Portland, OR, March 07, 2023 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global automotive AC compressor market garnered $8.1 billion in 2021, and is estimated to generate $11.8 billion by 2031, manifesting a CAGR of 4.0% from 2022 to 2031. The report provides an extensive analysis of changing market dynamics, major segments, value chain, competitive scenario, and regional landscape. This research offers a valuable guidance to leading players, investors, shareholders, and startups in devising strategies for the sustainable growth and gaining competitive edge in the market.
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Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $8.1 billion |
| Market Size in 2031 | $11.8 billion |
| CAGR | 4.0% |
| No. of Pages in Report | 342 |
| Segments covered | compressor type, vehicle type, drive type, sales channel, and region |
| Drivers | The lack of capacity in passenger cars Advancements in compressor design, which result in lower size and power consumption |
| Opportunities | Governments of various countries across the world have legislated rules to decrease the pollution generated by refrigerants |
| Restraints | COVID-19 pandemic |
Covid-19 Scenario:
- The outbreak of the COVID-19 pandemic had a negative impact on the growth of the global automotive AC compressor market.
- The automobile sector had a considerable drop in vehicle production and sales throughout the COVID-19 pandemic, impeding the economy's progress. As automotive AC compressors are widely employed in the automobile industry, there has been a major decrease in worldwide demand for automotive AC compressors.
- China is the main producer of electric and raw material, but all industrial operations had been halted, majorly hampering the production of automotive AC compressor.
- Moreover, the overall requirement for AC compressors in the automobile sector had been substantially impacted by import-export restrictions, restricted borders, and supply chain delays caused by the COVID-19 pandemic.
The research provides detailed segmentation of the global automotive AC compressor market based on compressor type, vehicle type, drive type, sales channel, and region. The report discusses segments and their sub-segments in detail with the help of tables and figures. Market players and investors can strategize according to the highest revenue-generating and fastest-growing segments mentioned in the report.
Based on compressor type, the variable displacement segment held the highest share in 2021, accounting for more than half of the global automotive AC compressor market, and is expected to continue its leadership status during the forecast period. However, the electric compressor segment is expected to register the highest CAGR of 4.5% from 2022 to 2031.
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Based on vehicle type, the passenger cars segment accounted for the highest share in 2021, contributing to more than two-thirds of the global automotive AC compressor market, and is expected to maintain its lead in terms of revenue during the forecast period. This segment is expected to manifest the highest CAGR of 4.3% from 2022 to 2031.
Based on drive type, the conventional segment accounted for the highest share in 2021, holding more than half of the global automotive AC compressor market, and is expected to continue its leadership status during the forecast period. However, the electric segment is estimated to grow at the highest CAGR of 4.3% during the forecast period.
Based on region, Asia-Pacific held the largest share in 2021, contributing to nearly half of the global automotive AC compressor market share, and is projected to maintain its dominant share in terms of revenue in 2031. In addition, the same region is expected to manifest the fastest CAGR of 4.6% during the forecast period.
Leading market players of the global automotive AC compressor market analyzed in the research include Toyota Industries Corporation, DENSO CORPORATION, MITSUBISHI HEAVY INDUSTRIES THERMAL SYSTEMS, LTD., Subros, Nissens, Hanon Systems, Sanden Corporation, MAHLE GmbH, VALEO, BorgWarner Inc.
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The report provides a detailed analysis of these key players of the global automotive AC compressor market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
