Automotive AC Compressor Market - 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) & Forecast, 2022-2028
Report ID: GMI4840
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Published Date: March 2022
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Report Format: PDF
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Base Year: 2021
Companies covered: 11
Tables & Figures: 298
Countries covered: 21
Pages: 250
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Automotive AC Compressor Market
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Automotive AC Compressor Market Size
Automotive AC Compressor Market size crossed USD 8.45 billion in 2021 and is estimated to exhibit 4.2% CAGR between 2022 and 2028. The industry demand is set to reach 97,794.79 thousand units by 2028. Rising automotive production and a surge in the adoption of vehicle air conditioning systems in emerging economies will drive the industry statistics.
The rising usage of air conditioning in passenger cars across developing countries is expected to propel the market demand. Furthermore, due to a significant surge in environmental restrictions, vehicle manufacturers are continuously innovating new ways to improve the fuel efficiency of the compressors. This limits emissions and aids in the fight against global warming. The growing importance of vehicles, such as electric vehicles and hybrid electric vehicles, is also accelerating the number of new electric vehicle models in Europe, North America, Japan, and China, thus boosting the demand for AC compressors.
Global warming has raised the atmospheric temperature in recent years, fueling the consumer demand for air conditioning in automobiles to provide a more comfortable vehicle interior climate. Moreover, increasing efforts of car manufacturers to implement modern controls in automobiles and an increase in R&D investments will stimulate the automotive AC compressor market demand.
The growth in automobile air-conditioning compressor remanufacturing and repair services will support the market expansion. Additionally, owing to the forced lockdowns imposed during COVID-19, businesses around the world were impacted and individuals were obliged to stay at home. The pandemic slowed the production of vehicles and their equipment, disrupting the global automotive supply chain and putting the business in jeopardy.
Automotive AC Compressor Market Analysis
Automotive AC compressor market from the passenger cars segment is set to account for nearly USD 9 billion by 2028. Passenger automobiles are likely to increase at the quickest rate led by rising car sales in countries such as China and India. The proportion of passenger cars stocked with air-conditioning systems is poised to rise dramatically.
The OEM segment will dominate with more than95% of the automotive AC compressor market share by 2028. Developing economies are substantially investing in the manufacturing sector to establish a strong export potential, resulting in increased automotive production. The demand for automobile air conditioner compressors is propel by rising number of working-class individuals owning cars.
Despite the imposition of lockdowns and production halts globally, the car industry has enjoyed significant growth in 2021 impelled by the ongoing COVID-19. The China Association of Automobile Manufacturers (CAAM) claims that China's motor vehicle production and sales totaled 26.082 million units and 26.275 million units in 2021, thus rising by 3.4% and 3.8% year-on-year.
Variable displacement compressors segment is forecast to generate around USD 6 billion revenue by 2028. These compressors are in high demand in Europe and North America as they provide exceptional acceleration while emitting fewer carbon emissions and using less energy than fixed displacement compressors. The compressor adjusts the angle of the revolving swash plate and may control the amount of refrigerant expelled. This smooth control is related to engine & driving circumstances that not only improve driving comfort but also improve vehicle environmental performance by lowering compressor energy consumption.
The variable displacement segment earned considerable revenue owing to the growing usage of fuel-efficient and environmental-friendly components in automobiles. Engine economizing tactics and severe fuel economy standards in cars will create significant opportunities for variable displacement compressors.
Asia Pacific automotive AC compressor market led by China is predicted to account for over 50 million units demand by 2028. In 2021, as per the OICA, Asia Pacific alone witnessed more than half of the global automotive production. Furthermore, the measures taken by various Asian countries are anticipated to aid the revival of the automotive sector such as China's incentive scheme that rewards buyers who pay less than USD 47,000 with USD 470, whereas buyers who pay more than USD 47,000 with USD 780, followed by a USD 780 unified award on the purchase of modern energy vehicles.
Automotive AC Compressor Market Share
The key players operating in the automotive AC compressor market include :
Some of the key strategies adopted by these manufacturers are new product development, acquisition, production capacity expansion, and collaboration with automotive manufacturers.
The automobile AC compressor sector is extremely consolidated with the top five companies controlling a large portion of the global market. To acquire a competitive advantage over other enterprises, major participants have formed alliances with car air conditioning system makers. Many manufacturers are investing in electric compressors to obtain a competitive advantage as the demand for these technologies grows.
The automotive AC compressor market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in Thousand Units and revenue in USD million from 2018 to 2028 for the following segments
Market, By Vehicle Type
Market, By Type
Market, By Drive
Market, By Sales Channel
The above information is provided on a regional and country basis for the following: