Press release
Automotive AC Compressor Market Size, Trends & Growth Outlook 2024-2033
Automotive AC Compressor Market Size
According to The Business Research Company's, The automotive ac compressor market size has grown steadily in recent years. It will grow from $8.79 billion in 2023 to $9.16 billion in 2024 at a compound annual growth rate (CAGR) of 4.1%. The growth in the historic period can be attributed to rise in automotive ownership, consumer preferences for comfort, economic growth and disposable income, climate conditions and temperature extremes, regulatory standards and emission norms..
The automotive ac compressor market size is expected to see steady growth in the next few years. It will grow to $10.86 billion in 2028 at a compound annual growth rate (CAGR) of 4.4%. The growth in the forecast period can be attributed to global urbanization trends, shift toward electric and hybrid vehicles, consumer demand for energy-efficient solutions, climate change and temperature variability, government initiatives for environmental sustainability.. Major trends in the forecast period include focus on noise reduction, global supply chain challenges, rise of electric and hybrid vehicles, innovation in materials, strategic collaborations and partnerships..
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Market Drivers and Trends:
The increasing automotive production is expected to propel the growth of the automotive AC compressor market going forward. Automotive production refers to the process of manufacturing automobiles, including the assembly of various components and systems to create a finished vehicle. Automotive compressors are used in automotive for compressing and circulating refrigerant gases in the air conditioning systems of vehicles. Hence, the increase in automotive production will rise the demand for automotive AC compressors. For instance, according to the European Automobile Manufacturer Association, a Belgium-based lobbying and standards group of the automobile industry in the European Union, around 79.1 million vehicles were produced in 2021 around the world, up from 1.3% in 2020. Therefore, increasing automotive production is driving demand for the automotive AC compressor market.
Technological advancement is a key trend gaining popularity in the automotive AC compressor market. Major companies operating in the automotive AC compressor market are concentrating their efforts on creating technologically advanced products to meet the evolving demand from the automotive industry and to stay competitive in the market. For instance, in November 2022, Mahle, a Germany-based automotive parts manufacturer introduced an e-compressor (electric AC compressor) based on high voltage technology. This compressor controls the temperature of the e-drive, which is important for charging speed, servicing life, and increasing the life of the battery. It is a high-voltage noise optimized compressor which produces light vibrations.
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Major Key Players of the Market:
Continental AG; Toyota Industries Corporation; Hanon Systems Co. Ltd.; Calsonic Kansei Corporation; Subros Limited; DENSO Corporation; Hella GmbH & Co. KGaA; MAHLE GmbH; Keihin Co. Ltd.; Nissan Motor Co. Ltd.; Mitsubishi Heavy Industries Ltd.; Robert Bosch GmbH; BorgWarner Inc.; Michigan Automotive Compressor Inc.; Yantai Shougang DENSO Co. Ltd.; Zhejiang Santian A/C Compressor Co. Ltd.; Smiths Manufacturing Pty. Ltd.; Gardner Denver Inc.; General Auto Electric Corporation; Nissens Kølerfabrik A/S; Automotive Thermal Systems Co. Ltd.; SANDEN Corporation; Standard Motor Products Inc.; Aotecar New Energy Technology Co. Ltd.; Valeo Clutch Private Limited; Behr Hella Service GmbH; Delphi Technologies Inc.; Hitachi Automotive Systems; Johnson Controls Services Inc.; Panasonic Corporation
Automotive AC Compressor Market 2024 Key Insights:
• The automotive ac compressor market will grow to $10.86 billion in 2028 at a compound annual growth rate (CAGR) of 4.4%.
• Surging Automotive Production Fuels Growth In The Automotive Ac Compressor Market
• Automotive Ac Compressor Market Surges With Technological Advancements
• Asia-Pacific was the largest region in the automotive AC compressor market in 2023
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