Press release
Global Compressor Wheel Market to Reach $20.16 Billion by 2029, Growing at 4.7% CAGR
Compressor Wheel Market
The upswing in demand for the automotive sector is set to boost the compressor wheels market's expansion. The automotive sector encompasses the entirety of various activities such as design, development, manufacturing, marketing, and sales of motor vehicles. Compressor wheels hold a vital position in the automotive sector by heightening the effectiveness and operation of turbochargers, ultimately allowing vehicles to deliver more power and better fuel economy. For instance, data from the Organisation Internationale des Constructeurs d'Automobiles (OICA), a France-based worldwide association of auto manufacturers, reveals that in 2023, global automotive production saw significant growth, with total vehicle output hitting 93546599 units, a considerable leap from 85016728 units in 2022. Hence, the burgeoning demand in the automotive sector bolsters the compressor wheels market's growth. Compressor Wheel Market Driver: Manufacturing Industry Growth Fuels Expansion of The Compressor Wheels Market
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What is the projected compound annual growth rate (CAGR) of the compressor wheel market from 2025 to 2034, and what factors influence it?
The market size of the compressor wheel has seen robust growth in the past few years and is projected to expand from $15.85 billion in 2024 to $16.78 billion in 2025, with a compound annual growth rate (CAGR) of 5.9%. The significant growth during the historic period can be credited to the demand in the automotive industry, emission standards, the impact of the aerospace industry, advancements in material science, and fuel efficiency requirements.
The market for compressor wheels is predicted to witness stable expansion in the forthcoming years, accumulating a value of $20.16 billion in 2029 with a compound annual growth rate (CAGR) of 4.7%. This expansion during the projected timeframe can be linked to factors such as electric and hybrid automobiles, fuel efficiency norms, aerospace and defense outlays, worldwide economic patterns, and renewable energy uses. Key trends during this forecasting period will encompass the implementation of cutting-edge manufacturing methods, the creation of variable geometry turbochargers, the integration of computational fluid dynamics (cfd), and the launching of eco-friendly and sustainable practices.
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What are the emerging trends shaping the future of the compressor wheel market?
Major players in the compressor wheel market are concentrating on creating novel compressor wheel variations to offer dependable services to their clients. A compressor wheel that features an S-shaped hub design is a cutting-edge engineering solution geared towards improving compressor performance and efficiency. For example, in March 2024, Cummins Inc., an American company that specialises in the design, manufacture, and distribution of engines, filtration, and power generation products, introduced its inaugural e-compressor for fuel cell engines. The e-compressor is built with a low-inertia rotor that ensures quick startups and superior acceleration coupled with a full blade impeller that minimises noise for a smoother operation. Its streamlined design boosts energy efficiency and fuel conservation and the low-thrust loading wheel guarantees consistent and seamless rotation. Furthermore, the sturdy containment design affords augmented safety by offering wider safety margins during containment tests.
What are the major segments of the compressor wheel market and their role in driving growth?
The compressor wheel market covered in this report is segmented -
1) By Product Type: Titanium Compressor Wheel, Aluminum Compressor Wheel, Stainless Steel Compressor Wheel, Twin Blade Compressor Wheel
2) By Application: Automotive Engine, Stationary Engine
3) By Sales Type: OEM (Original Equipment Manufacturer), After market
Subsegments:
1) By Titanium Compressor Wheel: Single-Stage Titanium Compressor Wheel, Multi-Stage Titanium Compressor Wheel
2) By Aluminum Compressor Wheel: Cast Aluminum Compressor Wheel, Forged Aluminum Compressor Wheel
3) By Stainless Steel Compressor Wheel: Single-Stage Stainless Steel Compressor Wheel, Multi-Stage Stainless Steel Compressor Wheel
4) By Twin Blade Compressor Wheel: Billet Twin Blade Compressor Wheel, Cast Twin Blade Compressor Wheel
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Which regions are key players in the growth of the compressor wheel market?
North America was the largest region in the compressor wheel market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the compressor wheel market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Who are the key firms paving the way for growth in the compressor wheel market?
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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What Is Covered In The Compressor Wheel Global Market Report?
• Market Size Forecast: Examine the compressor wheel market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the compressor wheel market for a structured understanding.
• Key Players Overview: Analyze major players in the compressor wheel market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the compressor wheel market.
• Segment Contributions: Evaluate how different segments drive overall growth in the compressor wheel market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the compressor wheel market.
• Industry Challenges: Identify potential risks and obstacles affecting the compressor wheel market.
• Competitive Landscape: Review strategic developments in the compressor wheel market, including expansions, agreements, and new product launches.
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