The global automotive AC compressor market is projected to experience a Compound Annual Growth Rate (CAGR) of 3.9% throughout the forecast period, driven by the increasing demand. By 2033, it is expected to reach a valuation of approximately US$ 14.1 billion, compared to its current worth of US$ 9.6 billion in 2023.
Europe is the second largest market, accounting for 22% of total sales. It is due to the presence of several car OEMs in the region.
The governments in this region have formulated tough greenhouse gas emissions rules and are putting them into action by installing HVAC systems. It is expected to boost demand for the product and propel worldwide market expansion.
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Latest Trends in the Global Market
Several trends are shaping the global market by constantly evolving. A few of the trends are as follows:
- Electrification:The increasing focus on reducing greenhouse gases and adopting electric and hybrid vehicles is gaining momentum in the global market. The electric compressor provides energy efficiency and enhances the performance of the vehicle.
- Sustainable and Environmental Concerns: Consumers and automakers focus on sustainability. They develop eco-friendly automotive AC compressors to reduce environmental impact and reduce global warming potential.
- Smart Technologies: Integrating smart technologies such as automation and sensors in the automotive AC compressor emerging trends. These compressors improve real-time data performance, enhance energy, and optimize cooling efficiency.
- Lightweight and Compact Designs:The automotive sector is reducing the weight and designing AC compressors to enhance fuel efficiency without compromising performance.
- Improved HVAC Systems: Consumers increased the demand for enhanced comfort in vehicles to drive the development of HVAC systems. AC compressors enhance cooling speed capacity, and advanced air filtration systems are emerging trends in the global market.
- Government Regulations: Manufacturers follow regulations and rules imposed by the government to develop efficient and advanced standards AC compressors. Through advanced technologies, they improve fuel efficiency and reduce the carbon footprints of vehicles.
These significant trends are increasing the market revenue during the forecast period.
Key Takeaways:
- The automotive AC compressor market is estimated to secure a valuation of US$ 14.1 billion with a CAGR of 3.9% by 2033.
- The United States is anticipated to capture a share of 19.0% of the global market by 2033.
- Germany is predicted to register a share of 6.5% in the global market during the forecast period.
- With a share of 5.2%, Japan is significantly driving the global market by 2033.
- Australia is estimated to capture a share of 0.8% in the global market during the forecast period.
How are Key Companies Adding Value to the Global Market?
The present prominent players in the globe highly fragment the global market. These players are focused on innovating unique and improved products by investing heavily in research and development activities. These players are adopting various advanced technologies to provide high-quality, sustainable, and better-performance AC compressors to satisfy consumers’ desires.
They design light weighted and compact compressors without lacking their performance. Key players adopt various commonly used marketing strategies to expand the global market to another height. These marketing tactics are mergers, acquisitions, collaborations, product launches, and partnerships.
Key Companies Profiled
Toyota Industries, TD Automotive Compressor, Gardner Denver, Delphi PLC., SANDEN USA, Denso Auto Corporation, Michigan Automotive Compressor Inc., General Auto, OMEGA Environmental Technologies, Yantai Shougang TD Automotive Compressor Co. Ltd., HELLA KGaA Hueck & Co., Zhejiang Santian A/C compressor Co. Ltd., Valeo S.A., Calsonic Kansei Corporation, Mitsubishi Heavy Industries, Highly Marelli Holdings Co. Ltd., Dunair Smiths Manufacturing PTY Ltd., Behr Hella Service GmbH, Keihin Corporation, Continental AG, Robert Bosch GmbH, SANTIAN A/C COMPRESSOR CO. LTD., etc.
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Recent Developments in the Global Market are:
- In 2019, Hanon Systems announced its newly launched product, automotive thermal and energy management solutions. The company develops electric compressors integrated with HVAC systems for electric vehicles.
- In 2019, Mitsubishi Heavy Industries Thermal Systems Ltd invested in AC compressors by exploring new technologies and refrigerants to attract consumers demand.
Key Segments Profiled in the Automotive AC Compressor Market Survey
By Configuration:
- Scroll Type Compressor
- Rotary Type Compressor
By Vehicle Type:
- Passenger Cars
- Light Commercial Vehicle
- Heavy Commercial Vehicle
By Product Type:
- Fixed Displacement Type
- Continuous Variable Displacement Type
- Electrically Operated
By Sales Channel:
- Original Equipment Manufacturer
- Aftermarket
By Region:
- North America
- Latin America
- Asia Pacific
- Middle East and Africa
- Europe
Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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