Compressor Wheel Market Size, Share, Trends, Growth 2032

Compressor Wheel Industry Perspective:

The global compressor wheel market size was evaluated at $11 Billion in 2022 and is slated to hit $17 Billion by the end of 2030 with a CAGR of nearly 6.1% between 2023 and 2030.

The market report is an indispensable guide on growth factors, challenges, restraints, and opportunities in the global marketplace. The report covers the geographical market along with a comprehensive competitive landscape analysis. Additionally, the report explores the investor and stakeholder space to help companies make data-driven decisions.

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Compressor Wheel Market: Overview

A compressor wheel is a key component of a turbocharger that is utilized for enhancing the air pressure ingestion pertaining to internal combustion engines. Furthermore, compressor wheels are made up of aluminum as it offers lower density and is three times lighter in comparison to steel. The procedure to manufacture compressor wheels is uncomplicated and economical with the utilization of aluminum.

Appropriate solution and heat treatments are necessary for the post-production procedure for making the wheel stronger and more durable. In the last few years, the design of compressor wheels has improved with shifting end-user demands. However, new designs of compressor wheels are super back, deep super back, flatback, and expanded tip deep super back.

Key Insights

• As per the analysis shared by our research analyst, the global compressor wheel market is projected to expand annually at the annual growth rate of around 6.1% over the forecast timespan (2023-2030)
• In terms of revenue, the global compressor wheel market was evaluated at nearly $11 billion in 2022 and is expected to reach $17 billion by 2030.
• The global compressor wheel market is anticipated to record massive growth over the forecast period owing to strict legislation for curbing carbon emissions and demand for manufacturing lightweight engines.
• Based on material, the aluminum segment is predicted to account for the major share of the global market over the forecast timeline.
• In terms of application, the automotive engine segment is slated to contribute majorly towards the global market share over 2023-2030.
• On basis of sales type, the OEMs segment is projected to record the highest CAGR of 4.5% over 2023-2030.
• Region-wise, the North American compressor wheel market is projected to account for the highest growth during the assessment period.

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Compressor Wheel Market: Growth Factors

Demand for high speed & torque to vehicles to boost the global compressor wheel market trends

Strict legislation for curbing carbon emissions and demand for manufacturing lightweight engines will drive the growth of the global compressor wheel market. The humongous need for increased fuel efficiency of vehicles and minimizing GHG emissions will drive the demand for compressor wheels. The massive need for higher power output has translated into the large-scale use of turbochargers, thereby culminating in the large-scale penetration of compressor wheels in the automotive sector. All these aforementioned factors are predicted to embellish the global market trends.

Furthermore, the electrification of turbochargers is projected to bring a paradigm shift in the global compressor market in the coming years. With a large number of firms focusing on developing lighter and compact compressor wheels, the market for compressor wheels is likely to gain traction in the years ahead. For instance, Audi, a German-based automotive manufacturer, announced the launching of the latest version of its luxury car SQ5 TDI diesel version featuring a turbocharger with a considerably smaller & lighter compressor wheel. Reportedly, the compressor wheel will assist the automotive engine in providing exceptional speed and high torque to the vehicle. Apart from this, escalating need for minimizing the operating costs as well as transportation costs has paved a way for the growth of the compressor wheel market across the globe.

Compressor Wheel Market: Hindrances

Large-scale use of electric vehicles to decimate the global industry surge  

The rise in the use of electric vehicles can result in the decline in the use of turbocharged engines in automotive, thereby hindering the expansion of the global compressor wheel industry. Furthermore, an outbreak of a pandemic such as COVID-19 can impact the logistics, transport, manufacturing, and construction industries as well as supply chain activities, thereby hindering the growth of the global industry.

Compressor Wheel Market: Opportunities

Increasing industrialization witnessed in developing countries opens new growth opportunities for the global market

Swift urbanization and industrialization in emerging economies along with a surge in research activities related to adding new features to the existing product will create new growth avenues for the global compressor wheel market.

Compressor Wheel Market: Challenges

Changing raw material prices to prove the biggest hurdle in the industry surge over 2023-2030

Fluctuating raw material costs and disruption of supply chain activities can prove to be the biggest challenges in the growth path of the compressor wheel industry across the globe.

Compressor Wheel Market: Segmentation

The global compressor wheel market is sectored into the material, application, sales type, and region. 

In terms of material, the global compressor wheel market is divided into cast iron and aluminum segments. Furthermore, the aluminum segment, which dominated the material segment in 2022, is projected to lead the segmental surge over the projected timeline. The segmental expansion during the forecast timeline can be owing to the massive use of aluminum in the production of compressor wheels. Apart from this, aluminum can withstand high loads and tolerate a large number of rotations.

Based on the application, the global compressor wheel industry is bifurcated into the automotive engine and stationary engine segments. Furthermore, the automotive engine segment, which contributed majorly towards the global industry share in 2022, is anticipated to lead the application space during the projected timeline. Additionally, the growth of the segment over the assessment period can be owing to a rise in demand for compressor wheels in the automotive engine.

On basis of sales type, the global compressor wheel market is sectored into OEMs and aftermarket segments. Moreover, the OEMs segment is predicted to register the highest CAGR of nearly 4.5% during the assessment period owing to the massive sale of compressor wheels to consumers by OEMs. In addition to this, purchasing the product from OEMS saves costs for both the customers as well as manufacturers, thereby driving segmental growth.

 Recent Breakthroughs

• In the second half of 2019, Garrett Motion Inc., a U.S. firm producing turbochargers, declared that it will launch E-Turbo for passenger vehicles and the new products will be available in the market in 2021. The move is expected to enhance the energy efficiency as well as the fuel efficiency of vehicles along with the fulfillment of regulatory compliances of various governments across the globe.   
• In October 2020, MARK Compressors, an air compressor supplier based in India, launched new kinds of piston air compressors, namely, the Ironwind series and Bluewind series. The products are durable and reliable for Indian market requirements. The move will boost the demand for compressor wheels in India and across the Asia-Pacific zone.  
• On March 12th, 2023, Caterpillar Inc., a U.S.-based construction equipment manufacturer, declared the launching of an engine, new small wheel loaders, and rotary cutters. The move is likely to boost the penetration of compressor wheels in the automotive sector, thereby steering the surge of the compressor wheel business in the U.S. and across the North American sub-continent.

Compressor Wheel Market: Report Scope

Compressor Wheel Market: Regional Insights 

North America to make notable contributions toward the global compressor wheel market share by 2030

North America accounted for 70% of the global compressor wheel market share in 2022. It is anticipated to account for the highest share of the global market during the forecast timespan. The U.S. has contributed substantially towards the regional market share due to technological breakthroughs, the thriving industrial sector, and the presence of giant players in this region.

On the other hand, the Asia-Pacific compressor industry is predicted to register the fastest CAGR of 6.5% in the forthcoming years. The regional market growth can be attributed to the advancing automotive market in Asia-Pacific countries such as India and China leading to the exponential demand for compressor wheels in the region. Swift industrialization in these emerging economies is the key factor embellishing the growth of the regional compressor wheel industry. Factors such as rising disposable income levels of end-user, higher standard of living, increasing urban population, and purchasing capacity of buying engine-powered machines have enlarged the scope of the industry growth in APAC. Growing demand for compressor wheels in the automotive, construction, and logistics sectors in the sub-continent will spur industry growth in APAC.

Compressor Wheel Market: Competitive Space

The compressor wheel market profiles key players such as:

• Melett North America Inc. (Melett Ltd.)
• Nelcon Motor Company
• ABI Showatech Private Ltd.
• UACJ Corporation
• Changzhou E & E Turbo Power Co. Ltd.
• PHESSIO TURBO
• BOOSTER Precision Components
• BorgWarner Inc.
• Turbo Systems
• Doncasters Group Ltd
• Pacifica Power Sdn Bhd.
• GARRETT MOTION INC.
• E&E Turbo
• Jiangyin Uni-Pol Vacuum Casting India Pvt. Ltd.
• Owen Developments
• Turbo tech Precision Products Ltd
• UNI-POL CHINA
• Wabtec Corporation.

The global compressor wheel market is segmented as follows:

By Material

• Cast Iron
•  Aluminum

By Application

• Automotive Engine
• Stationary Engine

By Sales Type

• OEMs
•  Aftermarket

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa