The enactment of stringent emission norms and increase in demand for high-power vehicles drive the growth of the global compressor wheel market to reach $4.33 billion by 2030.
According to Allied Market Research's compressor wheel market by material, application and sales: Global Opportunity Analysis and Industry Forecast, 2021–2030, the market will register a CAGR of 4.8% between 2021 and 2030.
Allied Market Research, the full-service market research and business-consulting wing of Allied Analytics based in Portland, Oregon, stated that the surge in demand for electric vehicles restrained the growth to some extent. However, advancements in material handlings are projected to pave the way for lucrative opportunities in the industry.
The pandemic outbreak gave way to distorted manufacturing activities of automobile engines, thereby negatively impacting the global compressor wheel market, especially during the initial phase of the lockdown. However, the situation is gradually coming under control, and the market is anticipated to recover soon, the report said.
Some of the key players in the market include Doncasters, Garrett Motion, Wabtec, KTS, Melett, Owen Developments, Turbotech Precision Products, BorgWarner, UACJ and Nelcon Motor Company.
Aluminium Segment To Dominate
Based on material, the aluminium segment contributed to more than three-fourths of the global compressor wheel market share in 2020 and is anticipated to rule the roost by 2030. Moreover, the same segment would also register the fastest CAGR of 5% throughout the forecast period. This is attributed to its properties, such as lightweighting and ductility.
Automotive Engine Segment To Maintain Dominant Share
Based on application, the automotive engine segment accounted for more than two-thirds of the global compressor wheel market revenue in 2020 and is expected to lead the trail by 2030 due to the growing utilisation of compressor wheels in turbochargers of automobile engines. The stationary engine segment, however, would register at the fastest CAGR of 5.1 % during the forecast period, owing to rapid industrialisation in emerging economies, the research firm said.
Based on region, Europe, followed by Asia-Pacific and North America, garnered the major share in 2020, holding nearly two-fifths of the global compressor wheel market due to the province's large-scale manufacturing of automotive products. However, the market across LAMEA would cite the fastest CAGR of 5.8% from 2021 to 2030. Industrialisation in the developing countries in the region propels the market growth, the report added.
Courtesy: Allied Market Research. NB: Photo is representational; courtesy: BorgWarner.