The global automotive AC compressor market is predicted to witness prominent growth by 2031, due to the growing disposable among individuals globally. Regionally, the Asia-Pacific region is predicted to have extensive growth opportunities.
NEW YORK, March 28, 2023 /PRNewswire/ —
Global Automotive AC Compressor Market Forecast Analysis:
As per the report published by Research Dive, the global automotive AC compressor market is envisioned to generate a revenue of $11,794.2 million and rise at a healthy CAGR of 4.0% over the estimated period from 2022 to 2031.
Segments of the Automotive AC Compressor Market
The report has divided the automotive AC compressor market into the following segments:
Compressor Type: variable displacement, fixed displacement, and electric compressor
Vehicle Type: passenger cars, light commercial vehicles, and heavy commercial vehicles
Drive Type: electric and conventional
Sales Channel: OEM and aftermarket
Region: North America, Europe, Asia-Pacific, and LAMEA
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|
Segment |
Sub-Segment |
|
Compressor Type |
Electric Compressor – To have the fastest growth by 2031 |
|
Electric compressors are used to prevent vehicle breakdown by protecting battery overheating and these allow quieter and cleaner operations, which are expected to boost the growth of this market sub-segment further. |
|
|
Vehicle Type |
Passenger Cars – Dominant market share in 2021 |
|
The increasing use of air-conditioning in passenger cars in developing countries and the growing demand for electric passenger cars as a mode of mobility within cities are expected to fuel the sub-segment forward. |
|
|
Drive Type |
Electric – Biggest market share in 2021 |
|
The increasing application of compressors in electric passenger cars and light commercial vehicles is anticipated to propel the market sub-segment forward. |
|
|
Sales Channel |
OEM – Largest market share in 2021 |
|
Many OEMs are focusing on the development of lighter, more efficient, and smaller air conditioning systems for vehicles which is predicted to foster the market sub-segment further. |
|
|
Region |
Asia-Pacific – Highest market share in 2021 |
|
The increasing automobile sales in various countries of this region, the growing income of the middle-class population, and the development of EV charging and transportation infrastructure are the factors expected to drive the regional growth of the market in the forecast period. |
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Dynamics of the Global Automotive AC Compressor Market
The increasing demand for cars among customers across the globe and their rising concern for car accessories, ride comfort, safety, and other features are expected to fortify the growth of the automotive AC compressor market over the estimated timeframe. Moreover, the rising disposable income among individuals across the globe is expected to bolster the growth of the market in the coming period. However, the strict enforcement of refrigerant rules may hinder the growth of the market during the analysis period.
The increasing vehicle production, the rising number of fleets on the road, the increasing installation of comfort accessories, and the growing installation of comfort accessories in economy-class automobiles are the major factors expected to create wide growth opportunities for the market over the analysis period. Additionally, the rising adoption of smart and modern technology by automobile manufacturers is further predicted to augment the market growth over the forecast period.
Covid-19 Impact on the Global Automotive AC Compressor Market
The rise of the Covid-19 pandemic has had a negative impact on the automotive AC compressor market. The strict lockdown imposed by the government of many nations has badly impacted car production and sales during the pandemic period. However, the increasing focus on the development of electric cars by the leading market players and the rising awareness among customers on long-term investments to purchase a variety of goods and commodities have created huge growth opportunities for the market during the crisis period.
Key Players of the Global Automotive AC Compressor Market
The major players of the market include
- Keihin Corporation
- Hanon Systems
- Michigan Automotive Compressor Inc.
- Continental AG
- SANDEN Subros Limited
- Calsonic Kansei Corporation
- MAHLE Group
- Behr Hella Service GmbH
- BorgWarner Inc.
These players are working on developing strategies such as product development, merger and acquisition, partnerships, and collaborations to attain a leading position in the global industry.
For instance, in May 2021, Hanon Systems, a leading manufacturer of a variety of automotive air control equipment announced its acquisition of Keihin Corporation, a Japanese automotive and motorcycle parts company. With this acquisition, Hanon Systems aimed to expand its customer base by expanding its ability to supply automakers with condenser technology to promote automotive thermal management in conventional and electrified vehicles.
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What the Report Covers
Apart from the information summarized in this press release, the final report covers crucial aspects of the market including SWOT analysis, market overview, Porter’s five forces analysis, market dynamics, segmentation (key market trends, forecast analysis, and regional analysis), and company profiles (company overview, operating business segments, product portfolio, financial performance, and latest strategic moves and developments.)
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About Research Dive
Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With an unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.
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