Air Compressor Market size surpassed USD 72.4 billion in 2023 and is poised to record 3.5% CAGR from 2024 to 2032.
Increasing demand for personal and commercial vehicles has accelerated production and sales in the automotive sector in recent years. This trend is largely showcased across Asia Pacific countries like India and China. The rising GDP and living standards of the population across these nations are expected to boost the demand for high-end vehicles and related auto parts like air compressors in the automotive market. An increasing number of people living in middle- and high-income groups in Asia Pacific nations should support this air compressor market growth
|Air Compressor Market Size in 2023:
|USD 72.5 Billion
|2024 to 2032
|Forecast Period 2024 to 2032 CAGR:
|2032 Value Projection:
|USD 97.73 Billion
|Historical Data for:
|2018 - 2023
|No. of Pages:
|Tables, Charts & Figures:
|Product, Technology, Lubrication, Application
|Pitfalls & Challenges:
Governing bodies in developing nations have levied stringent regulations for the utilization of air compressors. For instance, in January 2021, the Indian Bureau of Energy Efficiency adopted new energy efficiency policies for air compressors. As per the new policies, it is projected to avoid 18.2 TWh of electricity demand for air compressors. Such regulations would urge manufacturers to spend more on the development of energy-efficient air compressors. However, the development of favorable policies in the coming years will drive industry demand.