Compressor Wheel Market Expected to Reach $4.3 Billion by 2030

According to a recent report published by Allied Market Research titled “Compressor Wheel Market by Material, Application, Sales Type, and Region: Global Opportunity Analysis and Industry Forecast, 2021–2030,” the compressor wheel market size was valued at $2.7 billion in 2020, and is expected to reach $4.3 billion by 2030, registering a CAGR of 4.8% from 2021 to 2030. A turbocharger consists of a compressor wheel and exhaust gas turbine wheel coupled together by a solid shaft which is used to boost the intake air pressure of an internal combustion engine. Compressor wheels are manufactured by using material such as cast iron and aluminum. Compressor wheels are installed in turbochargers that are further installed in automotive and stationary engines in automobiles and manufacturing industries. 

Enforcement of stringent regulations rules for emission across the globe is prompting vehicle manufacturers to develop and manufacture lightweight engines, which will help to increase the fuel efficiency of the vehicle. This drives the compressor wheel market trend around the world. In addition, rise in demand for high power vehicles led to manufacturing of high powered turbochargers, which helps automobile engines to generate high-power output that results in high-torque generation for the vehicle and improved efficiency of engine. These are factors are anticipated to propel the compressor wheel market growth.

However, increase in penetration of electric vehicles as an alternative to conventional petrol or diesel engine vehicles, as electric vehicles do not require turbochargers for their operation. Owing to implementation of stringent emission norms by government bodies around the world, there is an expected reduction in the use of diesel and petrol engines and can further hamper the market growth. Furthermore, the outbreak of COVID-19 has led to halt in manufacturing activities across the globe. Halt in logistics services has led to disruption of supply chain, which, in turn, hinders the growth of the market. However, industries are gradually getting back on track and vaccine manufacturing is expected to lead to recovery of the compressor wheel market share by the end of 2021. 

On the contrary, rapid urbanization and industrialization in developing countries have led to increase R&D activities to innovate lightweight compressor wheels, which act as a remunerative opportunity for the expansion of the compressor wheel market opportunity.

The market is segmented into material, application, sales type, and region. By material, it is segregated into cast iron and aluminum. Depending on application, it is classified into automotive engine and stationary engine. On the basis of sales type, it is divided into OEMs and aftermarket. Region wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, the UK, France, Spain, and rest of Europe), Asia-Pacific (China, Japan, South Korea, India, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa).

KEY FINDINGS OF THE STUDY

• By material, the aluminum segment was the highest revenue contributor in 2020.
• On the basis of application, the automotive engine segment exhibited the highest growth in 2020.
• Depending on sales type, the OEMs segment dominated the market in 2020.
• Region wise, Europe generated the highest revenue in 2020.

The major players profiled in the market include BorgWarner Inc., Doncasters Group, Garrett Motion Inc., KTS, Melett Ltd., Nelcon Motor Company, Owen Developments, Turbotech Precision Products Ltd., UACJ Corporation and Wabtec Corporation. Major companies in the market have adopted business expansion strategy to offer better products and services to customers in the market.