Axiom MRC has updated all it's market research reports with the Economic Impact Analysis of COVID19 Pandemic on the market. Our team of analyst are following Comprehensive Three Dimensional (3D) Research Methodology along with large number primary interviews with key industry participants to bring insightful market reports to meet the current market requirements.
The exclusive COVID-19 impact analysis report by Axiom MRC provides a 360 degree analysis of micro and macro-economic factors on the North America compressor wheel market. In addition, complete analysis of changes on the North America compressor wheel market expenditure, economic and international policies on supply and demand side. The report also studies the impact of pandemic on global economies, international trade, business investments, GDP and marketing strategies of key players present in the market. Likewise, the COVID-19 virus spread on one side has provided ample of growth opportunity for market with rise in automotive or vehicle demand. And on the other hand supply chain disruption has affected the market. In addition, growing demand for the turbocharger in automotive industry and requirement for compressor wheel has driven the North America compressor market
The North America compressor wheel market is driven by growing automotive industry, fuel efficiency and better engine performance and rapid urbanization and industrialization in developing countries. With the developing economies across the globe, the rising growth and sales of automotive industry products has indeed has accelerated the growth of compressor wheel market. Besides, the growing need for vehicle with high fuel efficiency and high power output is expected to drive the market growth. In addition, stringent emission norms by government have impelled automobile companies to utilize turbocharger in their vehicle which is expected to further the market for compressor wheel. Likewise, rapid urbanization and industrialization in developing countries is expected to give the market a rise of growth during the estimated time period.
The market is expected to have new opportunity with the growing advancement in the production of material like stainless steel, aluminium, titanium which is certainly led the increasing focus of manufacturer to produce innovative compressor wheel with high tolerance and usage in turbocharger. This factor is expected to provide ample of new growth opportunity in the market during the forecast period.
The market in North America due covid-19 pandemic has certainly significantly forced for temporary shutdown of production and manufacturing activities which has affected the manufacturing, production, sales and distribution of market products thereby declining the market growth during the pandemic. However, post Covid-19 the market has witnessed a rise in demand for the market.
The market in North America is anticipated to witness growth challenge likes surge in demand from consumers for electric vehicles. On the other hand growing demand and adoption of electric vehicle with new technologies is anticipated to create new challenge for the market growth. Furthermore, altering consumer preference for electric vehicle as an alternative of conventional petrol or diesel and implementation of electric powered compressor has hampered the market growth to major extend.
The report provides in-depth analysis of North America compressor wheel market, market size, and compound annual growth rate (CAGR) for the forecast period of 2022-2028, considering 2021 as the base year. With increasing demand for various compressor wheel in various applications has led the increasing demand for market and is expected to witness the growth at a CAGR at specific CAGR from 2021-2028.
The North America compressor wheel market comprises of different market segment like Type, Applications, Diameter and Country.
By type, the compressor wheel includes key segment of stainless steel compressor wheel, aluminium compressor wheel, titanium compressor wheel, twin blade compressor wheel. Aluminium compressor wheel is expected to have growing demand in compressor wheel market specifically due to as these are available in simpler design, effective and supports in improvising compete turbocharger. Besides, these aluminium compressor wheel are mostly present in different shape, size and with different design and structural view. This feature is expected to create ample of new growth opportunities for market over the forecast period. Likewise, titanium compressor wheel followed by twin blade compressor wheel is expected to hold second in the market.
The compressor wheel market finds its major application in automobile industry, manufacturing industry, oil and gas industry, aerospace, water treatment industry and others. Automobile industry is anticipated to lead in the market during the forecast period. The major factor contributing in the market growth are rising demand and adoption of automotive turbochargers which further has led the driving demand for the market to major extend. Besides, compressor wheel certainly support for reducing emission, enhancing fuel economy and enhancing drivability. On the other hand, oil and gas industry followed by manufacturing industry are expected to witness positive growth rate over the estimated time period.
The compressor wheel market is significantly studied for key diameter like 20-40 mm, 40-60 mm, more than 60 mm. The demand for 40-60 mm is estimated due to its offering for high power potential which is boosting the growth of market to major extend. However, in diameter more than 60 mm diameter segment is expected to dominate in North America compressor wheel market. The segment is driven by its performance in turbocharger which is knotted to its size which is where more than 60 mm diameter compressor wheel support for taking more pressure and heat to spin the turbine, creating interval at low speed.
