Automotive AC Compressor Market Size

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

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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.