Market Size in 2022 | Market Forecast in 2030 | CAGR (in %) | Base Year |
---|---|---|---|
USD 11 Billion | USD 17 Billion | 6.1% | 2022 |
FrequentlyAsked Questions
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.
The global compressor wheel market is projected to expand over 2023-2030 due to the humongous need for increased fuel efficiency of vehicles and minimizing GHG emissions.
According to study, the global compressor wheel market size was $11 billion in 2022 and is projected to reach $17 billion by the end of 2030.
The global compressor wheel market is anticipated to record a CAGR of nearly 6.1% from 2023 to 2030.
The North American compressor wheel industry is set to account for a major share of the global industry in the upcoming years subject to the U.S. contributing substantially towards the regional market share due to technological breakthroughs, the thriving industrial sector, and the presence of giant players in this region.
The global compressor wheel market is led by industry 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, and Wabtec Corporation.
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