Air conditioner compressor is a component in the AC that increases the temperature and pressure of the vapor refrigerant. It is important that the compressor increase the temperature so that it can finish removing the heat from the condenser. Air compressor is the main element, which helps in the operation of AC. Therefore, increase in use of AC in vehicles leads to the growth of the automotive air conditioner compressor market.
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COVID-19 scenario analysis:
- The decline in the market is primarily due to the spread of COVID-19 across the globe, impacting the growth of the air condition compressor market.
- More population results in more demand for vehicles. However, due to COVID-19, there is no traffic and no demand for vehicles, thereby hampering the automotive AC compressor market.
- COVID-19 pandemic has halted travel and use of vehicles. They are expected to restart only when the situation becomes stable.
- Original equipment manufacturers (OEMs) have also halted production, which has further decreased the demand for AC compressors.
Top impacting factors: Market scenario analysis, trends, drivers, and impact analysis
The significant factors impacting the growth of the automotive AC compressor market are growth in requirement of consumers on vehicle comfort and rise in automotive production & growth of car ownerships. Moreover, manufacturing issues and technical issues hamper the growth of the automotive AC compressor market. Furthermore, introduction of new compact & efficient compressors and increase in implementation of AC systems in automobiles are anticipated to fuel the growth of the automotive AC compressor market.
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Growth in requirement of consumers on vehicle comfort
The demand for AC is increasing as consumers demand for comfort in vehicles while driving. Moreover, increase in temperature in vehicle increases discomfort while traveling, which leads to the demand for AC in vehicles. Therefore, rise in demand for AC increases the demand for compressors in vehicles. Furthermore, compressor removes heat and provides cooling inside vehicles, thereby leading to the automotive AC compressor market growth in near future.
Rise in automotive production & growth of car ownerships
The demand for AC in vehicles increases due to increase in production of vehicles. In addition, increase in demand for AC results in rise in demand for automotive AC compressor. AC and air compressors are connected with each other. Therefore, the increase in demand for AC leads to the growth of the AC compressor market in the coming years.
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