Automotive AC Compressor Market size is set to cross USD 11 billion by 2028, according to a new research report by the Global Market Insights Inc.
The market growth is attributed to the rising need for energy-efficient compressors. Growing popularity of air conditioning systems and the trend toward smaller, lighter & more energy-efficient compressors to minimize vibration, noise, and emissions in an automobile are anticipated to enhance the use of automotive AC compressors in automobiles. However, during the forecast period, maintenance concerns, technical restrictions, and high luxury car pricing are likely to serve as minor restraints in the industry expansion.
Moreover, in the coming years, the trend in terms of aftermarket installation of air conditioning systems in vehicles is likely to continue. Over the years, the market is predicted to be driven by an increase in the number of on-road automobiles globally and a rise in the demand for comfort features in economy cars.
Growing popularity of electric vehicles is expected to boost the market progression
In recent years, financial incentives from the governments are enticing new EV purchasers. The increase in purchases due to both demand and supply-side reasons. Sales are credited to the companies’ outreach, increased charging infrastructure, price parity with conventional vehicles owing to the federal subsidies and lowering of the battery prices. The demand for fuel-efficient & high-performance and rising fuel prices have also increased the penetration of electric vehicles worldwide. Furthermore, manufacturers are collaborating with automotive manufacturers to obtain a competitive advantage in the market, for product development and direct sales.
Browse key industry insights spread across 250 pages with 276 market data tables & 22 figures & charts from the report, “Automotive AC Compressor Market Size, By Vehicle (Passenger Cars, LCV, HCV), By Type (Variable Displacement, Fixed Displacement, Electric Compressor), By Drive (Belt Driven, Electric Driven), By Sales Channel (OEM, Aftermarket), COVID-19 Impact Analysis, Regional Outlook, Application Growth Potential, Price Trends, Competitive Market Share & Forecast, 2022 – 2028”, in detail along with the table of contents:
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The HCV segment is projected to observe a 5% growth rate till 2028 impelled by the rising usage of air conditioning in luxury buses and coaches, particularly in emerging markets. The increased demand for HCVs will be led by the growing road transport & logistics business in Asia Pacific and Latin America, which will have a beneficial impact on the compressor demand.
The market for electrical compressors is likely to rise as the focus on minimizing carbon emissions becomes more prominent
In terms of volume, the electric compressor market estimated to attain a CAGR of 4% by 2028. The electric-driven segment is poised to register significant growth during the forecast timeframe due to its ability to provide higher reliability, simplify operation, produce less noise, and have fewer moving parts than conventional drives. The expanding number of on-road vehicles worldwide and rising consumer expectations for comfort in affordable cars, the aftermarket is witnessing a growing trend.
Europe market for automotive AC compressor will account for over 25% of revenue share by 2028 on account of the automotive production across the region. Passenger cars dominate for more than 90% of the European market. The growing use of air conditioning systems in passenger cars across the region is slated to accelerate the industry growth.
Some of the prominent players in the market are MAHLE, Denso Corporation, Nissens, Automotive Thermal Systems Co., Ltd., Subros, Toyota Industries, SANDEN, Hanon Systems, Mitsubishi Heavy Industries, Aotecar New Energy Technology Co., Ltd., and Standard Motor Product Inc.