Automotive AC Compressor Market is expected to Reach US$ 32.39 Bn by 2026
The conventionally used AC compressor is driven by the engine via a V-belt and pulley. The AC compressor unit consists of compressor pistons, magnetic clutch, valves, connecting points for refrigerant points, housing, and plates. AC compressors are utilized for ventilation, air conditioning system, and heating of the vehicle. The robust operation of an AC compressor for both air conditioning and heating purpose has aided the product being independent across all climatic conditions.
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Rise in vehicular emissions and industrialization is raising the global temperature, thereby adding to the overall rise in temperature by 1-2 degrees Celsius year-on-year, approximately. Rise in global warming is propelling the consumer demand for air conditioning in vehicles for better vehicle interior environment during commutation, considering the extensive time spent in vehicles during commute. The advent of globalization, liberalization, and privatization has boosted urbanization and industrial sectors, which in turn is likely to propel the demand for light vehicles in the global market.
HVAC systems are deliberated to be an integral part of the automobile due to escalating consumer demand for comfy, cozy interior ambience. This, in turn, is driving the automotive AC compressor market. AC compressors support the function of the air conditioning unit in both cooling and heating. Its dual functionality is a key feature that is utilized in most climatic conditions.
The rotary segment is witnessing expansion due to compact size, low operating noise, and the demand for enhanced engine-efficiency. However, the scroll type of rotary compressor is more expensive, as compared to the other options, as it provides more benefits such as compact size and superior performance. These factors are boosting the scroll-rotary segment at a rapid pace. Electric AC compressor is majorly utilized in electric and premium vehicles. The electric AC compressor segment is likely to expand at a rapid pace owing to the increase in the demand for such vehicles.
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Increase in production of vehicles and amount of vehicles in use in various regions influence the sales channel of the automotive AC compressor market. Demand for automotive AC compressor is directly proportional to the demand for AC-equipped vehicles. Currently, most vehicles are equipped with an air conditioning system and hence, the AC compressor market is directly proportional to production of vehicles. This is a principal cause for the lesser market penetration of the aftermarket segment.
Need for climate control systems in vehicles, rise in demand for comfort and easy rides, drop in vehicle loan rates, easy accessibility to customized monetary schemes, and rise in purchasing power capacity due to surge in per capita income of consumers are major factors attributed to the significant market share held by the passenger vehicle segment of the automotive AC compressor market. Increasing car sales after economic depression, rapid expansion of economies of several countries, and growing disposable earning are anticipated to fuel the AC compressor market during the forecast period.
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Asia Pacific held a noticeable share of the global automotive AC compressor market in 2017. It is likely to maintain its dominant share of the AC compressor market during the forecast period owing to expansion of the IT sector, which has increased job opportunities in the region. Likewise, the demand for transportation has been rising over the last couple of decades, which has led to the consistent expansion of the vehicle industry in countries such as China, Japan, India, and South Korea. The AC compressor market in Latin America is anticipated to expand at a significant growth rate due to the rise in production of automobiles in the region.
A major factor driving the market in the region is significant investments by OEMs and governments of countries in the region, which in turn is boosting vehicle production. This, in turn, is driving the demand for automotive AC compressors. Rapid economic development witnessed in Brazil and Mexico and rising demand for comfort and convenience are expected to propel the demand for automotive AC compressors in the region.
Demand for electric compressors in Europe is increasing at rapid pace, which is expected to boost the automotive AC compressor market in Europe, in terms of revenue, as the price of electric AC compressor is higher than that of a conventional one. Europe witnesses a significant share of electric vehicles and optimistic efforts by regulatory bodies from the region are expected to further propel the demand for zero-emission vehicles in Europe. This, in turn, is ultimately anticipated to boost the automotive AC compressor market in the region.
The automotive AC compressor market is dominated by the existence of major key market players, as manufacturing of AC compressor requires considerable precision and is a highly expensive and complicated affair. Very few players dominate the aftermarket for AC compressor, as the market share held by the aftermarket segment is negligible as compared to the OEM segment.
Major players operating in the global automotive AC compressor market include Behr Hella Service GmbH, Calsonic Kansei Corporation, Continental AG, Delphi Technologies, DENSO Corporation, Hanon Systems, Keihin Corporation, MAHLE GmbH, Michigan Automotive Compressor, Inc., Robert Bosch GmbH, SANDEN, Subros Limited, TD Automotive Compressor Georgia, Toyota Industries Corporation, and Valeo.
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