#automotive_ac_compressor Market to Grow at 3.69% CAGR During 2023-2028
The automotive AC compressor market is expected to grow from USD 8.39 billion in 2022 to USD 10.49 billion by 2028, at a CAGR of 3.69% during the forecast period. The market growth is primarily driven by the increasing demand for passenger cars, commercial vehicles, and electric vehicles, along with the rising demand for air conditioning systems in emerging economies.
What is an Automotive Air Conditioner Compressor?
An automotive air conditioner compressor is the heart of the air conditioning system. It is responsible for compressing the refrigerant gas, which is then circulated through the condenser, evaporator, and expansion valve to cool the air inside the vehicle.
Product Types
The automotive AC compressor market is segmented into three types: variable displacement compressors, fixed displacement compressors, and electric compressors. Variable displacement compressors are the most popular type of compressor, as they offer superior performance and fuel efficiency. Fixed displacement compressors are less expensive than variable displacement compressors, but they are not as efficient. Electric compressors are the most expensive type of compressor, but they are also the most efficient and offer the best performance.
Sales Channel Types
The automotive AC compressor market is segmented into two sales channels: OEM and aftermarket. The OEM segment accounts for the majority of the market share, as it includes all sales to vehicle manufacturers. The aftermarket segment is expected to grow at a faster CAGR during the forecast period, as more and more vehicles are going out of warranty.
Regional Analysis
Asia-Pacific is the largest market for automotive AC compressors, followed by North America and Europe. The Asia-Pacific market is expected to grow at the fastest CAGR during the forecast period, due to the increasing demand for passenger cars and commercial vehicles in the region.
Market Trends
Some of the key trends driving the growth of the automotive AC compressor market include:
• Increasing demand for passenger cars, commercial vehicles, and electric vehicles
• Rising demand for air conditioning systems in emerging economies
• Growing adoption of variable displacement compressors
• Increasing investments in research and development of new and innovative compressor technologies
Competitive Landscape
The automotive AC compressor market is highly competitive, with a number of major players operating in the market. Some of the key players in the market include:
• Denso Corporation
• Panasonic Corporation
• Calsonic Kansei Corporation
• Hanon Systems
• Sanden Corporation
• Valeo SA
• MAHLE GmbH
• Delphi Technologies LLC
• Continental AG
• BorgWarner Inc.
• Aisin Seiki Co., Ltd.
Factors Driving the Market Growth
The automotive AC compressor market is driven by a number of factors, including:
• Increasing demand for passenger cars, commercial vehicles, and electric vehicles: The global automotive industry is expected to grow at a steady pace over the forecast period. This growth is expected to be driven by the increasing demand for passenger cars, commercial vehicles, and electric vehicles in emerging economies.
• Rising demand for air conditioning systems in emerging economies: The demand for air conditioning systems is rising in emerging economies, due to the increasing disposable incomes and rising temperatures. This is expected to drive the demand for automotive AC compressors in these regions.
• Growing adoption of variable displacement compressors: Variable displacement compressors are becoming increasingly popular, due to their superior performance and fuel efficiency. This is expected to boost the demand for these compressors in the coming years.
• Increasing investments in research and development of new and innovative compressor technologies: Vehicle manufacturers and compressor manufacturers are investing heavily in the research and development of new and innovative compressor technologies. This is expected to lead to the development of more efficient and reliable compressors in the coming years.
Market Challenges
The automotive AC compressor market also faces a number of challenges, including:
• High cost of compressors: Automotive AC compressors are expensive components. This can deter consumers from purchasing vehicles with air conditioning systems.
• Rising environmental concerns: The use of refrigerant gases in automotive AC systems has raised environmental concerns. This is leading to the development of new and innovative compressor technologies that use more environmentally friendly refrigerants.
Conclusion
The automotive AC compressor market is expected to grow at a steady pace over the forecast period. The market growth is primarily driven by the increasing demand for passenger cars, commercial vehicles, and electric vehicles, along with the rising demand for air conditioning systems in emerging economies. The adoption of variable displacement compressors and the increasing investments in research and development of new and innovative compressor technologies are also expected to boost the market growth.
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