Hand Tools Market Grows at CAGR of 4.8% Rapidly with Recent Trends and Outlook By 2030

To increase the intake air pressure in internal combustion engines, a turbocharger consists of an exhaust gas turbine wheel and a compressor wheel that are firmly attached and powered by a single shaft. Cast iron and aluminium are used to make the compressor wheels. These wheels are used in turbochargers, which are incorporated into stationary and vehicular engines in a variety of industries, such as the automotive and manufacturing sectors.

Tight worldwide emission standards are forcing automakers to concentrate on creating lightweight engines, which will eventually increase car fuel economy. Global market expansion for compressor wheels is being aided by this trend. Furthermore, the growing need for powerful cars has prompted the development of durable turbochargers, which allow car engines to produce significant torque and power output while also improving overall engine economy.

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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.

The report also covers the drivers that are playing a significant role in propelling the market growth. At the same time, restraining factors that are projected to impede the growth of the industry are also portrayed by our expert analysts in order to provide the key market players with an explicit scenario of the future coercions in advance. 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.

Key Players:

BorgWarner Inc., Doncasters Group, Garrett Motion Inc., KTS, Melett Ltd., Nelcon Motor Company, Owen Developments, Turbotech Precision Products Ltd., UACJ Corporation and Wabtec Corporation.

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Today's companies choose the solution for market research reports such as the Compressor Wheel Market study because it lends a hand with better decision making and more revenue generation. With the aid of SWOT analysis, the market study provides information of drivers and market constraints along with the effect they have on demand over the projected time period. The report reveals an analysis and discussion of key developments in the industry, market size and market share estimates.
The research report on the Compressor Wheel Market helps strengthen organization and make better decisions to drive business on the right track.

These players have incorporated an array of strategies such as expansions, mergers & acquisitions, joint ventures, new product launches, and collaborations to gain a strong hold in the industry.

Key Benefits from Compressor Wheel Market Report 2020-2030:
• Porter's Five Forces analysis underscores the potency of buyers and suppliers to allow stakeholders to come up with tactical business decisions.
• Major impacting factors & top investment pockets are also presented in the research.
• The major states in each province are studied and their revenue contribution is cited as well.
• The report doles out in-depth analysis of the current Compressor Wheel Market trends, predictions, estimates and market size from 2020 to 2030 to define new opportunities.

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