The exclusive COVID-19 impact analysis report by Axiom MRC provides a 360 degree analysis of micro and macro-economic factors on the global compressor wheel market. In addition, complete analysis of changes on the global compressor wheel market expenditure, economic and international policies on supply and demand side. The report also studies the impact of pandemic on global economies, international trade, business investments, GDP and marketing strategies of key players present in the market. Likewise, the COVID-19 virus spread on one side has provided ample of growth opportunity for market with rise in automotive or vehicle demand. And on the other hand supply chain disruption has affected the market. In addition, growing demand for the turbocharger in automotive industry and requirement for compressor wheel has driven the global compressor market
The global compressor wheel market is driven by growing automotive industry, fuel efficiency and better engine performance and rapid urbanization and industrialization in developing countries. With the developing economies across the globe, the rising growth and sales of automotive industry products has indeed has accelerated the growth of compressor wheel market. Besides, the growing need for vehicle with high fuel efficiency and high power output is expected to drive the market growth. In addition, stringent emission norms by government have impelled automobile companies to utilize turbocharger in their vehicle which is expected to further the market for compressor wheel. Likewise, rapid urbanization and industrialization in developing countries is expected to give the market a rise of growth during the estimated time period.
The market is expected to have new opportunity with the growing advancement in the production of material like stainless steel, aluminium, titanium which is certainly led the increasing focus of manufacturer to produce innovative compressor wheel with high tolerance and usage in turbocharger. This factor is expected to provide ample of new growth opportunity in the market during the forecast period.
The market covid-19 pandemic significantly forced shutdown of production and manufacturing activities which has certainly affected the manufacturing, production, sales and distribution of market products thereby declining the market growth during the pandemic. However, post Covid-19 the market has witnessed a rise in demand for the market.
The major growth challenge for the market is surge in demand for electric vehicles. With the growing adoption of electric vehicle across the globe has certainly created new challenge for the market growth. The shifting dynamic towards the electric vehicle has affecting the growth of compressor; as in electric vehicle new technologies are mostly implemented, changing consumer preference for electric vehicle as an alternative of conventional petrol or diesel engine vehicle and implementation of electric powered compressor has hampered the market growth.
The report provides in-depth analysis of global compressor wheel market, market size, and compound annual growth rate (CAGR) for the forecast period of 2022-2028, considering 2021 as the base year. With increasing demand for various compressor wheel in various applications has led the increasing demand for market and is expected to witness the growth at a CAGR at specific CAGR from 2021-2028.
The global compressor wheel market comprises of different market segment like type, applications, diameter, and geography.
By type, the compressor wheel includes key segment of stainless steel compressor wheel, aluminium compressor wheel, titanium compressor wheel, twin blade compressor wheel. Aluminium compressor wheel is expected to have growing demand in compressor wheel market specifically due to as these are available in simpler design, effective and supports in improvising compete turbocharger. Besides, these are present in different shape, size and with different design and structural view. This feature is expected to create ample of new growth opportunities for market over the forecast period. Also, titanium compressor wheel is expected to hold second in the market.
The compressor wheel market finds its major application in automobile industry, manufacturing industry, oil and gas industry, aerospace, water treatment industry and others. Automobile industry is anticipated to lead in the market during the forecast period. The major factor contributing in the market growth are rising demand for compressor wheel, increasing adoption of automotive turbocharger in automobile industry is one of the major factor behind the growth of compressor wheel market. Ideally, automotive turbochargers play a significant role in reducing emissions, enhancing fuel economy, and enhancing drivability and compressor wheel further enhance the performance of turbocharger. Likewise, aerospace followed by manufacturing industry among other are likely to having new growth avenue over the estimated time period.
The compressor wheel market is significantly studied for key diameter like 20-40 mm, 40-60 mm, more than 60 mm. In diameter, more than 60 mm diameter segment dominated the global compressor wheel market. The major factor contributing in the market growth is ideally a performance of turbocharger is knotted to its size which is where more than 60 mm support for taking more pressure and heat to spin the turbine, creating interval at low speed. Likewise, increasing demand for 40-60 mm is anticipated due to its offering for high power potential which is boosting the growth of market to major extend.
