Press release
Compressor Wheel Market Outlook 2024: Exclusive Report By The Business Research Company | Honeywell International Inc., BorgWarner Inc., Atlas Copco AB, Wabtec Corporation, UACJ Corporation, Ingersoll Rand plc, Garrett Motion Inc., Doncasters Group Ltd.
Compressor Wheel Market Size
The Business Research Company offers in-depth market insights through Compressor Wheel Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth 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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Market Segmentation:
The main product types of compressor wheels are titanium compressor wheel, aluminum compressor wheel, stainless steel compressor wheel, and twin blade compressor wheel. A titanium compressor wheel is a crucial part of a turbocharger or supercharger system used in internal combustion engines, aerospace applications, and high-performance racing vehicles. These are used in various applications such as automotive engines, and stationary engines and are sold through various sales channels such as OEM (original equipment manufacturer), and aftermarket.
Major Driver - Automotive Industry's Surge Fueling Compressor Wheels 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.
Competitive Landscape:
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.
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Top Trend - Increasing Focus On Product Innovations To Provide Reliable Service To The Customers
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 Table Of Content For The Market Report Include:
1. Executive Summary
2. Compressor Wheel Market Characteristics
3. Compressor Wheel Market Trends And Strategies
4. Compressor Wheel Market - Macro Economic Scenario
5. Compressor Wheel Market Size And Growth
…..
27. Compressor Wheel Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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