Increasing trend of opting for better
fuel economy and enhanced engine performance has led to the rise in demand of
turbochargers. Turbocharger 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.
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.
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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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