The North America compressor wheel market is studied for the following countries United States, Canada and Mexico. In North America, United States is anticipated to gain majority of market share over the estimated time period. The key factor contributing in the market are rising number of manufacturer operating in the country and increasing growth of automotive sector has certainly contributed in the market. Besides, production of different compressor wheel according to various size, shape, and enhancing manufacturing and supply of parts and component in market is expected to drive the market over the estimated time period. Also, huge customer base for automotive industry has certainly contributed healthy growth in market. Likewise, Canada followed by Mexico are contributing healthy growth in the market.
The competitive landscape analysis of compressor wheel market is majorly focused on expanding the North America growth of compressor wheel with new product innovation, business expansion, increasing presence of range of manufacturer operating in compressor wheel has led the growing demand for the market. Besides, the market offers range of products in different application to fulfill the required demand of consumer which is further contributing healthy growth in the market.
The key players studied in market are ABI Showatech Private Ltd, BOOSTER Precision Components, BorgWarner Inc, Doncasters Group Ltd, E&E Turbo, Garrett Motion Inc, OTS Turbo, Nelcon motor co, Owen Developments, Pacifica Power Sdn Bhd, PHESSIO TURBO, TurboSystems, Turbotech Precision Products Ltd, UACJ Corporation, Wabtec Corporation and Mitsubishi Heavy Industries, Ltd among others.
September 2021: The BorgWarner Inc Company announced the launch of the newest member of the Engineered for Racing (EFR) later this year. The EFR 8370 Super-Core will make its introduction at PRI. This Super-Core addresses the racing industry’s need for a turbo that provides a powerful boost without overspeeding.
June 2021: Garrett Motion Inc, a renowned differentiated technology provider for the automotive industry, announced its strategy to modernize and expand its existing production facility in Wuhan, China to meet growing customer demand.
June 2019: ABB Turbocharging has launched the new A255-L and A260-L turbochargers optimized for medium and small bore two-stroke diesel and gas engines.
October 2018: BorgWarner announced that the company is boosting the power potential of its durable, high-performance Engineered for racing (EFR) Series aftermarket turbochargers with the announcement of three new super-cores – the new EFR 8474, EFR 9274 and EFR 9280 – featuring new compressor wheels with updated blade geometries and larger inducer diameters.
Compressor wheel is a component of turbocharger. Every year number of turbocharger along with compressor wheel are produced for automobile industry, manufacturing industry, oil and gas industry, aerospace and water treatment industry which further provides durability and dimension precision in the application industry. Besides, turbocharger are ideally centrifugal compressor driven by an exhaust gas turbine and employed in engines to boost the air pressure. Also, turbocharger performance mostly influence all important engine parameter such as fuel economy, power and emissions. The turbocharger is mostly used to boost the intake air pressure of an internal combustion engine. The North America compressor wheel market comprises of different market segment like type, applications, diameter, and country. By type, the compressor wheel includes key segment of stainless steel compressor wheel, aluminium compressor wheel, titanium compressor wheel, twin blade compressor wheel. Aluminium compressor wheel is expected to have growing demand in compressor wheel market. The compressor wheel market finds its major application in automobile industry, manufacturing industry, oil and gas industry, aerospace, water treatment industry and others. Automobile industry is anticipated to lead in the market during the forecast period. The compressor wheel market is significantly studied for key diameter like 20-40 mm, 40-60 mm, more than 60 mm. The demand for 40-60 mm is estimated due to its offering for high power potential which is boosting the growth of market to major extend. However, in diameter more than 60 mm diameter segment is expected to dominate in North America compressor wheel market. The North America compressor wheel market is studied for the following countries United States, Canada and Mexico. In North America, United States is anticipated to gain majority of market share over the estimated time period.
1) What are the drivers for Compressor Wheel market?
The key driving factors of the market are in growing automotive industry, fuel efficiency and better engine performance and rapid urbanization and industrialization in developing countries
2) Which is the leading application segment for Compressor Wheel market?
Automobile Industry has accounted the major market share, and is expected to witness the growth at highest pace during the forecast period.
3) Which country is gaining majority of market share during the forecast period (2021-2028)?
United States is expected to gain major market share during the forecast period (2021-2028).
