Electric cars are becoming increasingly popular across several countries. These cars contain massive battery packs and other electronic components that generate a large amount of heat during operation, which must be dispersed for the safety of passengers and the proper performance of the components. Therefore, ACs are an essential component of electric cars, and the growing popularity of electric vehicles is boosting the global automotive AC compressor market growth.
Maintenance concerns, some technological restrictions, and high luxury car pricing are likely to serve as restraints to the global automotive AC compressor market expansion during the forecast period. Major factors attributed to the significant market share include the need for climate control systems in vehicles, an increase in demand for comfort and easy rides, a decrease in vehicle loan rates, easy access to customized monetary schemes, and an increase in purchasing power capacity due to an increase in consumer per capita income.
One of the key reasons impacting the installation of air conditioning systems in automobiles is lack of space in passenger vehicles. Therefore, several original equipment manufacturers (OEMs) are working to build lighter, more efficient, and smaller car air conditioning systems. Therefore, advancements in compressor design, which result in lower size and power consumption, are a prominent opportunity witnessed in the global automotive air conditioner compressor market.
The recent COVID-19 pandemic hindered the market growth, leading to a decline in passenger car sales across the globe. Using an automotive air conditioning system was traditionally considered as a luxury, and not all vehicles were equipped with one. It is currently a necessary component in all automobiles due to the broad acceptance of fundamental automotive safety and comfort requirements. False allegations that the pandemic spreads through the use of air conditioners have severely affected the air conditioning business, defaming the whole sector. Manufacturing businesses are utilizing the Internet to spread word about fraudulent accusations, but the influence of viruses has led consumers to believe in fake news and disinformation.
The key players profiled in this report include players are Behr Hella Service GmbH, Calsonic Kansei Corporation, Continental AG, Hanon Systems, Keihin Corporation, Michigan Automotive Compressor, Inc., SANDEN Subros Limited, MAHLE Group, and BorgWarner Inc.
Maintenance concerns, some technological restrictions, and high luxury car pricing are likely to serve as restraints to the global automotive AC compressor market expansion during the forecast period. Major factors attributed to the significant market share include the need for climate control systems in vehicles, an increase in demand for comfort and easy rides, a decrease in vehicle loan rates, easy access to customized monetary schemes, and an increase in purchasing power capacity due to an increase in consumer per capita income.
One of the key reasons impacting the installation of air conditioning systems in automobiles is lack of space in passenger vehicles. Therefore, several original equipment manufacturers (OEMs) are working to build lighter, more efficient, and smaller car air conditioning systems. Therefore, advancements in compressor design, which result in lower size and power consumption, are a prominent opportunity witnessed in the global automotive air conditioner compressor market.
The recent COVID-19 pandemic hindered the market growth, leading to a decline in passenger car sales across the globe. Using an automotive air conditioning system was traditionally considered as a luxury, and not all vehicles were equipped with one. It is currently a necessary component in all automobiles due to the broad acceptance of fundamental automotive safety and comfort requirements. False allegations that the pandemic spreads through the use of air conditioners have severely affected the air conditioning business, defaming the whole sector. Manufacturing businesses are utilizing the Internet to spread word about fraudulent accusations, but the influence of viruses has led consumers to believe in fake news and disinformation.
The key players profiled in this report include players are Behr Hella Service GmbH, Calsonic Kansei Corporation, Continental AG, Hanon Systems, Keihin Corporation, Michigan Automotive Compressor, Inc., SANDEN Subros Limited, MAHLE Group, and BorgWarner Inc.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the automotive ac compressor market analysis from 2021 to 2031 to identify the prevailing automotive ac compressor market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the automotive ac compressor market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global automotive ac compressor market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Compressor Type
- Variable Displacement
- Fixed Displacement
- Electric Compressor
By Vehicle Type
- Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
By Drive Type
- Electric
- Conventional
By Sales Channel
- OEM
- Aftermarket
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Spain
- Italy
- Rest Of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest Of Asia-Pacific
- LAMEA
- Brazil
- Saudi Arabia
- UAE
- South Africa
- Rest Of LAMEA
Key Market Players
- 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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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: AUTOMOTIVE AC COMPRESSOR MARKET, BY COMPRESSOR TYPE
CHAPTER 5: AUTOMOTIVE AC COMPRESSOR MARKET, BY VEHICLE TYPE
CHAPTER 6: AUTOMOTIVE AC COMPRESSOR MARKET, BY DRIVE TYPE
CHAPTER 7: AUTOMOTIVE AC COMPRESSOR MARKET, BY SALES CHANNEL
CHAPTER 8: AUTOMOTIVE AC COMPRESSOR MARKET, BY REGION
CHAPTER 9: COMPETITIVE LANDSCAPE
CHAPTER 10: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to the report titled, “Automotive AC Compressor Market," the automotive ac compressor market was valued at $8.1 billion in 2021, and is estimated to reach $11.8 billion by 2031, growing at a CAGR of 4% from 2022 to 2031.The most important component of air-conditioning systems is the AC compressor. The refrigerant is pushed under intense pressure by the air conditioning system's power unit before being pumped into the condenser, where it transforms from a gas to a liquid. Most autos' air conditioning compressors are driven by an engine accessory belt. If the belt is worn out and slips, the compressor won't operate as efficiently. Compressor leaks of refrigerant might also lessen the volume of cool air entering the interior.
