The compressor wheel market size is predicted to surpass around US$ 26.5 Bn by 2030, rising at a compound annual growth rate (CAGR) of 4.1% from 2021 to 2030.
owing to the increase in penetration of turbochargers in vehicles, which, in turn, is likely to fuel the demand for compressor wheels. Rise in demand for fuel-efficient vehicles across the globe is likely to drive the demand for turbocharger in vehicles, which, in turn, is projected to boost the compressor wheel market across the globe.
Rise in demand for vehicles with higher power output coupled with stringent emission limits has prompted manufacturers to install automotive turbochargers in their vehicles, which is anticipated to significantly propel the compressor wheel market across the globe. Increase in sale of vehicles across the globe due to cut in tax rates on vehicles is also a key factor fueling the demand for turbocharger in vehicles.
Enactment of stringent emission norms across the globe is prompting vehicle manufacturers to develop lightweight engines to increase the fuel efficiency of the vehicle. However, lower excise duty on smaller engines has compelled manufacturers to move toward engine downsizing, which can be achieved with the installation of turbochargers. On the other hand, compressor wheel in a turbocharger increases the pressure of air, which increases the combustion of fuel in an engine cylinder. Rise in adoption of turbocharger enables a smaller engine to deliver high power, along with lower emission and higher fuel-economy, which is anticipated to boost the compressor wheel market across the globe.
Spread of the COVID-19 pandemic across the globe is prompting consumers to own vehicles, which is projected to drive the sale of vehicles and subsequently, boost the installation of turbocharger in vehicles in order to increase fuel-efficiency of the engine. This is likely to boost the compressor wheel market across the globe.
The COVID-19 pandemic has caused a majority of businesses across the globe to crumble, owing to the forced shutdown of production and manufacturing activities. This has led the global economy to contract to its lowest growth rate. Majority of businesses in every industry are codependent, and part of major supply chain in the market. Disruptions in supply chain attributing to stoppage of transportation and shipping services and reduced demand for vehicles across the globe are likely to cause the global automotive industry to contract in Q1 and Q2 of 2020.
Rise in demand for electric vehicles across the globe due to enactment of stringent emission norms across the globe is likely to hamper the compressor wheel market across the globe. Major vehicle manufacturers have shut down or announced closure of diesel engine production due to higher exhaust emissions from diesel engines. This is likely to reduce the demand for turbochargers, which, in turn, is projected to hamper the compressor wheel market across the globe.
Electrification of Turbochargers with Electric Motors Improves Agility of Vehicles
The proliferation of electric turbochargers is expected to bring significant changes in the compressor wheel market. The future of Mercedes-AGM is turning electric with a key part of it, which focuses on the evolution of their new electric exhaust turbocharger. Such trends are translating into revenue opportunities for manufacturers in the compressor wheel market.
Exhaust gas turbochargers with integrated electric motors are predicted to improve the agility of automobiles. The electrification of the turbocharger significantly improves response from idle speed and the entire engine speed range. This is beneficial since delayed response of a conventional turbocharger is eliminated by the electric motor.
Durable Impellers with Superior Heat Dissipation, Rotational Characteristics Being Preferred
Cast compressor wheels are being highly publicized for their lightweight attributes. Ross Casting & Innovation LLC is gaining recognition for its affordable and mechanically sound compressor wheels. Manufacturers are increasing their R&D muscle to develop durable impellers with superior heat dissipation and rotational characteristics.
Apart from diesel engines, manufacturers in the compressor wheel market are increasing their focus on aerospace, marine, and watercraft industries. They are expanding their product portfolio in flatback, deep back, and superback contours. On the other hand, high-end solutions for engines using aluminum consist of milled compressor wheels. The increasing number of engine applications with high cyclical loads is a key driver for the market.
