Global Compressor Wheel Market is valued approximately at USD 2.72 billion in 2020 and is anticipated to grow with a healthy growth rate of more than 4.8 % over the forecast period 2021-2027. Compressor Wheel is a part of turbocharger, used to boost the intake air pressure of an internal combustion engine. It is operated using diesel and gasoline in the vehicles. The global Compressor Wheel market is driven by growing automobile industry through rising sales of vehicles. For instance, according to the Statista, it is projected that the number of cars sold worldwide may increase from 63.8 million units in 2020 to 69.8 million units in 2021. Also, according to the International Trade Administration (ITA), China is expecting 35 million vehicles to be produced by 2025. The market growth is also to be driven by the adoption of stringent regulations to reduce the carbon emission as the use of compressor wheels increase efficiency of engines. However, growing sales of electric vehicles hampers the growth of the market over the forecast period of 2021-2027. Furthermore, rising demand for lightweight vehicles, technological advancements, increasing demand for luxury vehicles and new vehicle launches are expected to create opportunity for Compressor Wheel market growth over the forecast period.
The geographical analysis of the global Compressor Wheel market is studied for major regions such as Asia Pacific, North America, Europe, Latin America, and the Rest of the World. North America is the dominating region across the world in terms of market share owing to presence of well-established manufacturers & suppliers and increasing research & development activities in the automotive industry. Whereas Asia-Pacific is also anticipated to exhibit highest growth rate over the forecast period 2021-2027 due to favorable government initiatives which promote the manufacturing of lightweight vehicles, increasing vehicles production & sales through entry of multinational automotive companies and adoption of advanced technologies in the region.
Major market player included in this report are:
Garrett Motion Inc.
Nelcon Motor Company
Turbotech Precision Products Ltd.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and Material offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Sales Type:
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2018, 2019
Base year – 2020
Forecast period – 2021 to 2027
Target Audience of the Global Compressor Wheel Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers