Compressor Wheel Market Size, Share & Analysis Report, 2022-2030
The global Compressor Wheel market gathered revenue around USD 2,987.3 Million in 2021 and market is set to grow USD 4,350.4 Million by the end of 2030 and is estimated to expand at a modest CAGR of 4.20% during the prediction period 2022 to 2030.
Growth Factors:
Turbocharged engine of a vehicle offers several advantages over a conventional engine, such as lower emission of exhaust gases, owing to better combustion of the air-fuel mixture in the combustion chamber, higher power, and enhanced fuel economy. Stringent emission norms are a major factor driving the compressor wheel market, as they prompt vehicle manufacturers to comply with emission norms.
Rise in consumer demand for performance and improvements fuel economy are expected to drive the compressor wheel market. The adoption of turbocharger enables a smaller engine to deliver greater output, thus helping in downsizing the engine and saving fuel. Increase in consumer awareness regarding emissions is also a major driver of the compressor wheel market. The compressor wheel in a turbocharger helps proper combustion, thus producing lower levels of particulate matter in diesel engines.
Report Scope of the Compressor Wheel Market
| Report Coverage | Details |
| Market Size | USD 4,350.4 Million by 2030 |
| Growth Rate | CAGR of 4.20% from 2021 to 2030 |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Base Year | 2021 |
| Forecast Period | 2022 to 2030 |
| Segments Covered | Fuel Type, Diameter, Vehicle, Method of Manufacturing, Compressor Wheel Type, Region |
| Companies Mentioned | 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. |
Compressor Wheel Market: Overview
The global compressor wheel market is anticipated to expand at a CAGR of 3.79% during the forecast period, owing to the increase in penetration of turbochargers in vehicles, which, in turn, is likely to fuel the demand for compressor wheels. The rise in demand for fuel-efficient vehicles across the globe is likely to drive the demand for turbochargers in vehicles, which, in turn, is projected to boost the compressor wheel market across the globe.
The 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. An increase in the sale of vehicles across the globe due to a cut in tax rates on vehicles is also a key factor fueling the demand for turbochargers in vehicles.
Drivers of Compressor Wheel Market
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.
Challenges for Compressor Wheel Market
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.
Compressor Wheel Market Segmentation
The global compressor wheel market has been segmented based on fuel type, diameter, vehicle, method of manufacturing, compressor wheel type, and region
Based on fuel type, the gasoline segment dominated the global compressor wheel market. Consumer trend toward gasoline engines is increasing due to lower exhaust emission from gasoline engines, as compared to that from diesel engines. Rise in demand for fuel-efficient vehicles is likely to fuel the penetration of compressor wheels in turbochargers.
Based on compressor wheel type, the aluminum compressor wheel is a prominent segment of the global compressor wheel market. Aluminum compressor wheels can withstand high load and sustain maximum rotations. This, in turn, is projected to boost the compressor wheel market across the globe.
Regional Analysis of Compressor Wheel Market
In terms of region, the global compressor wheel market has been segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia Pacific dominated the global compressor wheel market in 2019. It is anticipated to hold a leading market share during the forecast period, as rapid expansion of manufacturing industries across the region is likely to propel the compressor wheel market across the region. North America is also estimated to hold a significant share of the global compressor wheel market, owing to increase in the demand for lightweight engines across the region.
Some of the prominent players in the Compressor Wheel Market include:
Segments Covered in the Report
This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for the period of 2017 to 2030 and covers subsequent region in its scope:
By Geography
North America
Europe
Asia Pacific
Latin America
Middle East & Africa (MEA)
Key Points Covered in Compressor Wheel Market Study:
Cross-segment Market Size and Analysis for Mentioned Segments
Additional Company Profiles
(Upto 5 With No Cost)
Additional Countries (Apart
From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers