Impact of COVID-19 on the Global Turbocharger Market
The turbocharger is a forced induction device that is used to increase the power output and volumetric efficiency of an internal combustion engine by raising the density of gas intake. The output of an internal combustion engine can be improved with the help of a turbocharger without raising its cylinder capacity. In automobiles, it increases the power output of the engine and maximizes engine efficiency. The increasing demand for better power output from engines has boosted the adoption of turbochargers in various industries. However, the automotive industry has been severely impacted by the lockdowns following the COVID-19 pandemic. The lockdowns imposed in countries across the globe have resulted in the closure of manufacturing facilities, delaying the production of vehicles, especially commercial vehicles that are equipped with turbochargers, which is hindering the growth of the turbochargers market.
According to the MRFR analysis, the Asia-Pacific region holds the largest share in the turbochargers market owing to stringent environmental regulations and the demand for turbochargers from emerging economies such as China and India. The availability of cheap labor, as well as low raw material prices, are also key factors responsible for market growth. However, the spread of the virus from China has halted supply chain activities, which has impacted the production of vehicles in other countries. The disruptions in supply chain activities have resulted in a demand-supply gap. Due to the gradual lifting of lockdowns in some countries, many companies are resuming operations while taking safety measures to ensure that there is a continuous supply of parts and equipment to their dealers and end-users and that their employees are safe and healthy. The resumption of the overall manufacturing sector is expected to boost the production and sales of vehicles with turbochargers, which, in turn, is estimated to fuel the growth of the market.