Press release
Global Compressor Wheel Market to Accelerate to USD 27 billion by 2030 - TMR Study
Compressor Wheel Market 2023-2030
Compressor wheels are key components in turbochargers used to increase the power output and efficiency of engines, particularly in automotive, aerospace, and industrial applications. The demand for efficient and high-performance compressor wheels has been growing with the expansion of these industries.
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Executive Summary
The global compressor wheel market has experienced steady growth, driven by the expansion of industries reliant on turbochargers, such as automotive, aerospace, and industrial equipment. Compressor wheels are essential components in turbochargers, improving engine efficiency and power output. This research report provides a comprehensive analysis of the global compressor wheel market, covering market size, trends, drivers, challenges, and future outlook.
Key Market Players
The key players in the global compressor wheel market include:
• ABI Showatech Private Ltd.
• BOOSTER Precision Components
• BorgWarner Inc.
• Changzhou E & E Turbo Power Co., Ltd.
• Doncasters Group Ltd
• E&E Turbo
• GARRETT MOTION INC.
• Jiangyin Uni-Pol Vacuum Casting India Pvt. Ltd.
• Melett North America Inc. (Melett Ltd.)
• Nelcon Motor Company and many more
Key Recent Developments:
Here are some recent developments of companies in the global compressor wheel market, with the year:2023
• BorgWarner Inc. announced the launch of its new EFR series of compressor wheels for high-performance engines. The EFR series compressor wheels are designed to improve airflow and efficiency, resulting in increased power and torque.
• Garrett Motion Inc. announced the launch of its new G3 series of compressor wheels for turbochargers. The G3 series compressor wheels are designed to be more efficient and durable than previous generations, resulting in improved performance and reduced emissions.
• Mitsubishi Electric Corporation announced that it is investing USD 200 million to expand its production capacity for compressor wheels at its facility in Japan. This expansion will allow Mitsubishi Electric to meet the growing demand for compressor wheels from the automotive and industrial sectors.
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Market Growth:
The global compressor wheel market has experienced steady growth and is expected to continue expanding. Key factors contributing to this growth include:
• Automotive Industry: The increasing demand for turbocharged vehicles to meet fuel efficiency and emission standards.
• Aerospace Sector: The use of compressor wheels in aircraft engines to enhance performance and fuel economy.
• Industrial Applications: Compressor wheels are utilized in various industrial equipment to boost power and efficiency.
Drivers
Several factors are driving the growth of the compressor wheel market, including:
• Automotive Turbocharging: The increased demand for turbocharged vehicles to enhance fuel efficiency and power output.
• Aerospace Industry: The use of compressor wheels in aircraft engines to improve performance and reduce fuel consumption.
• Industrial Efficiency: The need for more powerful and efficient industrial equipment.
Challenges
The compressor wheel market faces certain challenges, such as:
• Quality Control: Ensuring the quality and precision of compressor wheels to meet industry standards.
• Cost Management: Managing the cost of advanced compressor wheel designs and materials.
• Market Competition: A competitive market with multiple manufacturers offering various compressor wheel solutions.
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Market Outlook
• The global compressor wheel market is expected to witness significant growth in the coming years, driven by the increasing demand for turbocharged engines in the automotive sector, the rising demand for compressor wheels in the industrial sector, and the growing adoption of renewable energy technologies.
• Asia Pacific is expected to remain the largest market for compressor wheels over the forecast period. The growth of the market in the region is attributed to the rising demand for compressor wheels from the automotive and industrial sectors.
• The key players in the global compressor wheel market are focusing on developing new and innovative compressor wheels to meet the growing demand from various applications. The players are also focusing on reducing the cost of compressor wheels to make them more affordable for a wider range of customers.
Key Trends in the Global Compressor Wheel Market
Some of the key trends in the global compressor wheel market include:
• Growing demand for compressor wheels for electric vehicles
• Increasing adoption of compressor wheels in emerging markets
• Rising demand for lightweight and durable compressor wheels
• Increasing investment in research and development of new compressor wheel materials and technologies
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