Prominent players operating in the global compressor wheel market include ABI Showatech Private Ltd., BOOSTER Precision Components, BorgWarner Inc., Changzhou E & E Turbo Power Co., Ltd., Doncasters Group Ltd, E&E Turbo, GARRETT MOTION INC., Jiangyin Uni-Pol Vacuum Casting India Pvt. Ltd., Melett North America Inc. (Melett Ltd.), Nelcon Motor Company, Owen Developments, Pacifica Power Sdn Bhd., PHESSIO TURBO, TurboSystems, Turbotech Precision Products Ltd, UACJ Corporation, UNI-POL CHINA, and Wabtec Corporation.
By Fuel Type
By Method of Manufacturing
By Compressor Wheel Type
This report focuses on compressor wheel market includes crucial information on market share, market size, and growth rate for the forecast period 2021 to 2030 at the global level, regional level and company level. From a global perspective, this report represents overall compressor wheel market size by analyzing historical data and future prospect. The study highlights deep analysis on the major drivers of the market, restraints, and challenges to help the business owners, suppliers, and marketing personnel in planning effective strategies for the forecast period. This will help the business and manufacturers to lead the market and gain prominent position in future. The report also presents vital information through graphical representation on factors like table, charts, and statistics. The study includes drivers and restraints of the global compressor wheel market.
The research not only conducts forecasts in terms of value, but also evaluates the market on the basis of essential parameters, such as Year-on-Year (Y-o-Y) growth. This helps providers to recognize the future opportunities as well predictability of the market.
In order to understand and assess opportunities in this market, the report is categorically divided into five key sections on the basis of segments. The report analyzes the global market in terms of value (US$ dollers) and volume (Million Units).
The research report includes specific segments by region (country), by company, by all segments. This study provides information about the growth and revenue during the historic and forecasted period of 2017 to 2030. Every segment is further sub-segmented into several sub-segmented that are deeply analyzed by experts to offer valuable information to the buyers and market players. Understanding the segments helps in identifying the importance of different factors that aid the market growth.
The research report includes a detailed study of regions of North America, Europe, China, Japan and Rest of the World. The report has been curated after observing and studying various factors that determine regional growth such as economic, environmental, social, technological, and political status of the particular region. Analysts have studied the data of revenue and manufacturers of each region. This section analyses region-wise revenue and volume for the forecast period of 2017 to 2030. These analyses will help the reader to understand the potential worth of investment in a particular region.
The report provides in-depth segment analysis of the global compressor wheel market, thereby providing valuable insights at macro as well as micro levels. Analysis of major countries, which hold growth opportunities or account for significant share has also been included as part of geographic analysis of the compressor wheel market.
The report includes country-wise and region-wise market size for the period 2017-2030. It also includes market size and forecast by segments in terms of production capacity, price and revenue for the period 2017-2030.
In this study, the years considered to estimate the market size of compressor wheel are as follows:
This section of the report identifies various key manufacturers of the market. It helps the reader understand the strategies and collaborations that players are focusing on combat competition in the market. The comprehensive report provides a significant microscopic look at the market. The reader can identify the footprints of the manufacturers by knowing about the global revenue of manufacturers, the global price of manufacturers, and sales by manufacturers during the forecast period of 2017 to 2019.
The analysts have provided a comprehensive analysis of the competitive landscape of the global compressor wheel market with the company market structure and market share analysis of the top players. The innovative trends and developments, mergers and acquisitions, product portfolio, and new product innovation expected to provide a dashboard view of the market, ultimately providing the readers accurate measure of the current market developments, business strategies, and key financials.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users) and other segments.
The research methodology adopted by analysts for compiling the global compressor wheel market report is based on detailed primary as well as secondary research. With the help of in-depth insights of the market-affiliated information that is obtained and legitimated by market-admissible resources, analysts have offered riveting observations and authentic forecasts for the global market.
During the primary research phase, analysts interviewed market stakeholders, investors, brand managers, vice presidents, and sales and marketing managers. Based on data obtained through interviews of genuine resources, analysts have emphasized the changing scenario of the global market.
For secondary research, analysts scrutinized numerous annual report publications, white papers, market association publications, and company websites to obtain the necessary understanding of the global compressor wheel market.
The study objectives of this report are:
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