Enactment of stringent emission norms and increase in demand for high-power vehicles drive the growth of the global compressor wheel market.
PORTLAND, Ore., Sept. 8, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "Compressor Wheel Market by Material (Cast Iron and Aluminum), Application (Automotive Engine and Stationary Engine), and Sales Type (OEMs and Aftermarket): Global Opportunity Analysis and Industry Forecast, 2021–2030." According to the report, the global compressor wheel industry was estimated at $2.72 billion in 2020, and is anticipated to hit $4.33 billion by 2030, registering a CAGR of 4.8% from 2021 to 2030.
Drivers, restraints, and opportunities-
Enactment of stringent emission norms and increase in demand for high-power vehicles drive the growth of the global compressor wheel market. On the other hand, surge in demand for electric vehicles restrain the growth to some extent. However, advancements in the realm of material handlings are projected to pave the way for lucrative opportunities in the industry.
The outbreak of the pandemic gave way to distorted manufacturing activities of automobile engines, thereby impacting the global compressor wheel market negatively, 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 aluminum segment to dominate by 2030-
Based on material, the aluminum 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. The same segment would also register the fastest CAGR of 5.0% throughout the forecast period. This is attributed to its properties such as light weight and ductility.
The automotive engine segment to maintain the 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 growing utilization 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 industrialization in emerging economies.
Europe, followed by Asia-Pacific and North America, garnered the major share in 2020-
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 large scale manufacturing of automotive products in the province. However, the market across LAMEA would cite the fastest CAGR of 5.8% from 2021 to 2030. Industrialization in the developing countries in the region propels the market growth.
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