth potential due to the rapidly growing industrial sector in these countries. Industrial turbochargers are widely used in the mining and construction industry, agricultural equipment, and other end-users. Also, within the oil and gas industry, various ongoing offshore and onshore oil and gas activities will boost the regional market.
Moreover, because of the growth potential in various countries due to increasing industrialization and rising population, several industrial turbocharger manufacturers from the US and Europe are shifting their production facilities to APAC. India and Indonesia, for example, are greatly preferred due to the availability of cheap labor and the ability to expand into newer markets. The growing middle-class population with rising income levels is also expected to increase demand for affordable housing, which will also boost market growth during the forecast period. Our report examines historic data from 2018 - 2022, besides analyzing the current and forecasts market scenario.
Turbochargers, comprising turbine and compressor components, harness waste exhaust power to boost engine performance in various vehicles, from high-performance cars to light commercial vehicles. Amidst stringent emission norms, turbochargers play a pivotal role in enhancing fuel efficiency and reducing CO2 emissions from gasoline passenger cars and diesel vehicles alike. The market also witnesses advancements in vehicle hybridization, integrating turbochargers with electric propulsion systems. Beyond land transportation, turbochargers find applications in aircraft and locomotives, contributing to lower vehicular emissions and overall environmental sustainability through optimized utilization of fuels and electricity. Our researchers studied the market research and growth data for years, with 2023 as the base year and 2023 as the estimated year, and presented the key drivers, trends, and challenges for the market.
Many cities worldwide are adhering to strict emissions regulations set by regulatory bodies to protect the environment and human health, and conserve resources. These regulations have implications for the automotive industry, leading to the development of fuel-efficient vehicles and the adoption of technologies to reduce emissions, including automotive turbochargers. Additionally, aftermarket players play a role in providing solutions to meet these regulations, such as retrofitting vehicles with emission control systems. These developments have positive implications for the market. Various emission acts, such as the European Union Regulation Number 443/2009, the China State Environmental Protection Administration, and the Japanese Air Pollution Control Act, highlight the importance of transitioning to energy-efficient technologies like industrial turbochargers to reduce emissions.
Additionally, industrial turbochargers help reduce emissions by redirecting toxic gases like sulfur dioxide, nitric oxide, and greenhouse gases such as carbon dioxide and carbon monoxide via exhaust gas for further combustion. This technology is used across various industries, including the aerospace & defense industry, marine industry, and agriculture & construction industry. Turbochargers come in different types, and they often incorporate features like boost pressure relief valves to optimize performance and emissions reduction. This improves energy efficiency and aids in emission reduction, helping end-users comply with stringent regulations and increasing the adoption of industrial turbochargers. These factors are expected to contribute to industrial turbocharger market growth during the forecast period.
Conventional manufacturing techniques, such as casting, are increasingly being replaced by additive manufacturing (AM) which can be used to create a 3D object from a digital file. The term additive indicates that the process involves the building up of thin layers of material, one by one. Moreover, this can be used to generate complex shapes, which conventional techniques like traditional casting and machining methods or subtractive techniques might not have been able to produce.
Moreover, a new technique called selective laser melting (SLM) is gaining momentum in the manufacturing of industrial turbochargers. It involves a powder bed AM technique that is used for the fabrication of net-shape or near-net-shape components. It eliminates the requirement for large inventory by offering production on demand, helping to reduce inventory management and other associated. Additionally, this technique enhances design freedom, flexible processing, and on-site manufacturing. Hence such factors will contribute to industrial turbocharger market growth during the forecast period.
Increasing demand for industrial turbochargers has resulted in the emergence of counterfeit industrial turbochargers, especially in developing and under-developed countries. Moreover, increased smartphone penetration and ease of access to the Internet are improving access to counterfeit products. They harm prominent vendors by loss of sales, damage to brand and reputation, diluting their trademark, and also forcing them to incur IP protection and enforcement rights.
Moreover, counterfeit industrial turbochargers are deliberately labeled and marketed under the names of established brands and sold at discounted prices. They can even result in the breakdown of machinery during industrial reports and can even lead to human casualties causing harm to both end users as well as vendors. Hence such factors will hinder industrial turbocharger market growth during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
We also have detailed analyses of the market's competitive landscape and offer information on 20 market companies, including:
BMTS Technology GmbH and Co. KG, BorgWarner Inc., Cardone Industries Inc., Caterpillar Inc., Comp Turbo Technology Inc., Continental AG, Cummins Inc., Eaton Corp. Plc, Hitachi Ltd., Honeywell International Inc., IHI Corp., Keyyang Precision Co. LTD., Komatsu Ltd., Kompressorenbau Bannewitz GmbH, MAHLE GmbH, Mitsubishi Heavy Industries Ltd., Niitsu Turbo Industries M Sdn. Bhd., Toyota Industries Corp., and WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP.
Technavio market forecast provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
Innovations in turbocharger technology are reshaping the automotive sector. From high-performance vehicles to commercial trucks, turbochargers enhance vehicle performance by leveraging mechanical power from exhaust gases. This boosts fuel economy and meets stringent emission limits like those set by the WLTP emissions test. Advancements include electric turbochargers for hybrid vehicles and electrification efforts in diesel engines. Additionally, big data and cloud computing aid in turbocharger simulation during the development process, ensuring optimal performance and durability. With benefits like weight savings and extended product life, turbochargers continue to drive efficiency in diverse automotive segments.
Further, the industrial turbocharger market is witnessing a rise in demand driven by diverse applications across various segments. From petrol vehicles to heavy-duty earthmoving equipment, turbochargers optimize the combustion process by compressing oxygen molecules in the cylinder, enhancing engine efficiency and power output. They offer weight-saving benefits and are integral components in commercial vehicles like pick-up trucks and vans. With advancements in electric motors and battery-powered systems, turbochargers are also adapting to the rise of electric vehicles, ensuring sustained performance while minimizing maintenance costs. As the automotive industry evolves, turbochargers remain indispensable for achieving optimal performance across diverse applications.
Market Scope |
|
Report Coverage |
Details |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 3.33% |
Market growth 2024-2028 |
USD 773.4 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
3.18 |
Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
Performing market contribution |
APAC at 55% |
Key countries |
China, US, Japan, Germany, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
ABB Ltd., BMTS Technology GmbH and Co. KG, BorgWarner Inc., Cardone Industries Inc., Caterpillar Inc., Comp Turbo Technology Inc., Continental AG, Cummins Inc., Eaton Corp. Plc, Hitachi Ltd., Honeywell International Inc., IHI Corp., Keyyang Precision Co. LTD., Komatsu Ltd., Kompressorenbau Bannewitz GmbH, MAHLE GmbH, Mitsubishi Heavy Industries Ltd., Niitsu Turbo Industries M Sdn. Bhd., Toyota Industries Corp., and WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP. |
Market dynamics |
Parent market analysis, Market forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market worth and condition analysis for forecast period |
Customization purview |
If our industrial turbocharger market growth analysis report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this industrial turbocharger market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
Get the report (PDF) sent to your email within minutes.
Get lifetime access to our
Technavio Insights
Quick Report Overview:
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.