Published Date: 28-Feb-2023
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According to a new report, published by KBV research, The Global Automotive AC Compressor Market size is expected to reach $10.1 billion by 2028, rising at a market growth of 3.5% CAGR during the forecast period.
The Passenger Cars segment acquired maximum revenue share in the Global Automotive AC Compressor Market by Vehicle Type 2021 thereby, achieving a market value of $5.2 billion by 2028. The usage of AC compressors in the production of automotive parts is responsible for the expansion of this segment. Customers of passenger cars are more interested in the amenities and ride quality of a car. Customers are willing to pay extra for their comfort. Therefore manufacturers have responded by making air conditioning a piece of regular equipment in most of their automobile models.
The Variable Displacement segment is leading the Global Automotive AC Compressor Market by Compressor Type 2021 thereby, achieving a market value of $5.3 billion by 2028. Due to their excellent acceleration and lower CO2 and energy output compared to fixed displacement compressors, these compressors are highly sought after in developed nations. By changing the angle of the rotating swash plate, the compressor regulates how much refrigerant is delivered. This smooth management is linked to the engine and driving circumstances that raise vehicle environmental economy by reducing compressor energy consumption, as well as driving comfort.
The Electric segment has shown the growth rate of 5.5% during (2022 - 2028). The primary factor boosting the expansion of the segment is the rise in electric vehicle production worldwide. Since the engines in electric cars are not belt-driven, a different sort of compressor is needed. The electric motor produces heat while operating, it operates at a high voltage of approximately 200V or more and is cooled by a refrigerant. High-insulating capacity compressor oil is used to insulate the compressor housing and the electric motor. The electric drive type also offers controlled rotational speed, which aids in energy conservation.
The OEM segment is generating highest revenue share in the Global Automotive AC Compressor Market by Sales Channel 2021 thereby, achieving a market value of $6.4 billion by 2028. To build strong export opportunities, developing countries are investing extensively in OEMs in the manufacturing sector, which is driving up automotive output. These OEMs are responsible for the R&D and innovation in the market. In addition, the need for automotive AC compressors is increasing as the number of working individuals who own vehicles increases.
The Asia Pacific market dominated the Global Automotive AC Compressor Market by Region 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $3.8 billion by 2028. The North America market is exhibiting a CAGR of 3.1% during (2022 - 2028). Additionally, The Europe market would showcase a CAGR of 2.8% during (2022 - 2028).
Full Report: https://www.kbvresearch.com/automotive-ac-compressor-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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
Unique Offerings from KBV Research
North America Automotive AC Compressor Market Future Scope & Opportunities 2022-2028
Europe Automotive AC Compressor Market Size & Growth Forecast 2022-2028
Asia Pacific Automotive AC Compressor Market Size, Share & Industry Outlook to 2028
LAMEA Automotive AC Compressor Market Growth, Trends & Forecasts 2022-2028