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Global Automotive AC Compressor Market Is Expected To Reach Us$ 32.39 Bn By 2026: Transparency Market Research

Feb 10th 2020 at 4:51 AM

According to a new market report published by Transparency Market Research, “Automotive AC Compressor Market  - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026” is expected to reach US$ 32.39 Bn by 2026, expanding at a CAGR of more than 2% during the forecast period.

The global automotive AC compressor market is projected to expand at a CAGR of more than 2% between 2018 and 2026, according to a new research report by Transparency Market Research (TMR). According to the report, the global market is likely to be influenced by a range of political, economic, social, technical, and industry-specific factors. Latin America is expected to witness rapid rise in demand for AC compressors, and the market in the region is anticipated to expand at a CAGR of nearly 3% during the forecast period.

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Currently, global warming is a major issue that is affecting the lives of people. Temperature of the environment is increasing by one to two degrees every year. Transportation in such weather conditions is not easy. Vehicles are equipped with AC units in order to curtail these problems, which regulates the temperature of the vehicle interior. There are two broad segments of AC compressors: electrical and conventional. Convectional compressors directly run through the engine, via a belt, which exerts pressure on the engine, leading to increase in vehicle emission. Increase in vehicle emission leads to a rise in global warming, as vehicular emission has greenhouse gases such as CO2 and methane. Electric vehicles have been introduced in the market in order to deal with the issue of vehicle emission. For electric vehicles, an electrical AC compressor is used. An electrical AC compressor is also utilized in premium vehicles. Demand for premium vehicles has increased due to the increase in standard of living and purchasing power capacity. Furthermore, demand for zero emission vehicles is increasing in order to overcome the problem of deteriorating environmental conditions.

The automotive AC compressor market can be segmented based on design type, drive type, sales channel, vehicle type, and region. In terms of design type, the automotive AC compressor market can be divided into reciprocating and rotary. The reciprocating segment can be further sub-divided into swash type and wobble type. Reciprocating type was a leading segment of the AC compressor market in 2017 due to the higher usage and easily availability of wobble type of AC compressors in all types of vehicles including hatchbacks and heavy commercial vehicles. Their effectiveness to work in normal conditions and low prices of its components make wobble type compressors highly preferable in countries of Asia Pacific, such as India and Indonesia, where vehicle production is significantly high. The scroll sub-segment of the rotary segment witnessed expansion at a higher growth rate, as compared to the other segments of the market, in terms of design type. Increase in usage of premium vehicles with better performance is driving the scroll sub-segment of the market. However, it is employed in several vehicles, in spite of being expensive, owing to its compact in size and low noise generation. In terms of revenue, the scroll-rotary sub-segment is expected to reach US$ 8 Bn by the end of 2026, expanding at a CAGR of more than 3% during the forecast period.

In terms of drive type, the global AC compressor market can be bifurcated into electrical AC compressor and conventional AC compressor. The conventional AC compressor is directly driven by the vehicle engine through a pulley connected via the V-belt. These type of compressors exert considerable pressure on the engine, leading to higher fuel consumption. The conventional AC compressor segment held a prominent share of the market, and its share is likely to reach about 89% of the market by the end of 2026. The conventional segment dominated the market and is likely to hold a prominent share of the market by end of forecast period. Economy of sub-regions such as the Middle East and some parts of Asia Pacific strongly depend on fuels. Hence, in such sub-regions, the conventional IC engine is likely to be utilized in the near future. Therefore, the conventional segment of the market in Middle East & Africa is likely expand during the forecast period. Rising trend of electrification of vehicles is anticipated to drive the electric segment of the AC compressor market. Rising penetration of electric vehicles, due to offering of incentives, subsidies from governments in order to protect the environment, and developing infrastructure are anticipated to boost the electric AC compressor segment.

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