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According to the report, the global automotive AC compressor market is projected to surpass US$ 30.4 Bn by 2031, expanding at a CAGR of ~3% during the forecast period. Disposable income of the global population is rising at a steady pace. For instance, according to the statistics of the World Bank Group, the GDP of the global population, which is measured in terms of purchasing power parity, has tripled over the past few decades. This increase in purchasing power of the global population has led to rise in sale of vehicles across the globe. This increase in sales of vehicles is a major factor driving the global automotive AC compressor market.
The popularity of electric vehicles is increasing rapidly worldwide. The Global EV Outlook 2019 report of International Energy Agency stated that sale of electric cars witnessed 40% year-on-year growth in 2019 with a total sale of 2.1 million electric cars worldwide. These electric vehicles have complex electronic components and large battery pack that generates high heat and needs continuous cooling. This cooling requirement has made AC an important component of these vehicles and thus, rising sale of electric vehicles is propelling the global automotive AC compressor market.
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Expansion of Automotive AC Compressor Market
Conventional AC compressors of automobiles are driven by the belt drive from the engine. This increase in the load on the engine hampers the fuel efficiency and emits more pollutants. Governments are imposing stringent emission norms, which is prompting automakers to consistently focus on electrification of different automotive components. This led to the emergence of electric AC compressors, which is driven by an independent motor to reduce the load on the engine. The rate of adoption of these compressors is high in hybrid and electric vehicles. Thus, ongoing technological developments are anticipated to propel the global automotive AC compressor market during the forecast period.
Based on design, the reciprocating type compressor segment held a dominant share of the global automotive AC compressor market, in terms of revenue, in 2020. The segment has been further divided into swash type and wobble type. The wobble type sub-segment accounted for a significant share of the reciprocating type segment of the, as it finds application in a wide range of vehicles from hatchbacks to heavy commercial vehicles. This compressor is also less noisy, which enables silent operation and reduces the noise transmitted to the vehicle cabin.
Based on sales channel, the OEM segment held a major share of the automotive AC compressor market in 2020. The automotive AC compressor has a lifespan that is almost equal to the vehicle, i.e., 10 to 12 years, and it is replaced, if there is any problem in the AC unit. Consequently, low rate of replacement of AC compressors from the aftermarket segment and rise in vehicle production can be attributed to the dominance of the OEM segment of the global automotive AC compressor market.
Regional Analysis of Automotive AC Compressor Market
In terms of region, the global automotive AC compressor market has been segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia Pacific dominated the global automotive AC compressor market in 2020. This high share held by Asia Pacific is attributable to the rising production of vehicles across major automotive markets in the region such as China, India, and Japan. Furthermore, adoption and production of electric vehicles in China is higher, as compared to that in other countries, owing to government incentives and norms. Therefore, expansion of the automotive sector in the region is prompting automotive component manufacturers, including automotive AC manufacturers to establish and expand their presence in Asia Pacific. These factors are propelling the automotive AC compressor market in Asia Pacific.
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Automotive AC Compressor Market Players
Prominent players operating in the global automotive AC compressor market include 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, and Valeo SA.
Global Automotive AC Compressor Market: Segmentation
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