Press release
Compressor Wheel Market Tremendous Growth, Opportunity, Ttrends with Key Players By 2030
Compressor Wheel Market
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.
According to AMR, 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.
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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.
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.
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Top Players:
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.
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).
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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