Increasing trend of opting for better fuel economy and enhanced engine performance has led to the rise in demand of turbochargers. Turbocharger market helps in improving the power to weight ratio which has led to increasing number of automobile manufacturers are including it in passenger cars for better performance. Stringent Environmental regulations across all countries have led to the growth of turbo charging technologies in the last few years and this trend is expected to continue over the forecast period.
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Oil price fluctuations have also played a major role in the rising demand of turbochargers owing to better fuel efficiency. Increasing demand for more powerful vehicles in the recent past has contributed to the growing demand for the device. There are three key technologies in turbo charging namely waste gate turbo which is mostly utilized in commercial vehicles, twin turbo and variable geometry turbocharger which is widely used in passenger cars. Consumer preference to more smaller and compact engines coupled with rise in production of passenger cars has propelled the growth of the market. Manufacturers are now collaborating with various dealers and distributors to understand the different requirements of the consumer.
Other applications include power plants, marine and generator sets. The marine and power generation sectors are expected to witness a significant rise in demand owing to their rise in performance enhancement abilities. Some of the major challenges to the growth of this market are low awareness regarding gasoline turbochargers, gaining popularity of electrical turbo chargers and increasing consumption of gasoline turbochargers.
These factors are expected to have an impact on the overall growth of the market. Emerging economies including India and China are expected to be the major manufacturing hubs for turbo charging technologies owing to the rising population and increasing demand for cars. Honeywell Turbo Technologies, Precision Turbo and Engines, Cummins Turbo Technologies, Rotomaster and Mitsubishi Heavy Industries are some of the major players in the market. Honeywell Turbo Technologies recently announced that it is expected to increase its production capacity owing to the surge in demand from emerging economies of China and India. The company has started two new production facilities in Europe and China.
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