Automotive AC Compressor Market 2021-2026; Regional Outlook, Growth Forecast & Industry Share Report
Global automotive AC compressor market is anticipated to depict a CAGR of 3.8% through 2026, having recorded a valuation of USD 8.82 billion in 2019. By 2026, the market is expected to hit a remuneration of USD 10.24 billion.
The global automotive AC compressor market is slated to observe a period of respectable growth in coming years owing to the rapidly increasing adoption of air conditioning solutions in passenger vehicles across developing economies. Additionally, technological advancements, growing investments, and surging research and development activities in the automotive AC compressors should positively outline the overall market expansion.
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With respect to drive, the belt-driven segment is forecast to witness momentous business growth owing to the higher production of IC engine vehicles globally. In fact, the segment is projected to expand at a CAGR of more than 3.5% through the forthcoming timeframe. Belt driven compressors require the engine’s help for their operations instead of relying on an additional power source, which results in increased product adoption. In addition, these compressors are also highly cost effective, which further impels their adoption across automobiles and drives segment revenues.
Steadily growing vehicle sales across the globe would be one of the major determinants responsible for fostering the demand for automotive AC compressors over the coming years. The automotive industry is suffering immense losses due to the COVID-19 fueled national lockdowns. However, with hopes of an early vaccine entering the market by 2021, the industry is projected to bounce back in the coming future. In fact, according to the World Economic Forum, car sales are slated to increase by 17 million units by the end of 2035. Additionally, introduction of novel vehicle divisions in the automotive sector such as BEVs, and autonomous vehicles will further complement and diversify the demand for vehicles, thereby augmenting the demand for AC compressors.
On the regional front, the North America automotive AC compressor market is projected to observe significant growth led by the U.S. In 2019, the region held a crucial 15% share of the overall market. An upsurge in automotive manufacturing as well as growing electric vehicle product sales are the prime factors augmenting regional market expansion. Likewise, the growing penetration of AC systems in heavy commercial vehicles should impel the AC compressor demand further over the coming years.
To drive revenues, local manufacturers in the region are growingly focusing on facilitating repairing and remanufacturing services for old automotive AC compressors, which can still work by utilizing eco-friendly refrigerants instead of CFCs (chlorofluorocarbons).
Meanwhile, growing automotive production is slated to augment the Asia Pacific automotive AC compressor industry over the coming years. Similar to North America, rapidly rising penetration of air conditioning systems in heavy commercial vehicles across several APAC countries is stimulating the regional market share.
The competitive landscape of the automotive AC compressor market is inclusive of players such as Valeo, Marelli Corporation, Aotecar New Energy Technology Co., Ltd, Standard Motor Product Inc., MAHLE, Hanon Systems, SANDEN, Subros, Nissens, Mitsubishi Heavy Industries Automotive Thermal Systems Co., Ltd., Denso Corporation, and Toyota Industries among others.
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Some Point from Table of Contents:
Chapter 6 Automotive AC Compressor Market, By Drive
6.1 Global automotive AC compressors market insights, by Drive
6.2 Belt Driven
6.2.1 Global market estimates and forecasts, 2016 - 2026
6.2.2 Market estimates and forecast, by region, 2016 - 2026
6.3 Electric Driven
6.3.1 Global market estimates and forecasts, 2016 - 2026
6.3.2 Market estimates and forecast, by region, 2016 – 2026
Chapter 7 Automotive AC Compressor Market, By Sales Channel
7.1 Global automotive AC compressor market insights, by sales channel
7.2 OEM
7.2.1 Global market estimates and forecasts, 2016 - 2026
7.2.2 Market estimates and forecast, by region, 2016 - 2026
7.3 Aftermarket
7.3.1 Global market estimates and forecasts, 2016 – 2026
7.3.2 Market estimates and forecast, by region, 2016 – 2026
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