The global compressor wheel market is studied for the following region North America, Europe, Asia-Pacific and Rest of the world (RoW). Europe is anticipated to lead in the compressor wheel market during the forecast period (2022-2028). With the developing market for automotive sector, aerospace industry in Europe regional countries has certainly led the driving demand for compressor wheel in the region’s market. Besides, massive presence of well developed economies, growing requirement for compressor wheel in different application has led the market to maintain its dominance in the global market. Also, increasing sales and distribution of market is contributing healthy growth in the market. Also, North America is anticipated to hold second position in the market followed by Asia Pacific. Asia Pacific is likely to have growth at fastest pace with the presence of countries like China, Japan and India.
The competitive landscape analysis of compressor wheel market is majorly focused on expanding the global growth of compressor wheel with new product innovation, business expansion, increasing presence of range of manufacturer operating in compressor wheel has led the growing demand for the market. Besides, the market offers range of products in different application to fulfill the required demand of consumer which is further contributing healthy growth in the market.
The key players studied in market are ABI Showatech Private Ltd (India), BOOSTER Precision Components (Germany), BorgWarner Inc (United States), Doncasters Group Ltd (United Kingdom), E&E Turbo (China), Garrett Motion Inc (Switzerland), OTS Turbo (China), Nelcon motor co (India), Owen Developments (United Kingdom), Pacifica Power Sdn Bhd (Malaysia), PHESSIO TURBO (China), TurboSystems (Lithuania), Turbotech Precision Products Ltd (United Kingdom), UACJ Corporation (Japan), Wabtec Corporation (United States) and Mitsubishi Heavy Industries, Ltd (Japan) among others.
September 2021: The BorgWarner Inc Company announced the launch of the newest member of the Engineered for Racing (EFR) later this year. The EFR 8370 Super-Core will make its introduction at PRI. This Super-Core addresses the racing industry’s need for a turbo that provides a powerful boost without overspeeding.
June 2021: Garrett Motion Inc, a renowned differentiated technology provider for the automotive industry, announced its strategy to modernize and expand its existing production facility in Wuhan, China to meet growing customer demand.
June 2019: ABB Turbocharging has launched the new A255-L and A260-L turbochargers optimized for medium and small bore two-stroke diesel and gas engines.
October 2018: BorgWarner announced that the company is boosting the power potential of its durable, high-performance Engineered for racing (EFR) Series aftermarket turbochargers with the announcement of three new super-cores – the new EFR 8474, EFR 9274 and EFR 9280 – featuring new compressor wheels with updated blade geometries and larger inducer diameters.
Compressor wheel is a component of turbocharger. Over 15 million turbos are produced globally each year which provided the durability and dimension precision which is often needed in application sectors. The turbocharger are ideally centrifugal compressor driven by an exhaust gas turbine and employed in engines to boost the air pressure. Besides, turbocharger performance mostly influence all important engine parameter such as fuel economy, power and emissions. The turbocharger is mostly used to boost the intake air pressure of an internal combustion engine. The global market comprises of different market segment like type, applications, diameter, and geography. By type, the compressor wheel includes key segment of stainless steel compressor wheel, aluminium compressor wheel, titanium compressor wheel, twin blade compressor wheel. Aluminium compressor wheel is expected to have growing demand in compressor wheel market. The market finds its major application in automobile industry, manufacturing industry, oil and gas industry, aerospace, water treatment industry and others. Automobile industry is anticipated to lead in the market during the forecast period. The market is significantly studied for key diameter like 20-40 mm, 40-60 mm, more than 60 mm. In diameter, more than 60 mm diameter segment dominated the global compressor wheel market. The global compressor wheel market is studied for the following region North America, Europe, Asia-Pacific and Rest of the world (RoW).
1) What are the drivers for Compressor Wheel market?
The key driving factors of the market are in growing automotive industry, fuel efficiency and better engine performance and rapid urbanization and industrialization in developing countries
2) Which is the leading application segment for Compressor Wheel market?
Automobile Industry has accounted the major market share, and is expected to witness the growth at highest pace during the forecast period.
3) Which region is gaining majority of market share during the forecast period (2021-2028)?
Europe is expected to gain major market share during the forecast period (2021-2028).