Compressor wheel Market by Fuel Type (Gasoline and Diesel), Product Type (Titanium Compressor Wheel, Aluminum Compressor Wheel, Stainless Steel Compressor Wheel, Twin Blade, and Compressor Wheel), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2020–2027

Compressor wheel is an integral component in the working of turbocharger used to compress air flowing into the engine's cylinder. The good efficiency of the turbocharger is dependent on the performance of the compressor wheel. The turbocharger is utilized in automobiles for high output as they increase the power output of the engine with the same amount of fuel and efficiency of the engines.

Compressor Wheel Market Analysis:

The compressor wheel market is predicted to witness notable growth mainly due to increasing demand of turbochargers in different industries such as oil and gas, automobiles, and others. Turbochargers are utilized to enhance the power generated for reducing the weight of the engine and improving the efficiency of the engine. The demand of the compressor wheel is directly proportional to the demand of the turbo charger. The positive growth in the demand of the turbocharger is expected to grow the compressor wheel market. The major driver for this market is growing demand of vehicles globally due to its high fuel efficiency. The major restraint for this market is the growing trend for electric vehicles as an alternative of conventional petrol or diesel engine vehicles. Asia-Pacific region is expected to have to have immense opportunities for the market growth. 

The growing need for vehicles with high fuel efficiency and high-power output is expected to foster the growth of this market

Turbochargers help automobile engines in providing high power output which results in high torque generation for the vehicle and improved efficiency of engine. The growing demand of vehicles globally with high fuel efficiency and high-power output is expected to grow the demand of the compressor wheel as it is an integral component in the working of turbocharger. In addition to this, stringent emission norms by government bodies in various countries have impelled automobile companies to utilize turbochargers in their vehicles, which is estimated to aid the growth of compressor wheel market.

Growing trend for electric vehicles is estimated to restrain the growth of global compressor wheel Market 

Growing trend for electric vehicles as an alternative of conventional petrol or diesel engine vehicles, as electric vehicles do not require turbochargers for their operation. Due to increasing rate of 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 growth compressor wheel market. 

Utilization of enhanced turbochargers projected to create enormous opportunities for the market

Enhanced turbochargers revolve at a higher rate contributing in further reduction in size of the engine with higher engine output. For example, Audi, a Germany based automobile company, launched its luxury car SQ5 TDI diesel version in 2019, enabled with enhanced turbocharger. It provides high power output. The utilization of enhanced turbochargers projected to create enormous opportunities for the market.

Compressor wheel Market, by Fuel Type:

Gasoline sub-segment is anticipated to be most lucrative by 2027

On the basis of fuel type, this market can be subcategorized into gasoline and diesel. The gasoline sub-segment is expected to dominate the global compressor wheel market in the forecast period. The utilization of gasoline is increasing due to low level of emissions from gasoline engines as compared to that from diesel engines. These factors are expected to drive the growth of gasoline sub-segment and contribute in the expansion of the compressor wheel market.

Compressor Wheel Market, by Product Type:

Aluminum compressor wheel is expected to dominate the market of the global compressor wheel market

On the basis of product type, this market can be subcategorized into titanium compressor wheel, aluminum compressor wheel, stainless steel compressor wheel, and twin blade compressor wheel. Aluminum compressor wheels bear high load and get through lot of rotations these characteristics make them suitable for utilization in turbochargers. This factor is expected to lead the expansion of the market in the forecast period. 

Compressor Wheel Market, by Region:

Asia-Pacific region is anticipated to lucrative opportunities for the market investors

Asia-Pacific region has a rapidly growing market and is anticipated to experience a remarkable growth in the forecast time. As per, International Organization of Motor Vehicle Manufacturers, in 2019 around 35 million vehicles were produced in the region making Asia-Pacific the highest automobile producing continent in the world. Major manufacturing countries are China, Japan, and India. The turbocharger is utilized in automobiles for high output of the engines and compressor wheel is an integral part of the turbocharger. These factors are expected to grow the market in the forecast period.

North American region is expected to dominate the global Compressor wheel Market

North America region is predicted to have a major market share and continue its dominance in the forecast period, with a healthy CAGR. The presence of countries in the region such as U.S. and Canada with highly developed automobile sector for research and development in the field of automobile engineering. Presence of major automobile companies such as Ford and General Motors is aiding the growth of the market with launch of vehicles with new technologies. These factors are anticipated to propel the global compressor wheel market over the forthcoming times. 

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Key Participants in the Global Compressor Wheel Market:

Merger & acquisition and advanced product development are the frequent strategies followed by the market players.

Source: Research Dive Analysis

Some of the significant compressor wheel market players are Doncasters Group Ltd, BorgWarner Inc. BOOSTER Precision Components, E&E Turbo, GARRETT MOTION INC., Nelcon Motor Company, Owen Developments, Pacifica Power Sdn Bhd., PHESSIO TURBO, TurboSystems 

Market players prefer inorganic growth strategies to expand into local markets. Compressor wheel market players are emphasizing more on merger & acquisition and advanced product development. These are the frequent strategies followed by established organizations. To emphasize more on the competitor analysis of market players, the Porter’s five force model is explained in the report.