The exclusive COVID-19 impact analysis report by Axiom MRC provides a 360 degree analysis of micro and macro-economic factors on the Asia Pacific compressor wheel market. In addition, complete analysis of changes on the Asia Pacific 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. On the other hand, 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 Asia Pacific compressor market
The Asia Pacific compressor wheel market is specifically driven by various factors like rising development of automotive industry, increasing fuel efficiency requirement among consumer and buyer of automotive has led the rise in demand for the market. Furthermore, increasing population, rapid urbanization and rise in automotive usage has certainly accelerated the demand for the market. Thus with rapid demand for automotive is further surging the growth of compressor wheel in the market. Also, presence of countries like China, India and Japan among others among others has certainly contributed healthy growth in the market.
The market in Asia Pacific is anticipated to have growing new growth opportunity attributing to growing advancement in the production of material like stainless steel and other material. Also, emerging manufacturer focusing on producing the compressor wheel with the various features and advantages of compressor in different application sector has fuelled the market growth to major extend. The effective use of compressor wheel with various features and advantages of compressor wheel like cost saving due to less material consumption has boosted the market to major extend with new growth opportunity.
The market in Asia Pacific due covid-19 pandemic has certainly significantly forced for temporary shutdown of production and manufacturing activities which has affected the manufacturing, production, sales and distribution of market products thereby declining the market growth during the pandemic. However, post pandemic the market has witnessed a rise in demand for the market.
The different growth challenge faced by the market during the forecast period are rising demand for electric vehicles. On the other hand, demand and adoption of electric vehicle with new technologies is anticipated to create new challenge for the market growth. Furthermore, altering consumer preference for electric vehicle as an alternative of conventional petrol or diesel and implementation of electric powered compressor has significantly created a challenge for the market.
The report provides in-depth analysis of Asia Pacific 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 Asia Pacific compressor wheel market comprises of different market segment like type, applications, diameter, and country.
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 anticipated to lead in the market over the estimated time period specifically due to its availability in simpler design, effective and supports in improvising compete turbocharger. Besides, these aluminium compressor wheel are mostly 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. Likewise, titanium compressor wheel followed by twin blade 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 the leading segment in the Asia Pacific compressor wheel market. The factor propelling the automobile industry is rapid population growth, increasing requirement for the automotive and related component has accelerated the market to major extend. Besides, compressor wheel in automobile industry further enhance the performance of turbocharger. Likewise, the 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 Asia Pacific, more than 60 mm has gained majority of market share in the compressor wheel market. The segment is driven by increasing performance of more than 60 mm in turbocharger. Besides, this diameter take more pressure and heat to spin the turbine, creating interval at low speed. Similarly, the demand for 40 to 60 mm is estimated to have high power potential within its diameter which is expected to growth at major extend. Likewise, 20-40 mm is contributing healthy growth in the market.
The Asia Pacific compressor wheel market is studied for the following countries China, India, Japan and Rest of APAC. In Asia Pacific, China followed by India is anticipated to drive the market at a specific growth. The factor contributing in the market growth are rising development of technological innovation, increasing research and development in compressor wheel has led the driving demand for the market growth. Besides, well established manufacturer operating in the Asia Pacific market for various application like automobile, oil and gas industry among other has certainly witness rising growing requirement for compressor wheel. Also, the market helps for high durability which is indeed propelling the market growth to major extend. Likewise, India and Japan are further leading countries after China which are likely to contribute healthy growth in the market over the estimated time period
The competitive landscape analysis of compressor wheel market is majorly focused on expanding the Asia Pacific 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, BOOSTER Precision Components, BorgWarner Inc, Doncasters Group Ltd, E&E Turbo, Garrett Motion Inc, OTS Turbo, Nelcon motor co, Owen Developments, Pacifica Power Sdn Bhd, PHESSIO TURBO, TurboSystems, Turbotech Precision Products Ltd, UACJ Corporation, Wabtec Corporation and Mitsubishi Heavy Industries, Ltd 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 ideally a part of turbocharger which is widely used in different application like automobile industry, manufacturing industry, oil and gas industry among others. 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. In Asia Pacific the market is anticipated to have rising new growth opportunity in market.
The Asia Pacific compressor wheel market comprises of different market segment like type, applications, diameter, and country. 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 anticipated to lead in the market over the estimated time period. 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 the leading segment in the Asia Pacific compressor wheel market. The compressor wheel market is significantly studied for key diameter like 20-40 mm, 40-60 mm, more than 60 mm. In Asia Pacific, more than 60 mm has gained majority of market share in the compressor wheel market. The Asia Pacific compressor wheel market is studied for the following countries China, India, Japan and Rest of APAC. In Asia Pacific, China followed by India is anticipated to drive the market at a specific growth.
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 country is gaining majority of market share during the forecast period (2021-2028)?
China is expected to gain major market share during the forecast period (2021-2028).