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Automotive Scroll E-Compressor Market Demand, Share And Overview 2024-2033
Automotive Scroll E-Compressor Market Demand
According to The Business Research Company's, The automotive scroll e-compressor market size has grown strongly in recent years. It will grow from $1.38 billion in 2023 to $1.5 billion in 2024 at a compound annual growth rate (CAGR) of 8.1%. The growth in the historic period can be attributed to increasing demand for in-car comfort, demand for fuel efficiency, shift toward electric and hybrid vehicles, consumer demand for comfort and performance, oem adoption and standardization, automotive industry innovation.
The automotive scroll e-compressor market size is expected to see strong growth in the next few years. It will grow to $2.04 billion in 2028 at a compound annual growth rate (CAGR) of 8.0%. The growth in the forecast period can be attributed to expansion of electric vehicle (ev), development of next-generation refrigerants, increasing focus on cabin air quality, rise in demand for autonomous vehicles, smart hvac systems integration. Major trends in the forecast period include rise in electric and hybrid vehicle adoption, advancements in scroll compressor technology, focus on energy efficiency, integration with smart climate control systems, adoption of low gwp refrigerants, market expansion in emerging economies.
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Market Drivers and Trends:
The growing sales of automobiles are expected to boost the growth of the automotive scroll e-compressor market going forward. An automobile refers to a passenger vehicle with four wheels and a gasoline or diesel internal combustion engine that is intended for use on public highways. Automotive scroll e-compressors are used in automobile air conditioning systems as the majority of scrolls are employed in heat pumps. They are highly compliant with fluids in between the scroll components. Hence, growing sales of automobiles are expected to boost the automotive scroll e-compressor market. For instance, in March 2022, according to a report published by the European Automobile Manufacturers' Association (ACEA), the main lobbying and standards group for the automobile industry in the European Union, sales of passenger cars in the US increased by 5.5% from 2020 to 11.9 million units in 2021. In 2021, about 6.3 million passenger automobiles were produced in US auto plants, a 3.1% increase over 2020. In 2021, Chinese automakers manufactured 20.7 million automobiles, a 7.1% increase. The total number of cars produced worldwide increased by 2.7% to 63.2 million in 2021. Therefore, the growing sales of automobiles are driving the growth of the automotive scroll e-compressor market.
Technological advancements have emerged as a key trend gaining popularity in the automotive scroll e-compressor market. Major companies operating in the automotive scroll e-compressor market are focusing on developing new technologies to strengthen their position in the market. For instance, in January 2021, Atlas Copco, a Sweden-based industrial manufacturer of industrial tools and equipment, launched new lightweight and versatile air compressors for safe integration into utility vehicles and other OEM applications. The 8 Series Utility range saves space by having a 10% lower footprint than equivalent compressors. Furthermore, all versions, including those with a built-in generator, weigh less than 750 kg.
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Major Key Players of the Market:
Mahle GmbH; Robert Bosch GmbH; Sanden Corporation; Valeo S.A.; Hanon Systems USA Inc.; Brose Fahrzeugteile GmbH & Co. KG; Calsonic Kansei Corporation; Continental AG; Delphi Technologies LLC; Panasonic Corporation; Toyota Industries Corporation; Denso Corporation; HELLA GmbH & Co. KGaA; Mitsubishi Heavy Industries Ltd.; Schott AG; WABCO Holdings Inc.; Hitachi Automotive Systems; Aotecar Co. Ltd.; Shanghai Highly Industry Co. Ltd.; LG Electronics Inc.; Samsung SDI Co. Ltd.; Johnson Controls International plc.; BYD Co. Ltd.; Tesla Inc.; General Motors Company; Ford Motor Company; Bayerische Motoren Werke AG; Volkswagen AG; Zhejiang Yide Automotive Parts Co. Ltd.; Kion Group AG
Automotive Scroll E-Compressor Market 2024 Key Insights:
• The automotive scroll e-compressor market will grow to $2.04 billion in 2028 at a compound annual growth rate (CAGR) of 8.0%.
• Growing Automobile Sales Propel Automotive Scroll E-Compressor Market Forward
• Automotive Scroll E-Compressor Market Surges With Technological Advancements
• Asia-Pacific was the largest region in the automotive scroll e-compressor market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide."
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