Automotive AC Compressor Market worth $10 Bn by 2026
Published Date: October 19, 2020 Authors: Kiran Pulidindi, Akshay Prakash
Automotive AC Compressor Market size is expected to exceed USD 10 billion by 2026, according to a new research report published by the Global Market Insights, Inc.
The increasing usage of air condition systems and a trend toward the usage of power efficient, smaller size, and lighter compressors to reduce vibration & noise and emissions are likely to increase the use of variable displacement automotive AC compressors in vehicles. The industry players are concentrating on increasing the use of electrical compressors to reduce the dependency of AC compressors on combustion engines. Lightweight, small, and high-performance AC compressor products are improving fuel efficiency since they use lower power from the engine. However, the industry is estimated to observe a decline in 2020 owing to temporary closure of manufacturing facilities.
The increasing adoption of EVs is forecast to surge the industry proliferation
In recent years, the implementation of stringent environmental regulations and increasing environmental awareness among consumers and government to offers tax redemption for electric propulsions vehicles, which includes fuel cell vehicles (FCV), electric vehicles (EV) and PHV has increased the penetration of electric vehicles worldwide. These trends have encouraged electrification of vehicles by automotive manufacturers. The shift will result in driving the demand for electric automotive AC compressors.
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Furthermore, to gain the competitive advantage in the electric AC compressor market, manufacturers are collaborating with automotive manufacturers for the product development and direct sales of the product.
Browse key industry insights spread across 220 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), Industry Analysis Report, Regional Outlook, Application Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
The automotive AC compressor market from HCV segment will witness over 4% growth rate through 2026. The increasing penetration of the air condition system in luxury buses, coaches, mainly in emerging countries will support the industry growth. Increasing road transport and logistics industry across Asia Pacific and Latin America will drive the demand for HCV, which is positively impacting the compressors demand.
Increasing emphasis on reducing carbon emissions is projected to drive electrical compressors demand
In terms of volume, the electric compressor is poised to grow at more than 3.8% CAGR during 2020 to 2026. The increasing production and sale of HV, PHV, and EV vehicles will drive the industry expansion. Moreover, the newly developed electric AC compressor has a compact design and lighter weight, that will improve operation and fuel-efficiency of hybrid vehicles, which share a common engine with gasoline-powered vehicles. Electric compressors lower carbon emissions.
Europe is likely to account for around 25% market share in 2026. In 2019, Europe produced nearly 48.8 million automotive vehicles; additionally, the increasing penetration of air conditioning systems in vans and pick-up trucks across the region is anticipated to create significant market opportunities.
Some of the prominent players in the global automotive AC compressor industry are Toyota Industries, Denso Corporation, Mitsubishi Heavy Industries, Automotive Thermal Systems Co., Ltd., Nissens, Subros, SANDEN, Hanon Systems. MAHLE, Standard Motor Product Inc., and Aotecar New Energy Technology Co., Ltd., among others.