The global compressor wheel market size was evaluated at $11 Billion in 2022 and is slated to hit $17 Billion by the end of 2030 with a CAGR of nearly 6.1% between 2023 and 2030.
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➤ The global compressor wheel market trends are being driven by the demand for high-speed and torque vehicles.
The global compressor wheel market will experience growth due to the demand for lightweight engines and stringent legislation aimed at reducing carbon emissions. The demand for compressor wheels will be driven by the significant need to reduce greenhouse gas emissions and improve the fuel efficiency of vehicles. The automotive sector has experienced a significant increase in the use of turbochargers, which has resulted in the widespread adoption of compressor wheels. This is due to the significant demand for increased power output. It is anticipated that the global market trends will be enhanced by the aforementioned factors.
➤ The global industry surge will be decimated by the widespread use of electric vehicles.
The development of the global compressor wheel industry may be impeded by the decrease in the use of turbocharged engines in automotive applications, which could be a consequence of the increasing popularity of electric vehicles. Additionally, the global industry’s expansion may be impeded by the impact of a pandemic, such as COVID-19, on the logistics, transport, manufacturing, and construction industries, as well as supply chain activities.
➤ The global market is presented with new development opportunities as a result of the growing industrialization that is being observed in developing countries.
New growth opportunities for the global compressor wheel market will be generated by the rapid urbanization and industrialization of emerging economies, as well as a surge in research activities focused on the integration of new features into existing products.
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The Global Compressor Wheel Market is segmented based on product, application and region
Global Compressor Wheel Market: Product Segment Analysis
● OEMs
● Aftermarket
Global Compressor Wheel Market: Application Segment Analysis
● Automotive Engine
● Stationary Engine
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The global Compressor Wheel market profiles key players such as:
● Melett North America Inc. (Melett Ltd.)
● Nelcon Motor Company
● ABI Showatech Private Ltd.
● UACJ Corporation
● Changzhou E & E Turbo Power Co. Ltd.
● PHESSIO TURBO
● BOOSTER Precision Components
● BorgWarner Inc.
● Turbo Systems
● Doncasters Group Ltd
● Pacifica Power Sdn Bhd.
● GARRETT MOTION INC.
● E&E Turbo
???? Recent Developments
• Garrett Motion Inc., a U.S. company that manufactures turbochargers, announced in the latter part of 2019 that it would introduce E-Turbo for passenger vehicles. The new products will be available in the market in 2021. It is anticipated that the action will improve the energy and petroleum efficiency of vehicles, as well as ensure that the regulatory compliance requirements of various governments worldwide are met.
• MARK Compressors, an air compressor supplier headquartered in India, introduced the Ironwind and Bluewind series of piston air compressors in October 2020. The products are both dependable and durable, making them suitable for the Indian market. The initiative will increase the demand for compressor wheels in India and throughout the Asia-Pacific region.
➤ By 2030, North America is expected to make substantial contributions to the global compressor wheel market share.
In 2022, North America dominated the global compressor wheel market, accounting for 70% of the market share. It is expected to represent the largest portion of the global market during the forecast period. The U.S. has made a significant contribution to the regional market share as a result of the presence of major actors, the thriving industrial sector, and technological advancements.
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