Automotive AC Compressor Market is Poised for Massive Expansion: Insights and Forecasts 2031

According to the report published by Allied Market Research, the global automotive AC compressor market garnered $8.1 billion in 2021, and is estimated to generate $11.8 billion by 2031, manifesting a CAGR of 4.0% from 2022 to 2031. The report provides an extensive analysis of changing market dynamics, major segments, value chain, competitive scenario, and regional landscape. This research offers a valuable guidance to leading players, investors, shareholders, and startups in devising strategies for the sustainable growth and gaining competitive edge in the market.

An automotive AC compressor is a key component in a vehicle's air conditioning system. Its main function is to circulate refrigerant and compress it, raising its pressure and temperature. The compressed refrigerant then moves to the condenser, where it cools down and transforms into a high-pressure liquid. This cooling cycle allows the AC system to blow cool air into the vehicle's cabin.

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Essentially, the compressor acts as the heart of the AC system, enabling it to produce and distribute cold air, especially useful in hot weather. Without a functioning compressor, the AC system cannot cool the interior effectively.

The significant factors impacting the growth of the automotive AC compressor market are the growth in the requirement of consumers on vehicle comfort and rise in automotive production & growth of car ownerships. Moreover, manufacturing issues and technical issues hamper the growth of the automotive AC compressor market. Furthermore, the introduction of new compact & efficient compressors and an increase in the implementation of AC systems in automobiles are anticipated to fuel the growth of the automotive AC compressor market.

The key players profiled in the automotive AC compressor market 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.

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The report offers a comprehensive analysis of the global automotive AC compressor market trends by thoroughly studying different aspects of the market including major segments, market statistics, market dynamics, regional market outlook, investment opportunities, and top players working towards the growth of the market. The report also highlights the present scenario and upcoming trends & developments that are contributing toward the growth of the market. Moreover, restraints and challenges that hold power to obstruct the market growth are also profiled in the report along with the Porter's five forces analysis of the market to elucidate factors such as competitive landscape, bargaining power of buyers and suppliers, threats of new players, and emergence of substitutes in the market.

Impact of COVID-19 on the Global Automotive AC Compressor Industry

1. The automotive sector sales are directly connected to AC compressor industry demand. However, the COVID-19 pandemic has had a severe influence on numerous industries such as construction and automotive, affecting the output and demand for automobiles owing to a disrupted supply chain.

2. The COVID-19 pandemic impacted almost every industry. AC compressor manufacturers suspended operations due to import-export restrictions, lockdowns enforced in various countries, and labor shortages.

3. Social distancing norms, closed borders, and production constraints, due to the pandemic, across various countries such as China, India, and the U.S. have affected the global automotive AC compressor market.

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The research provides detailed segmentation of the global automotive AC compressor market based on compressor type, vehicle type, drive type, sales channel, and region. The report discusses segments and their sub-segments in detail with the help of tables and figures. Market players and investors can strategize according to the highest revenue-generating and fastest-growing segments mentioned in the report.

Based on vehicle type, the passenger cars segment accounted for the highest share in 2021, contributing to more than two-thirds of the global automotive AC compressor market, and is expected to maintain its lead in terms of revenue during the forecast period. This segment is expected to manifest the highest CAGR of 4.3% from 2022 to 2031.

Based on region, Asia-Pacific held the largest share in 2021, contributing to nearly half of the global automotive AC compressor market share, and is projected to maintain its dominant share in terms of revenue in 2031. In addition, the same region is expected to manifest the fastest CAGR of 4.6% during the forecast period.

Based on drive type, the conventional segment accounted for the highest share in 2021, holding more than half of the global automotive AC compressor market, and is expected to continue its leadership status during the forecast period. However, the electric segment is estimated to grow at the highest CAGR of 4.3% during the forecast period.

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Based on compressor type, the variable displacement segment held the highest share in 2021, accounting for more than half of the global automotive AC compressor market, and is expected to continue its leadership status during the forecast period. However, the electric compressor segment is expected to register the highest CAGR of 4.5% from 2022 to 2031.

Growing global disposable income has boosted the sales of passenger and domestic vehicles, with buyers prioritizing features, safety, ride comfort, and accessories when choosing new cars. Interior temperature plays a vital role in enhancing the driving experience and comfort, helping prevent fatigue and reduce distractions that could lead to accidents. Consequently, rising vehicle sales and changing customer preferences are expected to drive growth in the global automotive AC compressor market.

However, the high initial and maintenance costs of electric AC compressors could hinder market expansion. Electric compressors require heavy-duty wiring, which increases vehicle repair expenses. Moreover, maintaining these compressors demands a high skill level, further adding to the maintenance costs.

The automotive AC compressor market is expanding due to increased vehicle production, a growing number of vehicles on the road, and the addition of comfort features in budget cars. While the high cost of premium vehicles and maintenance challenges present minor hurdles, the rising demand for vehicle air conditioning is fueling demand for AC compressors. The trend of aftermarket AC installations in regions such as Asia-Pacific (excluding Japan) and the Middle East and Africa is expected to continue. Overall, increasing vehicle numbers worldwide and a higher demand for comfort in affordable cars are anticipated to drive the automotive AC compressor market forward.

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