Wilmington, Delaware, United States, Oct. 16, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global automotive AC compressor market is expected to develop at a CAGR of ~3% from 2021 to 2031.
The AC compressor is driven by an electric motor or powered by an engine’s belt drive to draw in, compress, and discharge fluids in order to maintain optimal cabin conditions. ACs have become a standard feature in most cars sold across the globe. This necessity of the AC compressor and increasing applications in all types of vehicles are driving the global automotive AC compressor market.
The emergence of new electrically powered AC compressors has boosted the integration of AC systems in vehicles by reducing the load on engines and facilitating the remote operation of the vehicle’s HVAC. Demand for these advanced automotive AC compressors is anticipated to increase significantly in the near future.
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In cold regions, most EVs use electrically powered heating solutions to warm the cabin and battery. The integrated thermal system (ITS) uses a vehicle’s refrigerant system to transfer thermal energy into coolant, which can then be used elsewhere in the vehicle. Such trends are helping to significantly improve the EV cruising range.
Key Takeaways from the Market Study
- The automotive AC compressor market acquired US$ 22.6 billion in 2020.
- The reciprocating type segment dominated the automotive AC compressor market, in terms of revenue, in 2020 based on design.
- The passenger vehicle segment dominated the global automotive AC compressor market, in terms of revenue, in 2020 based on vehicle type.
Key Trends in the Automotive AC Compressor Market
The rise in disposable income of the global population has led to a surge in the sale of passenger as well as domestic vehicles. Customers, while purchasing new vehicles, are concerned about the amenities the vehicle has to offer, its safety level, ride comfort level, and other such aspects.
The AC compressor is utilized to pressurize the AC unit and keep R134a flowing so that it can work properly. Thus, the rise in the sale of vehicles and changing customer expectations are driving the automotive AC compressor market across the globe.
Electric vehicles are gaining popularity in several countries. These vehicles have huge battery packs and other electronic components that generate tremendous heat during the vehicle’s operation, which needs to be dissipated for the safety of passengers and the optimal functioning of the components.
ACs are a vital component of electric vehicles and the rising popularity of electric vehicles is propelling the automotive AC compressor market across the globe.
Competitive Landscape
Manufacturers in the automotive AC compressor market are boosting their production capabilities in e-compressors. Companies in the automotive AC compressor market are adopting the plug-and-play mode to adapt to slow growth in the overall industry.
Key players operating in the global automotive AC compressor market are expanding their presence by engaging in merger and acquisition activities or by establishing new facilities.
Key players in the global automotive AC compressor market are
- Behr Hella Service GmbH
- Calsonic Kansei Corporation
- Continental AG
- Hanon Systems
- Keihin Corporation
- Michigan Automotive Compressor, Inc.
- SANDEN
- Subros Limited
- MAHLE Group
- BorgWarner Inc.
- Robert Bosch GmbH
- DENSO CORPORATION
- TD Automotive Compressor Georgia Toyota Industries Corporation
- Valeo SA
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Regional Landscape of the Automotive AC Compressor Market
Asia Pacific accounted for a significant share of the global automotive AC compressor market. The consistent rise in sales of vehicles in several countries, such as China, India, Japan, and South Korea, has fueled the demand for automotive AC compressors.
Automakers in the region are increasing their production to cater to the local as well as export demand for vehicles, which is consequently fueling the automotive AC compressor market in Asia Pacific.
Key Developments
- MAHLE GmbH took over the air conditioning business from Keihin Corporation in Japan, Thailand, and the U.S. Four production sites and one development center are presently being integrated into the MAHLE Group. This acquisition enabled MAHLE to consolidate its position in the field of air conditioning systems.
- Hanon Systems announced that it had signed an investment agreement with the Dalian municipal government in China to expand its automotive compressor operations to boost business expansion in the country
Atopic Dermatitis Drugs Market Segmentation
By Design
- Reciprocating Type
- Swash
- Wobble
- Rotary Type
- Scroll
- Vane
- Screw
By Drive Type
- Electric
- Conventional (Belt Driven)
By Vehicle
- Passenger Vehicle
- Commercial Vehicle
- LCV
- HCV
- Buses & Coaches
By Sales Channel
- OEM
- Aftermarket
By Region
- North America
- Europe
- Asia Pacific
- The Middle East & Africa
- Latin America
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