The sales of automotive ac compressor is estimated to grow at an average CAGR of 3.9% over the forecast period. The automotive AC compressor market size is projected to reach US$ 9,342.1 Mn in 2022, and is estimated to reach US$ 13,696.2 Mn in 2032.
The rise in car ownership is anticipated to be fueled by rising purchasing power and rising economic values in emerging markets, which will drive the market share for automotive AC compressors. However, it is projected that high startup and installation costs, in addition to maintenance issues, will restrict the sales of vehicle AC compressors. On the other hand, the size of the automotive AC compressor market is anticipated to increase due to technical developments and the launch of new products.
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During the projection period, there will likely be an increase in demand for automotive AC compressors due to the rising use of air conditioning in passenger vehicles in emerging nations. Additionally, as environmental restrictions become stricter, automakers are continuously coming up with innovative strategies to improve compressor fuel economy. The growing popularity of automobiles, including electric and hybrid models, is also accelerating the introduction of new electric vehicle models in China, Japan, Europe, and North America, which is driving up demand for AC compressors.
Global warming has raised atmospheric temperatures in recent years, increasing customer demand for automobile air conditioning to maintain a more comfortable interior atmosphere. The automotive AC compressor market is predicted to rise as a result of increased R&D spending and attempts by automakers to add sophisticated controls.
Key Takeaways from Automotive AC Compressor Market
- By 2032, the automotive AC compressor market in the passenger car sector is expected to be worth almost USD 9 billion. Passenger cars segment is expected to grow at the fastest rate, owing to increased car sales in nations such as China and India. The proportion of passenger cars equipped with air conditioning is expected to surge.
- By 2032, the OEM segment is anticipated to control more than 95% of the automotive AC compressor market.
- Developing economies are spending heavily in the manufacturing sector in order to build strong export potential, which is leading to increasing car output.
- Due to its lower expensive than its competitors, the fixed displacement compressor category is expected to grow significantly across emerging nations.
- With a high revenue share, Asia Pacific dominates the vehicle AC compressor industry. This is due to rising automobile sales in emerging economies, particularly China and India.
- The APAC automotive AC compressor sector is likely to advance due to improved infrastructure and increased disposable income of the middle-class population.
- Europe has the second largest share of the automotive AC compressor market, with a revenue of 22%. This is due to the region is headquarters for major automotive OEMs.
- By 2032, North America is anticipated to account for more than 15% of the automotive AC compressor market. The increased use of automotive AC compressors in this region is linked to a rise in the number of automobiles on the road as well as individual purchasing power in the United States and Canada.
“The cost of air conditioning systems has risen due to higher technological advancements in terms of performance and efficiency. During the projected period, this is expected to promote the growth of the automotive AC compressor market.”– FMI Analyst
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Competition Landscape in the Automotive AC Compressor Market
The competition among automobile AC compressor key players is severe. As a result, automotive AC compressor market share is predicted to rise due to the industry’s significant technical advancements. Furthermore, the leading players are expanding their spending in research and development (R&D) efforts in order to provide clients with more efficient and cost-effective goods.
The key players in the automotive AC compressor market are Yantai Shougang TD Automotive Compressor Co. Ltd., HELLA KGaA Hueck & Co., Zhajiang Santian A/C compressor Co. Ltd., Toyota Industries, TD Automotive Compressor, Gardner Denver, Delphi PLC., SANDEN USA, Denso Auto Corporation, Michigan Automotive Compressor Inc., General Auto, OMEGA Environmental Technologies, Valeo S.A., Calsonic Kansei Corporation, Mitsubishi Heavy Industries, Highly Marelli Holdings Co. Ltd., Dunair Smiths Manufacturing PTY Ltd., Behr Hella Service GmbH, Keihin Corporation, Continental AG, Robert Bosch GmbH, SANTIAN A/C COMPRESSOR CO. LTD., etc.
Key Segments Profiled In The Automotive AC Compressor Market Survey
By Configuration:
- Scroll Type Compressor
- Rotary Type Compressor
By Vehicle Type:
- Passenger Cars
- Light Commercial Vehicle
- Heavy Commercial Vehicle
By Product Type:
- Fixed Displacement Type
- Continuous Variable Displacement Type
- Electrically Operated
By Sales Channel:
- Original Equipment Manufacturer
- Aftermarket
By Region:
- North America
- Latin America
- Asia Pacific
- MEA
- Europe
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Recent Developments in the Automotive AC Compressor Market:
- MAHLE GmbH acquired the air conditioning business from Keihin Corporation in Japan in February 2021, and the four US production facilities and one development centre are currently being incorporated into the MAHLE Group.
- Marelli Corporation struck an agreement with Shanghai Highly (Group) Co. in September 2020. Highly Marelli Holdings Co., Ltd., to form a joint venture. Ltd., which is expected to focus especially on the electrification of compressors, HVAC equipment, electric-driven compressor (EDC) systems, and other components.
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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