Automotive AC Compressor Market Size By Vehicle (Passenger Cars, LCV, HCV), By Type (Variable Displacement, Fixed Displacement, Electric Compressor), By Drive (Belt Driven, Electric Driven), By Sales Channel (OEM, Aftermarket), Industry Analysis Report, Regional Outlook, Application Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026
The global automotive AC compressor market outlook is anticipated to depict a positive transformation in the years ahead. This growth can mainly be attributed to rising number of passenger cars worldwide and the robust expansion of the automotive sector. Increasing efforts to incorporate advanced controls in automobiles by car manufacturers and rising number of R&D investments will push the global automotive CAC compressor industry growth.
With respect to the vehicle type segment, automotive AC compressor market is divided into LCVs, HCVs, and passenger cars. Of these, the LCV segment is anticipated to garner commendable returns by the end of the forecast period. As per estimates, automotive AC compressor market size from LCV segment may register 3% CAGR through the projected duration. The growth can be attributed to the rising penetration of air conditioning systems in pick-up trucks and vans that will create a significant growth opportunity for market players.
Automotive AC compressors come in fixed displacement, variable displacement, and electric compressor types. Of these, the fixed displacement type segment may account for more than 40% of the overall industry share. Driven by the advantages of lesser price, compact size, and smooth operations, automotive AC compressor market share will depict an appreciable surge from fixed displacement type segment.
With respect to the drive spectrum, automotive AC compressor industry is segmented into belt-driven and electric-driven categories. Electric driven automotive AC compressors segment may exhibit a commendable percentage of growth through the forecast period. This can be credited to the rising production and sales of PHVs, electric vehicles, and fuel cell vehicles (FCV) globally.
For most parts, electric-powered vehicles are required to operate both, their electric heaters and air conditioners to warm up the vehicle – a problem that is conveniently solved by an electric driven ac compressor.
With regards to the sales channel landscape, the global automotive AC compressor industry is divided into aftermarket and OEM segments. While the OEM channel is likely to be the most preferred among consumers, the aftermarket channel is gaining prominence. In comparison to the OEM segment, aftermarket may register for a lower percentage of the market share. However, with an increasing number of automobiles manufactured worldwide, this segment is likely to gain traction in the years to come.
Regionally speaking, the global automotive AC compressor market has a well-established presence across Europe, Latin America, North America, the Middle East & Africa, and Asia Pacific. While APAC, North America, and Europe are already strong revenue pockets for automotive AC compressor industry, the MEA is likely to come up as a vital growth avenue for this market. This can be attributed to the increasing sales of luxury vehicles in the region and the expanding automobile production that will subsequently upsurge the demand for automotive AC compressors.
However, it has also been forecast that as opposed to its stronger contenders, MEA may account for a slightly lesser market share, which may be attributed to more dependency on Asian nations such as China and India, for raw materials supply, as well as logistical issues. Nonetheless, it may emerge as a vital growth ground for automotive AC compressor industry in the years ahead.
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