Automotive AC Compressor Market 2022 By Growth, Trends & Outlook to 2028

The global automotive AC compressor market is slated to expand at a substantial rate through 2028 owing to rising production of automobiles globally.
Recently, industry players have been investing in expanding their presence in key regions, which has played a crucial role in industry growth. To cite an instance, in March 2022, Hanon Systems, a provider of automotive thermal and energy management systems, announced the opening of a new plant in Hubei, China, as part of its growing support for carmakers in the electric vehicle sector. The new facility would produce HVAC (ventilation, heating, and air conditioning) components for electric vehicles.
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The automotive AC compressor market has been bifurcated in terms of vehicle type, type, drive, sales channel, and region. With respect to vehicle type, the industry has been classified into passenger cars, LCV and HCV. The LCV sub-segment is slated to expand at a steady CAGR of around 3% over the review timeline as the automotive AC compressor market is expected to grow substantially due to rising adoption of air conditioning systems in pickup trucks and vans.
By type, the automotive AC compressor industry has been categorized into variable displacement, fixed displacement, and electric compressor. The fixed displacement sub-segment is projected to gain significant momentum, accumulating around 40% global market share by 2028 towing to the benefits of these compressors, including smooth operation, reduced pricing, and compact size.
With regards to drive, the automotive AC compressor market has been divided into belt-driven and electric-driven. The electric-driven sub-segment is poised to grow significantly through the forecast timeline on account of mounting production and sales of electric vehicles (EV), fuel cell vehicles (FCV), and plug-in hybrid vehicles (PHV) across the world. In addition, an electric-powered car needs both an air conditioner as well as an electric heater to warm up the vehicle, wherein an electric-driven ac compressor is useful, which is likely to further help bolster segmental progress over the review timeline.
With respect to sales channel, the automotive AC compressor industry has been segregated into OEM and aftermarket. The aftermarket sub-segment is set to depict a positive CAGR of approximately 4% through the forecast timeframe.
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From the regional standpoint, the Middle East & Africa automotive AC compressor market is estimated to gain a smaller share of the global industry because of logistical challenges and larger dependence on supply of raw materials from Asian nations, such as China and India. Nevertheless, growing demand for automobile AC compressors owing to higher sales of luxury vehicles every year as well as rising automotive production in MEA are foreseen to support regional market development in the future.
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