The study provides an in-depth analysis of the global turbocharger market to elucidate the prominent investment pockets in the market.
Portland, OR -- (SBWIRE) -- 02/15/2018 -- Turbocharger Market Report, published by Allied Market Research, forecasts that the global market is expected to garner $19 billion by 2022, registering a CAGR of 11.1% during the period 2016-2022. In 2015, Europe dominated the world turbocharger market and commanded more than 40% share of the overall turbocharger market revenue, followed by Asia-Pacific and North America. The European turbocharger market growth is mainly driven by factors such as stringent government regulations related to emission & fuel-efficiency, and increase in popularity among key automakers for downsizing the engine & increasing 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, improved engine performance in terms of power and output among others. In addition, they also help automakers to meet regulatory standards regarding carbon emission. For instance, European government imposed emission targets for new light commercial vehicles, wherein each vehicle is required to have a label stating its fuel efficiency and CO2 emission level.
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Light commercial vehicle (LCV) segment generated the highest revenue in 2015 and is expected to lead the market throughout analysis period owing to heightened LCV production globally, and the wider penetration of turbochargers among passenger cars.
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Among the various user industries of turbochargers, marine industry is anticipated to attain highest growth during the forecast period. Increased production of ships, and aggrandized use of turbochargers in marine vessels due to its light weight design with high power and optimized fuel consumption are some of the key driving factors of the market. Additionally, rising government spending is expected to provide huge opportunities for the market growth.
Turbocharger Market Key Segments
-Variable geometry technology
By Fuel Type
By End User
-Light commercial vehicles
-Heavy commercial vehicles
-Ships & aircraft
-Heavy duty vehicles
By Industry Vertical
-Aerospace & defense
-Agriculture & construction