PUBLISHER: The Business Research Company | PRODUCT CODE: 1409213
PUBLISHER: The Business Research Company | PRODUCT CODE: 1409213
“Automotive AC Compressor Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on automotive ac compressor market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for automotive ac compressor? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The automotive ac compressor market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
An automotive AC compressor is a mechanical apparatus designed to pressurize and circulate refrigerant within a vehicle's air conditioning system, facilitating the cooling of the vehicle's interior. Its primary function involves regulating the air temperature inside the vehicle, transitioning it from hot to cold and vice versa.
Automotive AC compressors primarily fall into three categories such as variable displacement, fixed displacement, and electric compressors. A variable displacement compressor has the capability to adjust the quantity of refrigerant it pumps according to the cooling requirements, leading to enhanced efficiency and decreased energy consumption. These compressors cater to various vehicle types, including passenger cars, light commercial vehicles, and heavy commercial vehicles. Distribution of automotive AC compressors occurs through diverse sales channels, such as original equipment manufacturer (OEM) outlets and replacements.
The automotive AC compressor market research report is one of a series of new reports from The Business Research Company that provides automotive AC compressor market statistics, including automotive AC compressor industry global market size, regional shares, competitors with automotive AC compressor market share, detailed automotive AC compressor market segments, market trends, and opportunities, and any further data you may need to thrive in the automotive AC compressor industry. This automotive AC compressor market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The automotive ac compressor market size has grown steadily in recent years. It will grow from $8.79 billion in 2023 to $9.16 billion in 2024 at a compound annual growth rate (CAGR) of 4.1%. During the historical period, the growth can be attributed to several factors, including the increased ownership of automobiles, consumer inclinations towards comfort, economic expansion leading to higher disposable incomes, varying climate conditions and extreme temperatures, as well as adherence to regulatory standards and emission norms.
The automotive ac compressor market size is expected to see steady growth in the next few years. It will grow to $10.86 billion in 2028 at a compound annual growth rate (CAGR) of 4.4%. Anticipated growth in the forecast period is expected to stem from global urbanization trends, a transition towards electric and hybrid vehicles, consumer preferences favoring energy-efficient solutions, considerations of climate change and fluctuations in temperature, and governmental initiatives promoting environmental sustainability. Significant trends projected in this period involve a concerted focus on noise reduction, grappling with challenges in the global supply chain, the ascendance of electric and hybrid vehicles, advancements in materials innovation, and the cultivation of strategic collaborations and partnerships.
The anticipated surge in automotive production is set to drive the growth of the automotive AC compressor market. Automotive production encompasses the comprehensive process of manufacturing vehicles, involving the assembly of diverse components and systems to produce a fully functional automobile. Automotive AC compressors play a crucial role in compressing and circulating refrigerant gases within the air conditioning systems of vehicles. Consequently, the heightened automotive production levels are expected to increase the demand for automotive AC compressors. As reported by the European Automobile Manufacturer Association, global vehicle production reached approximately 79.1 million units in 2021, reflecting a notable increase of 1.3% from the previous year. This growth underscores the rising demand for automotive AC compressors in tandem with increased automotive manufacturing.
The escalating prevalence of hot weather conditions is poised to fuel the expansion of the automotive AC compressor market. Hot weather conditions, characterized by elevated temperatures and humidity levels, pose potential health risks, particularly for vulnerable populations such as the elderly, young, or those with chronic health conditions. Automotive AC compressors play a vital role in ensuring a comfortable cabin temperature during periods of hot weather. For example, data from the World Meteorological Organization in May 2023 revealed that the global average temperature in 2022 was 1.15 [1.02 to 1.28] °C, with an estimated further increase to 1.8°C by 2027. This ongoing trend of rising temperatures is a significant driver for the automotive AC compressor market as it underscores the growing need for effective climate control solutions in vehicles.
A prominent trend gaining traction in the automotive AC compressor market is the focus on technological advancements. Key players in the market are channeling their efforts into developing technologically advanced products to meet the evolving demands of the automotive industry and maintain competitiveness. Notably, in November 2022, Mahle, a Germany-based automotive parts manufacturer, introduced an electric AC compressor (e-compressor) based on high voltage technology. This innovative compressor is designed to regulate the temperature of the electric drive (e-drive), impacting charging speed, service life, and battery longevity. The high-voltage noise-optimized compressor minimizes vibrations, showcasing the industry's commitment to technological innovation in enhancing the efficiency and performance of automotive AC compressors.
Prominent players in the automotive AC compressor market are actively pursuing collaboration and partnerships as a strategic approach to enhance service reliability for their customers. Strategic partnerships, involving structured affiliations between commercial enterprises, are typically established through various business agreements or contracts. An illustrative example of this strategic focus occurred in April 2023, when Liebherr Group, a Switzerland-based manufacturer of construction machines, entered into a partnership with ZF Friedrichshafen AG. This collaboration aims to develop high-speed air compressors tailored for medium-sized, heavy-duty, and long-haul hydrogen fuel cell-powered vehicles. Leveraging their respective expertise in air-bearing technology and high-speed turbomachinery, the partnership between Liebherr Group and ZF Friedrichshafen AG is poised to generate a new generation of compressors. ZF Friedrichshafen AG, based in Germany, is a renowned manufacturer of automotive parts and components.
In March 2021 when the Hisense Home Appliances Group, a China-based white goods manufacturer, acquired a controlling stake in Sanden Holdings Corporation for $200 million. This strategic acquisition allowed Hisense Home Appliances Group to expand its footprint in the Japanese market, with a specific focus on automotive air conditioning. Sanden Holdings Corporation, based in Japan, is a leading manufacturer of automotive air conditioning systems and components. This collaboration underscores the trend among major industry players to forge alliances and partnerships to strengthen their market presence, foster innovation, and meet the evolving needs of the automotive AC compressor market.
Major companies operating in the automotive ac compressor market report are 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 .
Asia-Pacific was the largest region in the automotive AC compressor market in 2023. 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
The countries covered in the automotive ac compressor market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The automotive AC compressor market consists of sales of reciprocating compressors, rotary vane compressors, scroll compressors, screw compressors and centrifugal compressors. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.