If internal parts break down, there might not be any cold air. Low refrigerant levels in the system do not always result in a/c problems. Some are caused by issues with system parts, such as the compressor.
The global automotive AC compressors market is being driven by the increase in automotive production, sales, and rise in car ownerships across the globe. All types of vehicles, including passenger automobiles, big commercial vehicles, and small commercial vehicles, need AC systems. Consumers' increase in demand for comfort in vehicles is projected to drive demand for car air conditioning and ultimately automotive AC compressors. The trend of installing aftermarket AC systems in vehicles in developing countries is anticipated to continue for the next four to five years. The automotive AC compressors market is expected to grow during the coming years due to the increase in demand for comfort amenities in economic automobiles and rise in the number of on-road vehicles worldwide. These factors are estimated to drive the market growth during the forecast period.
Air conditioning compressors are also used in hybrid and electric vehicles. The air conditioning compressors are necessary for EVs, due to their stop-start driving design. An electric vehicle lacks a belt for powering a compressor, due to which EVs use an electric Ac compressor. An increase in the adoption of EVs across the globe is expected to drive the demand for automotive Ac compressors. Rise in demand for Ac compressors from the electric vehicles sector is expected to create numerous growth opportunities for the key players operating in the market during the forecast period.
The automotive AC compressors market is segmented on the basis of compressor type, vehicle type, drive type, sales channel, and region. On the basis of compressor type, the market is classified into variable displacement, fixed displacement, and electric compressor. On the basis of vehicle type, it is divided into passenger cars, light commercial vehicles, and heavy commercial vehicles. On the basis of drive type, it is classified into electric and conventional. On the basis of end user, it is divided into OEM and aftermarket. Region wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (the UK, Germany, France, Italy, Spain, Russia, and rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Australia, and rest of Asia-Pacific), and LAMEA (Brazil, Saudi Arabia, United Arab Emirates, South Africa, and rest of LAMEA)
The key players profiled in the report include Behr Hella Service GmbH, Calsonic Kansei Corporation, Continental AG, Hanon Systems, Keihin Corporation, Michigan Automotive Compressor, Inc., SANDEN Subros Limited, MAHLE Group, and BorgWarner Inc. The players in the market have been actively engaged in the adoption of various strategies such as acquisition, product launch, and expansion to remain competitive and gain an advantage over the competitors in the market. For instance, Standard Motor Products announced a joint venture with Foshan Guangdong Automotive Air Conditioning Co., Ltd. The new company’s name is Foshan FGD SMP Automotive Compressor Co., LTD., and it is one of the top providers of air conditioning compressors in the market.
Key Market Insights
- By compressor type, the variable displacement segment was the highest revenue contributor to the market. However, the electric compressor segment is estimated to be the fastest growing during the forecast period.
- By vehicle type, the passenger cars segment dominated the global market in 2021. However, the heavy commercial vehicles segment is expected to be the fastest growing during the forecast years.
- By drive type, the conventional segment dominated the global market. However, the electric segment is expected to be the fastest growing during the forecast period.
- Based on the sales channel, the OEM segment was the highest revenue contributor to the market in 2021. However, the aftermarket segment is expected to be the fastest growing during the forecast years.
- Based on region, Asia-Pacific was the highest revenue contributor in 2021 and is estimated to grow at a CAGR of 4.6 % during the forecast period
- The report provides in-depth study of the automotive AC compressor market along with the drivers, restraints, trends and opportunities over the forecast period
Companies Mentioned
- Toyota Industries Corporation
- DENSO CORPORATION
- MITSUBISHI HEAVY INDUSTRIES THERMAL SYSTEMS, LTD.
- Subros
- Nissens
- Hanon Systems
- Sanden Corporation
- MAHLE GmbH
- VALEO
- BorgWarner Inc.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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