Compressor Wheel Market, By Material (Cast iron, Aluminum), By Application (Automotive engine, Stationary engine), By Sales (OEMs, Aftermarket), By Region Analysis - Global Analysis and Industry Forecast Report Till 2030.

Compressor Wheel Market is projected to grow from $2.80 billion to $4.40 billion, at a CAGR of 5.01% in terms of revenue during the forecast period.

Compressor wheels are parts of a turbocharger assembly that are connected to the exhaust gas turbine by a solid shaft. An internal combustion engine's intake air pressure is increased using a turbocharger. Fuel for turbocharger operation includes both gasoline and diesel. Moreover, OEMs or aftermarket third-party vendors provide the compressor wheel, a component of turbochargers.

Vehicle manufacturers are concentrating on researching and producing lightweight engines in order to improve the fuel efficiency of the vehicle and lower carbon emissions due to the implementation of strict regulations to restrict carbon emissions. This encourages the creation of fresh turbochargers, which helps the market expand. Moreover, the demand for turbochargers is anticipated to increase due to the growth in demand for vehicles with high fuel efficiency and strong power output globally.

The efficiency of car engines is increased by using strong, effective compressor wheels. The market for compressor wheels worldwide is growing as a result of all these causes combined. The use of turbocharged engines in vehicles is anticipated to decline with the introduction of electric vehicles, which is anticipated to limit demand for compressor wheels and restrain the expansion of the global market.

Market Dynamics:

 Drivers:

The expanding automobile industry, improved fuel economy and engine performance, as well as the quick urbanization and industrialization in developing nations, are the main drivers of the worldwide compressor wheel market. Compressor wheel market expansion has in fact been propelled by the growing sales of automotive industry products in developing nations around the world. In addition, the need for vehicles with high power output and fuel efficiency is anticipated to fuel market expansion. Also, strict government emission regulations have forced automakers to use turbochargers in their vehicles, which is anticipated to grow the compressor wheel industry. Similar to how fast-paced urbanization and industrialization in developing nations is anticipated to boost market expansion during the projected time frame.

Restraints:

The market COVID-19 pandemic severely compelled the shutdown of manufacturing and production activities, which unquestionably had an impact on the manufacture, production, sales, and distribution of market items and reduced market growth during the pandemic. The market has, nevertheless, seen an increase in demand since Covid-19.

Opportunities:

With the increasing advancement in the production of materials like stainless steel, aluminum, and titanium, the market is anticipated to have new opportunities. This has undoubtedly increased the focus of manufacturers to produce innovative compressor wheels with high tolerance and use in turbochargers. Throughout the projection period, this aspect is anticipated to offer the market a wealth of new growth opportunities.

Key Players:

• 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

• Turbo Systems

• Turbo tech Precision Products Ltd

• UACJ Corporation

• UNI-POL CHINA

• Wabtec Corporation

Market Segmentation:

By Material

• Cast iron

• Aluminum

By Application

• Automotive engine

• Stationary engine

By Sales Type

• OEMs

• Aftermarket

By Region

• North America

• Europe

• Asia-Pacific

• Latin America

• Middle East & Africa (MEA)

Regional Analysis:

The compressor wheel market has been divided into five regions based on geography: North America, Latin America, Asia Pacific, Europe, and the Middle East & Africa.

Over the forecast period, North America and the Asia-Pacific region are anticipated to be extremely lucrative markets. The compressor wheel market in Asia Pacific is expected to grow quickly as a result of the region's rapidly expanding manufacturing sectors. The existence of numerous reputable suppliers and manufacturers in North America, as well as their access to cutting-edge compressor wheel research and development facilities, are expected to drive the market for these wheels in the region.

Scope of the report:

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