More than $15.0 Billion Revenue Expected in Chinese Compressor Market by 2024

The demand for compressors in China is expected to register exponential growth in the coming years, primarily due to the rapid advancements in the country's construction sector.

The burgeoning construction activities have contributed toward the rising demand for energy-efficient heating, ventilation, and air-conditioning (HVAC) systems, thereby fuelling the growth in the demand for compressors.

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As per the Council on Tall Buildings and Urban Habitat, China's hotel industry is advancing at a 2% year-on-year (YoY) growth rate, which is boosting the demand for compressors in the country.

The other major factor raising the sale of these devices in China is the rising population, increasing urbanization across the country, and thriving automotive industry, which is set to witness massive growth in the coming years due to the soaring vehicle production and rising disposable income of the people.

As a result, the Chinese compressor market is predicted to generate revenue of $15.7 billion by 2024, which would be a huge increase from its valuation of $12.7 billion in 2018. The market is expected to advance at a CAGR of 3.5% during the forecast period (2019-2024).

On the basis of application, the Chinese compressor market is divided into power, HVAC-R, automotive, food & beverages, construction, industrial manufacturing, chemical & cement, oil & gas, textile, and others (which include agriculture, healthcare, and research laboratories).

Among these, the automotive application accounted for the major share of the market during the historical period and is further projected to hold the largest share of the market during the forecast period.

This is because of the rapidly growing automotive industry and the rising government initiatives for the adoption of electric vehicles.

The primary factors driving the automotive industry in China are the increasing disposable income of people and rising vehicle production, which is further resulting in the growth of the Chinese compressor market.

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The automotive industry makes extensive use of compressors, throughout the vehicle production process, in several applications including tire inflation, plasma cutting, welding, car painting, and product finishing. The government is also offering incentives and discounts on the purchase of electric vehicles.

As compressors are used in electric vehicles, rise in demand for electric vehicles will further drive the requirement for compressors.

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This release was published on openPR.