The Asia Pacific Automotive AC Compressor Market would witness market growth of 4.1% CAGR during the forecast period (2022-2028).
Electricity is now being used to run AC compressors, as evidenced by the rise of electromobility. This is a chance for businesses in the automotive AC compressor sector to create the best compressor feed-throughs for 48V as well as high-voltage operations. In addition, by using a specific synthetic elastomer designed for high-voltage applications, manufacturers are expanding their capacity for producing copper conductors for more insulation and high current. E-compressor production capacity is being increased by manufacturers in the vehicle AC compressor market.
E-compressors are becoming more important since, in the event that the AC system malfunctions, neither electric nor hybrid vehicles can be operated without running the risk of battery overheating. People in emerging economies are choosing hybrid and electric automobiles as a result of rising fuel prices. For businesses in the automotive AC compressor sector, these changes are turning into business potential. Compressors are essential for battery heat management because they increase battery range, maintain battery life, and create more opportunities for future faster charging times.
India is investing heavily in the automobile industry as it manufactures vehicles for its enormous population. The adoption of hybrid and electric vehicles has created a sizable demand for AC compressors. Most of the vehicles manufactured in this country were passenger cars, while commercial vehicles composed a significant proportion. The demand for AC compressors is also growing in places like Singapore, Australia, and South Korea. Government initiatives and the abundance of manufacturers in this region are fostering market expansion. In addition, the automobile industry's focus on technological advancement is made possible by its close proximity to nations like China and Japan. Hence, these factors are encouraging the market for automotive AC compressors to expand.
The China market dominated the Asia Pacific Automotive AC Compressor Market by Country 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $1,062.6 million by 2028. The Japan market is estimated to grow a CAGR of 3.4% during (2022 - 2028). Additionally, The India market would experience a CAGR of 4.7% during (2022 - 2028).
Based on Vehicle Type, the market is segmented into Passenger Cars, Heavy Commercial Vehicles and Light Commercial Vehicles. Based on Compressor Type, the market is segmented into Variable Displacement, Fixed Displacement and Electric Compressor. Based on Drive Type, the market is segmented into Conventional and Electric. Based on Sales Channel, the market is segmented into OEM and Aftermarket. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Automotive AC Compressor Market is Projected to reach USD 10.1 Billion by 2028, at a CAGR of 3.5%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Continental AG, Hanon SYSTEMS (Hahn & Co. Auto Holdings Co., Ltd.), Toyota Industries Corporation, Mitsubishi Heavy Industries Ltd., Subros Ltd, Mahle GmbH (Mahle Stiftung GmbH), Denso Corporation, Sanden Corporation (Hisense Home Appliances Group Co., Ltd), Valeo SA, and BorgWarner Inc.
By Vehicle Type
By Compressor Type
By Drive Type
By Sales Channel
By Country
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