Press release
Automotive AC Compressor Market Poised for 5 % Growth, Set to Hit $11.32 Billion by 2029
Automotive AC Compressor Market
The rise in automobile manufacturing is set to boost the progress of the automotive AC compressor market. The manufacturing of automobiles entails the assembly of multiple components and systems to form a complete vehicle. Automotive compressors, which compress and circulate refrigerant gases in a vehicle's air conditioning system, are integral to this process. As a result, the surge in automobile manufacturing will lead to an increased demand for automotive AC compressors. For example, in September 2024, CEIC Data, a data and analytics firm based in China, and a macroeconomic and financial data provider based in Singapore, reported that motor vehicle production in the United States reached 10,611,555 units in December 2023. This represented an increase from the 10,052,958 units produced in December 2022. Thus, the growth in automobile manufacturing is fuelling the demand for the automotive AC compressor market.
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What is the future CAGR of the automotive ac compressor market, and how will it impact industry expansion?
Over the recent years, there has been consistent expansion in the automotive AC compressor market. The market size is projected to increase from $9.02 billion in 2024 to $9.34 billion in 2025, experiencing a compound annual growth rate (CAGR) of 3.5%. This growth can be associated with factors such as an increase in car ownership, preferences of consumers for comfort, economic improvement and increased disposable income, extreme weather conditions, along with regulatory standards and emission norms.
In the coming years, the automotive AC compressor market is projected to experience consistent growth, reaching $11.32 billion by 2029 with a compound annual growth rate (CAGR) of 4.9%. This growth during the forecast period is linked to worldwide urbanization, the transition towards electric and hybrid vehicles, consumer preferences for energy-saving solutions, alterations in climate and temperature, and governmental efforts toward environmental sustainability. Notable trends anticipated during this period encompass efforts to reduce noise, challenges in the global supply chain, the emergence of electric and hybrid vehicles, innovation in material use, and the establishment of strategic collaborations and alliances.
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What are the most significant trends transforming the automotive ac compressor market today?
Technological innovation is being recognized as a prominent trend in the automotive AC compressor industry. Top-tier firms in this market are focusing on developing cutting-edge products to accommodate the changing demands of the automotive sector. Their aim is to sustain their competitive stance in the market. An example of this is Mahle, an automotive parts manufacturer from Germany, who in November 2022, unveiled an e-compressor (electric AC compressor) leveraging high voltage technology. This compressor serves to regulate the temperature of the e-drive which is crucial for aspects like charging duration, service longevity and extending battery life. The highlighted feature of this compressor is its high-voltage low-noise operation, generating minimal vibrations.
Which key market segments comprise the automotive ac compressor market and drive its revenue growth?
The automotive ac compressor market covered in this report is segmented -
1) By Compressor: Variable Displacement, Fixed Displacement, Electric Compressor
2) By Vehicle Type: Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles
3) By Drive Type: Electric, Conventional
4) By Sales Channel: Original Equipment Manufacturer (OEM), Replacement
Subsegments:
1) By Variable Displacement Compressors: Swash Plate Compressors, Scroll Compressors, Vane Compressors
2) By Fixed Displacement Compressors: Reciprocating Compressors, Rotary Compressors
3) By Electric Compressors: Belt-Driven Electric Compressors, Direct-Drive Electric Compressors
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What regions are at the forefront of automotive ac compressor market expansion?
Asia-Pacific was the largest region in the automotive AC compressor market in 2024. Asia-Pacific is expected to be the fastest-growing region in the automotive AC compressor market during the forecast period. The regions covered in the automotive ac compressor market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Who are the leading players fueling growth in the automotive ac compressor market?
Major companies operating in the automotive ac compressor market include 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
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What Is Covered In The Automotive AC Compressor Global Market Report?
• Market Size Forecast: Examine the automotive ac compressor market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the automotive ac compressor market for a structured understanding.
• Key Players Overview: Analyze major players in the automotive ac compressor market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the automotive ac compressor market.
• Segment Contributions: Evaluate how different segments drive overall growth in the automotive ac compressor market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the automotive ac compressor market.
• Industry Challenges: Identify potential risks and obstacles affecting the automotive ac compressor market.
• Competitive Landscape: Review strategic developments in the automotive ac compressor market, including expansions, agreements, and new product launches.
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