New York, USA, March 13, 2023 (GLOBE NEWSWIRE) -- Research Dive has published a new report on the global automotive Ac compressor market. According to the report, the global market is projected to surpass $11,794.2 million and grow with a CAGR of 4.0% in the estimated period, 2022-2031. This all-inclusive report delivers a comprehensive overview of the current and future situation of the automotive AC compressor market by stating its main characteristics including growth drivers, growth opportunities, limitations, and developments in the forecast period. The report also offers all the required and vital market statistics to help new players obtain an insight into the status of the global market.
Impact of the COVID-19 Pandemic on the Automotive AC Compressor Market
The outburst of the COVID-19 pandemic in 2020 has had an adverse impact on the growth of the global automotive AC compressor market. During the pandemic, the compulsory implementation of curfews by respective governments had a significant impact on car manufacturing and sales. Moreover, sales of passenger cars decreased as a result of the coronavirus pandemic's negative impact on the market's expansion. Misleading assertions, such as COVID-19 spreads through automobile air systems, have badly harmed the cooling business, hampering the entire industry.
Factors Impacting the Automotive AC Compressor Market Growth
The key factor boosting the growth of the global automotive AC compressor market is a significant increase in customers' concerns about the car's accessories, ride comfort, safety, and other relevant features while purchasing a new vehicle. Furthermore, the increase in fleet size, rise in vehicle production, and expansion of the installation of comfort features in economy-class vehicles are estimated to unlock lucrative opportunities for market growth in the forecast period. However, maintenance issues, the high pricing of luxury automobiles, and technical limitations are anticipated to deter the market’s growth.
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The report segments the global automotive AC compressor market into compressor type, vehicle type, drive type, sales channel, and region.
Variable Displacement Sub-Segment to Grab a Foremost Share of the Market
The variable displacement sub-segment of the compressor type segment is foreseen to observe leading growth in the forecast period. This growth is because it increases driving comfort while using less compressor energy, which makes cars more environmentally friendly.
Passenger Cars Sub-Segment to Witness Rapid Growth
The passenger cars sub-segment of the vehicle type segment is predicted to grow enormously in the forecast period. This growth is mainly owed to the growing use of air conditioning in automobiles in developing nations.
Electric Sub-Segment to Grab a Leading Share of the Market
The electric sub-segment of the drive type segment is projected to witness leading growth in the forecast period. This growth is mainly due to the rising applications of light commercial vehicles and electric passenger cars and increasing demand for eclectic items.
OEM Cars Sub-Segment to Observer Rapid Growth
The OEM sub-segment of the sales channel segment is expected to grow enormously in the forecast period. This growth is mainly due to improvements in compressor design to reduce noise and vibration in automobiles.
Asia-Pacific Region to Perceive Maximum Growth
The report analyzes the global automotive AC compressor market across several regions such as North America, Asia-Pacific, Europe, and LAMEA. Among these, the Asia-Pacific market is projected to observe significant growth in the estimated period. This growth is mainly due to the tremendous opportunity for a rise in automotive sales in various nations, particularly India and China in this region.
Key Players of the Global Automotive AC Compressor Market
The report states some of the foremost players operating in the global market including
- Calsonic Kansei Corporation
- Behr Hella Service GmbH
- Continental AG
- Keihin Corporation
- Hanon Systems
- BorgWarner Inc.
- Michigan Automotive Compressor Inc.
- MAHLE Group
- SANDEN Subros Limited
These players are taking various initiatives such as investing in novel product launches, strategic alliances and collaborations, etc. to obtain a leading edge in the global market.
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For instance, in November 2022, MAHLE, a leading global supplier and partner in development for the automotive sector, successfully presented itself as an e-mobility supplier by launching an electric A/C compressor. MAHLE aims to endure becoming a complete system provider for air conditioning in electric vehicles.
Also, the report provides numerous industry insights such as top strategic initiatives & developments, the novel launch of products, business performance, Porter’s five forces analysis, and SWOT analysis of the foremost players, functioning in the global market.
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