Overview and Scope
A compressor wheel, often referred to as a compressor impeller, is a crucial component of a turbocharger or supercharger system. Its primary function is to increase the air pressure and density supplied to the engine, thereby enhancing combustion efficiency and increasing power output. These wheels are often upgraded for performance reasons, aiming to improve spool-up, airflow, and overall turbocharger efficiency.
Sizing and Forecast
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..
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Segmentation & Regional Insights
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
North America was the largest region in the compressor wheel market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the compressor wheel market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
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.
Key Industry Players
Major companies operating in the compressor wheel market report are Honeywell International Inc., BorgWarner Inc., Atlas Copco AB, Wabtec Corporation, UACJ Corporation, Ingersoll Rand plc, Garrett Motion Inc., Doncasters Group Ltd., Booster Precision Components, ATP Turbo, Melett North America Inc., Phessio Turbo, Rotomaster, Full-Race Motorsports, GReddy Performance Products Inc., Turbonetics Inc., ABI Showatech Private Ltd., Turbo tech Precision Products Ltd., E&E Turbo, Owen Developments, Turbo Systems, Forced Performance Turbochargers, Blouch Performance Turbochargers, Nelcon Motor Company, Pacifica Power Sdn Bhd., Changzhou E and E Turbo Power Co. Ltd., Jiangyin Uni-Pol Vacuum Casting India Pvt. Ltd.</b
The compressor wheel market report table of contents includes:
1. Executive Summary
2. Compressor Wheel Market Characteristics
3. Compressor Wheel Market Trends And Strategies
4. Compressor Wheel Market – Macro Economic Scenario
5. Global Compressor Wheel Market Size and Growth
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32. Global Compressor Wheel Market Competitive Benchmarking
33. Global Compressor Wheel Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Compressor Wheel Market
35. Compressor Wheel Market Future Outlook and Potential Analysis
36. Appendix
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