The North America Turbocharger Market would witness market growth of 5.9% CAGR during the forecast period (2021-2027).
As the demand for vehicles is increasing across the world, several companies are aiming to use eco-friendly and energy-efficient parts in vehicle engines to minimize the consumption of fuel and pollution in the atmosphere. Turbochargers minimize the power loss and reduce the emission of numerous gases from various vehicles that further result in air pollution. In addition, turbochargers are small in size, which helps them in decreasing the size of the whole engine and vehicle. The increasing application of IC engines in motor vehicles and the constant researches on the deployment of turbochargers in other industries is anticipated to open new growth avenues for turbocharger manufacturers.
The ongoing trend for the deployment of advanced and efficient turbochargers in vehicles has gained momentum owing to its benefits like higher vehicle efficiency. It has helped turbocharger manufacturers to carry out constant improvements in current turbochargers, and thus, propelling the growth of the turbocharger market.
The superior engine performance with fuel efficiency, reduction in the overall size & weight of vehicles, and government regulations are among the key factors fueling the growth of the turbocharger market. However, difficulties in the deployment of the turbocharger and a high rise in the temperature of the engine, due to overheating issues associated with turbochargers are major aspects hampering the growth of the turbocharger market. Though, the growing demand for fuel-efficient engines & gasoline engines is projected to support the growth of the turbocharger market over the forecast period.
The growing adoption of a turbocharged engine is one of the key aspects augmenting the growth of the regional turbocharger market in the coming years. In addition, the trend of downsized engines in automobiles among the customers is supporting the growth of the regional turbocharger market. However, the increasing popularity of shared vehicles and the high customer awareness would bolster the growth of the regional turbocharger market.
The strict government rules and regulations about controlling the air pollution and carbon-emission level would motivate manufacturers to use turbochargers in the production of various vehicles like trucks, cars, ships, and aircraft. This increasing usage of turbochargers in various vehicles is supporting the growth of the regional turbocharger market. Additionally, the increasing prices of fuel and the growing adoption of substitute fuel vehicles would impact the regional growth of the market in the coming years.
The US market dominated the North America Turbocharger Gasoline Market by Country 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $1,703.8 million by 2027. The Canada market is experiencing a CAGR of 10.4% during (2021 - 2027). Additionally, The Mexico market would witness a CAGR of 9.5% during (2021 - 2027).
Based on Fuel Type, the market is segmented into Diesel and Gasoline. Based on Application, the market is segmented into Light Commercial Vehicle, Heavy Commercial Vehicle, Ships & Aircrafts, Agriculture & Construction, and Locomotives. Based on Material, the market is segmented into Aluminium and Cast Iron. Based on Technology, the market is segmented into Twin-turbo Technology, Wastegate Technology and Variable Geometry Technology (VGT). Based on End User, the market is segmented into Original Equipment Manufacturer (OEMs) and Aftermarket. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Based on Surface Type, the market is segmented into 2D and3D. Based on Deployment Type, the market is segmented into Computer based and Camera based. Based on Component, the market is segmented into Cameras, Lighting Equipment, Processors, Software, Frame Grabbers & Optics, and Others. Based on End User, the market is segmented into Semiconductor & Electronics, Food & Beverages, Healthcare, Automotive, Paper & Wood, Glass & Metal, Plastic & Rubber, and Others. Based on Surface Type, the market is segmented into 2D and3D. Based on Deployment Type, the market is segmented into Computer based and Camera based. Based on Component, the market is segmented into Cameras, Lighting Equipment, Processors, Software, Frame Grabbers & Optics, and Others. Based on End User, the market is segmented into Semiconductor & Electronics, Food & Beverages, Healthcare, Automotive, Paper & Wood, Glass & Metal, Plastic & Rubber, and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global Turbocharger Market is Estimated to Reach USD 24.3 Billion by 2027 at a CAGR of 6.2%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Garrett Motion, Inc., BorgWarner, Inc., Cummins, Inc., Mitsubishi Heavy Industries Ltd., Precision Turbo & Engine (Wabtec Corporation), IHI Corporation (Dai-ichi Life), Turbo Dynamics Ltd, Marelli, Magnum Performance Turbos, Inc., and Kompressorenbau Bannewitz GmbH.
By Fuel Type
By Application
By Material
By Technology
By End User
By Country
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