Illustration of a cogwheel
The Compressor Wheel Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Compressor Wheel Global Market Report 2024, The compressor wheel market size has grown strongly in recent years. It will grow from $14.93 billion in 2023 to $15.85 billion in 2024 at a compound annual growth rate (CAGR) of 6.2%. The growth in the historic period can be attributed to automotive industry demand, emissions standards, aerospace industry influence, material science advancements, fuel efficiency requirements.
The compressor wheel market size is expected to see strong growth in the next few years. It will grow to $19.28 billion in 2028 at a compound annual growth rate (CAGR) of 5.0%. The growth in the forecast period can be attributed to electric and hybrid vehicles, fuel efficiency standards, aerospace and defense investments, global economic trends, renewable energy applications. Major trends in the forecast period include adoption of advanced manufacturing techniques, development of variable geometry turbochargers, integration of computational fluid dynamics (cfd),adoption of advanced manufacturing techniques, development of variable geometry turbochargers, integration of computational fluid dynamics (cfd), development of eco-friendly and sustainable practices..
The rising demand for the automotive industry is expected to propel the growth of the compressor wheels market going forward. The automotive industry refers to the collective sector involved in the design, development, manufacturing, marketing, and sales of motor vehicles. Compressor wheels play a pivotal role in the automotive industry by enhancing the efficiency and performance of turbochargers, ultimately delivering more power and improved fuel economy to vehicles. For instance, in March 2022, according to a report published by the European Automobile Manufacturers’ Association (ACEA), the main lobbying and standards group for the automobile industry in the European Union, Chinese automakers produced 20.7 million vehicles in 2021, an increase of 7.1%. Additionally, in 2021, the total number of cars produced worldwide climbed by 2.7% to 63.2 million. Therefore, the rising demand for the automotive industry is driving the growth of the compressor wheels market.
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The compressor wheel market covered in this report is segmented –
1) By Product Type: Titanium Compressor Wheel, Aluminum Compressor Wheel, Stainless Steel Compressor Wheel, Twin Blade Compressor Wheel
2) By Application: Automotive Engine, Stationary Engine
3) By Sales Type: OEM (Original Equipment Manufacturer), Aftermarket
Major companies operating in the compressor wheel market are focusing on developing innovative compressor wheel variants to provide reliable services to their customers. The compressor wheel with an S-shaped hub design is an innovative engineering solution that aims to enhance the performance and efficiency of the compressor. For instance, in July 2021, BMTS Technology GmbH & Co. KG, a Germany-based company that specializes in the development and production of turbochargers launched a new compressor wheel with an S-shaped hub. The S-shaped hub design helps to optimize the airflow within the compressor wheel, resulting in improved aerodynamic performance and efficiency, minimizing turbulence, and enhancing the overall airflow characteristics. The hub portion with the sharp transition edge to the nose is not only simply expanded, but its shape has also been optimized for aerodynamics.
The compressor wheel market covered in this report is segmented –
1. Executive Summary
2. Compressor WheelMarket Characteristics
3.Compressor Wheel Market Trends And Strategies
4.Compressor Wheel Market analysis
5.Compressor Wheel Market Size And Growth
6.Compressor Wheel Segmentation
7.Compressor Wheel Regional And Country Analysis
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27Compressor Wheel Competitive Landscape And Company Profiles
28.Compressor Wheel Key Mergers And Acquisitions
29.Compressor Wheel Future Outlook and Potential Analysis
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