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.
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Compressor Wheel Market (By Fuel Type: Gasoline, Diesel; By Diameter: 20-40 mm, 40-60 mm, >60 mm; By Vehicle: Passenger Vehicle, Commercial Vehicle; By Method of Manufacturing: Cast Compressor Wheels, Forged Compressor Wheels; By Compressor Wheel Type) – Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook and Forecast 2021-2030
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.
- 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.
- Asia Pacific dominated the global compressor wheel market in 2020. 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.
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
- 20-40 mm
- 40-60 mm
- >60 mm
- Passenger Vehicle
- Commercial Vehicle
By Method of Manufacturing
- Cast Compressor Wheels
- Forged Compressor Wheels (Billet)
By Compressor Wheel Type
- Aluminum Compressor Wheel
- Titanium Compressor
- Stainless Steel Compressor
- Twin Blade Compressor Wheel
- North America
- Asia Pacific
- Middle East & Africa
- Latin America
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