The compressor of the car is the power unit of the air conditioning system. Before the compressor pumps the refrigerant into the condenser, it puts it under high pressure and changes it into the liquid from the gas. For the air conditioning system, a fully functioning compressor is essential to provide peak performance. Air conditioning systems have not only been essential for cars but also for buses and other passenger cars.
Global Automotive AC Compressor Market: Overview
The compressor of the car is the power unit of the air conditioning system. Before the compressor pumps the refrigerant into the condenser, it puts it under high pressure and changes it into the liquid from the gas. For the air conditioning system, a fully functioning compressor is essential to provide peak performance. Air conditioning systems have not only been essential for cars but also for buses and other passenger cars.
Report Scope:
Report Attribute | Details |
---|---|
Base Year | 2022 |
Historic Years | 2018 - 2022 |
Forecast Years | 2023 - 2030 |
Segments Covered | By Product Type, By Application, and By End Use |
Forecast Units | Value (USD Billion), and Volume (Units) |
Quantitative Units | Revenue in USD million/billion and CAGR from 2023 to 2030 |
Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World |
Countries Covered | U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
Number of Companies Covered | 10 companies with scope for including additional 15 companies upon request |
Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
Customization Scope | Avail customized purchase options to meet your exact research needs. |
Global Automotive AC Compressor Market: Growth Factors
The global automotive AC compressor market is growing at a rapid rate. Factors such as the rapidly growing automotive sector, increase in conversion of passenger vehicles & buses into AC vehicles in developing countries like India, and growing demand for HVAC systems in the vehicles for better & comfortable experience during a commute are fostering the growth of the global automotive AC compressor market. Since the early days of automotive assembly, on the countless front, air compressors have made people's life much easier. With the advancement in technologies, the production of cars became easy and cheap. This led to a rise in the sales of the vehicles which in turn is boosting the growth of the market. In addition to this, the rise in disposable income, increase in purchasing power, and growing economic values in the developing countries are also some of the factors that are contributing to the rise in demand for vehicles thereby driving the growth of the global market. Furthermore, the emergence of electric & hybrid vehicles and the rise in technological advancements may lead to ample opportunities for the growth of the global automotive AC compressor market during the forecast period. However, high cost and maintenance issues are some of the factors that may hinder the growth of the global automotive AC compressor market.
The automotive sector is been severely hit by the Covid-19 pandemic. The sudden decision of complete lockdown and strict restrictions on movement by the government to control the spread of the disease enforced the automotive sector to shut down all their operations. This hampered the production of the vehicles. In addition to this, the disruption in the supply chain led to a scarcity of raw materials. This hampered the production of the vehicles. Moreover, a decline in the sales of the vehicles is been observed due to a change in consumer behavior and their spending towards the essential goods during the pandemic. Owing to all such factors with the decrease in demand for vehicles, the demand for automotive AC compressors also decreased. This affected the growth of the global automotive AC compressor market amid the Covid-19 pandemic.
Global Automotive AC Compressor Market: Segmentation
The global automotive AC compressor market is classified based on product type, vehicle type, design, sales channel, drive, and region. Based on the product type, the global automotive AC compressor market is categorized into the electric compressor, fixed displacement, and variable displacement. Based on the vehicle type, the global market is bifurcated into heavy commercial vehicles, light commercial vehicles, and passenger cars. The design segment is split into rotary and reciprocating. The sales channel is divided into aftermarket and OEMs. Based on the drive, the market is fragmented into electric driven and belt-driven.
Global Automotive AC Compressor Market: Regional Analysis
Geographically, Asia Pacific region is estimated to dominate the global automotive AC compressor market. The presence of automotive key players in countries like India & China, rise in sales of the vehicles, rapid installation of AC systems in the passenger vehicles, growing purchasing power, and rise in economies are some of the key features that are spurring the growth of the market in this region. North America is anticipated to contribute to a significant share in the market due to the presence of advanced technologies, increase in adoption of hybrid & electric vehicles, and growing demand for AC systems for luxurious & comfortable interior. The market in Europe is also expected to account for a significant share of the market growth.
Global Automotive AC Compressor Market: Competitive Players
Some of the major players operating in the global automotive AC compressor market are Aotecar New Energy Technology Co., Ltd., Hanon Systems, Nissens, Denso Corporation, Standard Motor Product Inc., SANDEN, Automotive Thermal Systems Co., Ltd., Toyota Industries, MAHLE, and Mitsubishi Heavy Industries, among others.
Global Automotive AC Compressor Market: Regional Segment Analysis
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FrequentlyAsked Questions
Factors such as the rapidly growing automotive sector, increase in conversion of passenger vehicles & buses into AC vehicles in developing countries like India, and growing demand for HVAC systems in the vehicles for better & comfortable experience during a commute are fostering the growth of the global automotive AC compressor market. Furthermore, the emergence of electric & hybrid vehicles and the rise in technological advancements may lead to ample opportunities for the growth of the global automotive AC compressor market during the forecast period.
Some of the major players operating in the global automotive AC compressor market are Aotecar New Energy Technology Co., Ltd., Hanon Systems, Nissens, Denso Corporation, Standard Motor Product Inc., SANDEN, Automotive Thermal Systems Co., Ltd., Toyota Industries, MAHLE, and Mitsubishi Heavy Industries, among others.
Geographically, Asia Pacific region is estimated to dominate the global automotive AC compressor market. The presence of automotive key players in countries like India & China, rise in sales of the vehicles, rapid installation of AC systems in the passenger vehicles, growing purchasing power, and rise in economies are some of the key features that are spurring the growth of the market in this region.
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