Automotive AC Compressor Market Size Projected to Generate a Revenue of $11,794.2 Mn by 2031Download Sample Reports Overview
The Global Automotive AC Compressor Market Size is predicted to be valued at $11,794.2 million by 2031, surging from $8,045.5 million in 2021, at a CAGR of 4.0%.
Impact Analysis of COVID-19 on the Automotive AC Compressor Market
The automobile sector witnessed a significant fall in car production and sales during the COVID-19 pandemic owing to unexpected lockdowns and related restrictions. The lockdown measures have also had an impact on the supply chains of components and raw materials used in the automobile AC sector. The pandemic significantly affected the manufacturing rates of several industrial players in the U.S., India, and Japan; moreover, regions such as Europe, halted their operations. Several OEMs are administering a change of ways to lessen the impact of COVID-19 on revenue growth. A significant slowdown in international commerce, as well as the temporary shutdown of production facilities has had a significant impact on the automotive AC compressor industry. The impact of COVID-19 has put great pressure on the industry participants all across the world, owing to the rising competitiveness. This will drive industry participants to engage in strategic mergers and acquisitions in order to survive in the business in the phase of increasing pressure and declining market revenue.
Global Automotive AC Compressor Market Analysis
The automotive air conditioner compressor is used to extract the heat-laden vapor refrigerant from the evaporator of the air conditioning system. The automotive air conditioner compressor market is expected to grow considerably in the coming years, owing to the fast growth in vehicle production in major regions as well as the increase in installation of better comfort technologies in low-cost automobiles. Furthermore, rising disposable income, urbanization, and the growing trend of automotive automation are expected to drive the market demand shortly, and increase in usage of air conditioning in passenger cars in emerging countries is expected to boost the product demand.
Refrigeration gases are potent greenhouse gases (in liquid form), and their leakage has a substantial detrimental impact on the climate and the environment as a whole. As refrigerants are required for compressor functioning, governments all over the globe have passed regulations to reduce the pollution caused by these refrigerants. Strict implementation of these restrictions is anticipated to hinder the growth of the automotive air conditioner compressor sector.
The lack of space in passenger cars is one of the major factors affecting the installation of air conditioning systems in automobiles. Therefore, some original equipment manufacturers (OEMs) are struggling to develop automotive air conditioning systems that are light in weight, more efficient, and smaller. These qualities also help to reduce noise and vibration levels in automobiles. Therefore, innovations in compressor design, which result in smaller size and reduced power consumption, are a major trend in the global automotive air conditioner compressor market.
Global Automotive AC Compressor Market, Segmentation
The automotive AC compressor market is segmented on the basis of compressor type, vehicle type, drive type, sales channel, and region.
The compressor type segment is further classified into variable displacement, fixed displacement, and electric compressor. Among these, the variable displacement sub-segment accounted for the highest market share in 2021, owing to the increase in use of fuel-efficient and environmentally friendly components in vehicles. Variable displacement compressors will benefit greatly from engine-saving costs strategies and strict fuel efficiency rules in automobiles.
The vehicle type segment is further divided into passenger cars, light commercial vehicles, and heavy commercial vehicles. Among these, the passenger cars sub-segment accounted for the highest market share in 2021.The increase in use of automotive AC compressor in cars in developing countries is likely to drive the market demand. As passenger vehicle manufacturing rises significantly, electric compressors are being used more frequently to increase the range of passenger vehicles. The ratio of passenger automobiles equipped with air conditioning systems is expected to increase during the forecast period.
The drive type segment is further classified into electric and conventional. Among these, the conventional sub-segment accounted for the dominating market share in 2021. The increase in manufacturing of passenger automobiles has increased the demand for AC compressors. The use of air conditioners in big commercial trucks is expanding, which is driving up demand for air compressors.
The sales channel segment is further divided into OEM and aftermarket. Among these, the OEM sub-segment accounted a dominant market share in 2021. Several original equipment manufacturers (OEMs) are working to build more efficient, lighter, and smaller car air conditioning systems. Furthermore, these factors help to reduce vibration and noise levels in vehicles.
The automobile air conditioning compressor market in Asia-Pacific is projected to witness the fastest growth. The presence of automotive key players in countries such as India and China, increase in vehicle sales, quick installation of AC systems in passenger vehicles, rising buying power, and economic expansion are some of the important factors driving the market growth in the region.
Key Players in the Global Automotive AC Compressor Market
Some of the leading automotive AC compressor market players are
- Behr Hella Service GmbH
- Calsonic Kansei Corporation
- Continental AG
- Hanon Systems
- Keihin Corporation
- Michigan Automotive Compressor Inc.
- SANDEN Subros Limited
- MAHLE Group
- BorgWarner Inc