Automotive AC Compressor Market by Compressor Type (Variable Displacement, Fixed Displacement, Electric Compressor), by Vehicle Type (Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles), by Drive Type (Electric, Conventional), by Sales Channel (OEM, Aftermarket): Global Opportunity Analysis and Industry Forecast, 2021-2031, The automotive AC compressor market size was valued at $8.1 billion in 2021, and is estimated to reach $11.8 billion by 2031, growing at a CAGR of 4% from 2022 to 2031.
The rise in worldwide disposable income has increased the sale of both passenger and domestic automobiles. Customers are concerned with the car’s features, safety, ride comfort, and other accessories while buying a new vehicle. The inside temperature of a car has a significant impact on the riding experience and driver’s comfort. Ideal cabin temperatures prevent fatigue while driving, lowering the possibility of distraction and an accident. Therefore, increase in vehicle sales and shifting customer preferences are anticipated to drive the global automotive AC compressor market growth.
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The initial expenses and maintenance costs associated with electric AC compressor, however, would stymie the expansion of the automotive AC compressor industry. The installation of electric AC compressor necessitates the use of heavy-duty electric wire, which raises the overall cost of the vehicle repairs. Moreover, maintenance of electric compressor is also a demanding task that needs a high degree of skill, raising the cost of maintenance.
The global automobile AC compressor market is expanding owing to increase in vehicle production, rising fleet on road, and increase in installation of comfort accessories in budget class vehicles. High price of premium automobile, maintenance issues, and some technical limitations are minor concerns expected to impact the automotive AC compressor industry’s progress. The increase in need for automobile air conditioning is raising the demand for automobile AC compressors. The trend of aftermarket installation of AC systems in automobiles in the Asia-Pacific excluding Japan (APEJ) and Middle East and Africa (MEA) region is expected to continue for the next few years. The automotive AC compressor market is likely to be driven by the increase in number of on-road automobiles worldwide and the rise in demand for comfort features in low-cost vehicles.
Impact of COVID-19 on the Global Automotive AC Compressor Industry
The automotive sector sales are directly connected to AC compressor industry demand. However, the COVID-19 pandemic has had a severe influence on numerous industries such as construction and automotive, affecting the output and demand for automobiles owing to a disrupted supply chain.
The COVID-19 pandemic impacted almost every industry. AC compressor manufacturers suspended operations due to import-export restrictions, lockdowns enforced in various countries, and labor shortages.
Social distancing norms, closed borders, and production constraints, due to the pandemic, across various countries such as China, India, and the U.S. have affected the global automotive AC compressor market.
Key Findings of the Study :
Based on compressor type, the variable displacement sub-segment emerged as the global leader in 2021 and the electric compressor sub-segment is anticipated to be the fastest growing during the forecast period
Based on vehicle type, the passenger cars sub-segment emerged as the global leader in 2021 and it is predicted to witness the fastest growth in the upcoming years
Based on drive type, the conventional sub-segment emerged as the global leader in 2021 and electric is projected to witness the fastest growth in the upcoming years
Based on sales channel, the aftermarket sub-segment emerged as the global leader in 2021 and it is anticipated to witness the fastest growth in the upcoming years
Based on region, the Asia-Pacific market registered the highest market share in 2021 and is projected to maintain its position during the forecast period
The key players profiled in the automotive AC compressor market report include Behr Hella Service GmbH, Calsonic Kansei Corporation, Continental AG, Hanon Systems, Keihin Corporation, Michigan Automotive Compressor, Inc., SANDEN Subros Limited, MAHLE Group, and BorgWarner Inc.
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