Aircraft Turbocharger Industry was estimated at 659.8 million in 2020 and is expected to hit $1.19 billion by 2030, registering with a CAGR of 6.5% from 2021 to 2030.
Increase in air passenger traffic across the globe and rise in demand for fuel efficient & downsized engines drive the growth of the global aircraft turbocharger market. On the other hand, high costs associated with aircraft turbochargers restrains the growth to some extent. However, surge in operations in the commercial aviation sector is expected to create lucrative opportunities in the industry.
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Increase in air passenger traffic across the globe and rise in demand for fuel efficient and downsized engine are expected to drive the aircraft turbocharger market during the forecast period. However, high costs associated with aircraft turbochargers is one of the major factors that are anticipated to hamper the growth of the market. On the contrary, increase in operations in the commercial aviation is expected to offer remunerative opportunities for the expansion of the global aircraft turbocharger market during the forecast period.
COVID-19 impact analysis
The COVID-19 impact on the aircraft turbocharger market is unpredictable, and is expected to remain in force till the second quarter of 2021.
The COVID-19 outbreak forced the governments to impose stringent lockdown measures that resulted in flight cancellations and ban on e-commerce services, which led to massive decline in commercial aviation and logistics activities across the world.
Moreover, nationwide lockdown disrupted the supply chains, as several manufacturing facilities across the globe had to partially or fully shut down their operations.
The adverse impacts of the COVID-19 pandemic resulted in huge supply–demand issues and resulted in long delays in the activities of aircraft turbocharger operations globally.
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The global aircraft turbocharger market is analyzed across turbocharger type, platform, component, and region.
Asia-Pacific dominates the market, in terms of revenue, followed by North America, Europe, and LAMEA. U.S. dominated the global aircraft turbocharger market in North America in 2020, owing to increase in R&D activities, technological developments by key players, and rapid adoption of innovative technologies in making durable and long-lasting aircraft turbochargers. Asia-Pacific is expected to grow at a significant rate during the forecast period, owing to rise in air passenger traffic across different nations in the region along with implementation of stringent aircraft fuel-efficiency regulations and regular inspections across the prominent countries such as China, India, and Japan.
Based on region, the market across Asia-Pacific contributed to the major share in 2020, holding around one-third of the global market. The same region would also grow at the fastest CAGR by 7.4% from 2021 to 2030.
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key market players In Aircraft Turbocharger Industry
The key market players analyzed in the global aircraft turbocharger industry report include Airmark Overhaul, Inc., BorgWarner Inc., General Electric Company, Honeywell International Inc., ABB Ltd., Kawasaki Heavy Industries, Ltd., PBS Group, A. S., Rajay Parts LLC, Victor Aviation Service, Inc., and Hartzell Engine Technologies LLC.
These market players have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to brace their stand in the industry.
