According to the report, the global compressor wheel market is projected to reach US$ 27 Bn by 2031, expanding at a CAGR of ~4% during the forecast period. Turbocharged engine of a vehicle offers several advantages over a conventional engine, such as lower emission of exhaust gases, owing to better combustion of the air-fuel mixture in the combustion chamber, higher power, and enhanced fuel economy. Stringent emission norms are a major factor driving the compressor wheel market, as they prompt vehicle manufacturers to comply with emission norms.
Rise in consumer demand for performance and improvements fuel economy are expected to drive the compressor wheel market. The adoption of turbocharger enables a smaller engine to deliver greater output, thus helping in downsizing the engine and saving fuel. Increase in consumer awareness regarding emissions is also a major driver of the compressor wheel market. The compressor wheel in a turbocharger helps proper combustion, thus producing lower levels of particulate matter in diesel engines.
Expansion of Compressor Wheel Market
Rise in acquisitions and agreements between OEM and leading compressor wheel manufacturers across the globe is a key factor boosting the compressor wheel market across the globe. In October 2020, the BorgWarner Inc. acquired Delphi Technologies for business expansion across the globe. China witnessed a surge in both general trade volume and proportion, increasing to 15.66 Trn Yuan. China trade volume accounted for 56.4% of the total foreign trade. Major trading partners of China are the U.S., the European Union, and ASEAN.
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Based on fuel type, the global compressor wheel market has been bifurcated into gasoline and diesel. Gasoline is likely to be a highly lucrative segment during the forecast period. Rising environmental awareness across the globe is likely to reduce the demand for diesel engines across the globe.
In terms of compressor wheel type, the aluminum compressor wheel segment accounted for a significant share of the global compressor wheel market. Aluminum compressor wheels are widely employed, due to their lightweight and high load carrying capacity, which is the key reason major vehicle manufacturers prefer aluminum compressor wheels.
Regional Analysis of Compressor Wheel Market
In terms of region, the global compressor wheel market has been segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia Pacific dominated the global compressor wheel market in 2019. It is anticipated to hold a leading market share during the forecast period, as rapid expansion of manufacturing industries across the region is likely to propel the compressor wheel market across the region. North America is also estimated to hold a significant share of the global compressor wheel market, owing to increase in the demand for lightweight engines across the region.
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Major Players in Compressor Wheel Market
Prominent players operating 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, Owen Developments, Pacifica Power Sdn Bhd., PHESSIO TURBO, TurboSystems, Turbotech Precision Products Ltd, UACJ Corporation, UNI-POL CHINA, and Wabtec Corporation.