Automotive Compressor Market Size Worth USD 23.56 Billion, Globally, by 2030 at a CAGR of 8.47%
Automotive Compressor Market was Valued at USD 12.56 Billion in 2022; Marelli Corp Joined Hands with Shanghai Highly Co. Ltd, to Boost its Product Portfolio
Pune, India., Dec. 18, 2023 (GLOBE NEWSWIRE) — The global automotive compressor market size was valued at USD 12.56 billion in 2022. The market is anticipated to expand from USD 13.34 billion in 2023 to USD 23.56 billion by 2030, exhibiting a CAGR of 8.47% over the estimated period.
The compressor’s primary function is to elevate the pressure and temperature of the refrigerant, allowing it to release heat in the condense. This process results in the transformation of the refrigerant into a high-pressure liquid as it passes through the expansion valve. The compressor’s role in preventing driver fatigue and maintaining clear window visibility through defogging contributes to increased safety, driving the market’s expansion.
Drivers & Restraints-
Increasing Passenger Vehicle Demand to Spur Market Growth
Higher production rates and the growing demand for passenger vehicles are propelling the automotive compressor market. As air conditioning becomes a standard feature in these vehicles, the demand for efficient compressor-equipped systems rises due to consumer preferences for comfort and convenience.
However, narrow profit margins in the automotive sector pose a challenge for manufacturers in integrating advanced compressor technologies while maintaining affordability, thus restricting widespread adoption.
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Report Highlights:
| Report Coverage | Details |
| Forecast Period | 2023-2030 |
| Forecast Period 2023 to 2030 CAGR | 8.47% |
| 2030 Value Projection | USD 23.56 Billion |
| Base Year | 2022 |
| Market Size in 2023 | USD 13.34 Billion |
| Historical Data for | 2019-2021 |
| No. of Pages | 200 |
Competitive Landscape-
Major Players Engage in R&D Activities to Boost their Product Portfolio
The global automotive compressor market is dominated by several leading companies, owing to their robust product portfolios, substantial market share, and strategic decisions. They actively engage in acquisitions, continuous research and development efforts, and joint ventures, ultimately securing regulatory approvals.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/automotive-compressor-market-108694
Segments-
Conventional Segment Dominates the Market due to Its Reliability and Durability
On the basis of drive type, the market for automotive compressor is fragmented into electric and conventional. The conventional segment secures majority market share. Conventional compressors are favored for their robust reliability and durability, and they are preferred by the manufacturers and end-users, especially in regions with limited infrastructure for advanced system maintenance.
Swash-plate Compressors Segment to Maintain Its Leadership Owing to Its Efficiency and Space-Saving Design
By type, the market for automotive compressor is segmented into swash-plate compressors, rotary compressor, and scroll compressor. The swash-plate compressors segment is expected to lead the market during the study period. Swash-plate compressors excel in compressing refrigerant gases efficiently and feature a compact design, making them an ideal choice for modern vehicles where space optimization is vital.
Passenger Cars Segment Dominates the Market Owing to Rising Urbanization and Improved Living Standards
In terms of vehicle type, the market is divided passenger cars and commercial vehicles. The passenger cars segment secures a major share of the market. Increasing urbanization and rising living standards in developing countries boost the demand for personal transportation, driving the growth of the passenger cars segment. In terms of region, the market is categorized into Europe, North America, the Asia Pacific, and the rest of the world.
| Segmentation | By Drive Type
|
By Type
| |
By Vehicle Type
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Regional Insights-
Asia Pacific Market is Touted to Hold the Key Share Owing to Increased Car Sales Across Regions
The Asia Pacific is set to dominate the global automotive compressor market share. The growing demand for passenger cars in emerging economies such as India, Malaysia, and China, driven by a rising middle-class population, has led to increased car sales and regional growth.
Automakers in Europe are investing in R&D activities to improve climate control capabilities and enhance the travel experience, attracting consumers and contributing to market expansion.
Report Coverage:
The report gives a detailed analysis of the prominent factors supporting the market growth over the upcoming years. It emphases on major aspects such as drive type and leading companies. The report further gives insight into the major trends encouraging the global business scenario. The impact of the COVID-19 pandemic on the growth of the market is also included in the report.
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A list of prominent Automotive Compressor manufacturers operating in the global market:
- Brogwarner Inc (U.S.)
- Mahle GmbH (Germany)
- Subros Ltd (India)
- Mitsubishi Heavy Industries Thermal System Ltd. (Japan)
- Toyota Industries Corp (Japan)
- Sanden Corp (Japan)
- Highly Marelli Holdings (Japan)
- Valeo S.A (France)
- Denso Corp (Japan)
- Hanon Systems (South Korea)
COVID-19 Impact:
Reduction in Auto Sales Amid COVID-19 Outbreak Hindered Market Progress
The COVID-19 pandemic impacted the automotive industry, leading to reduced car sales, shutdowns of HVAC manufacturing facilities, and disruptions in the supply chain. This hindered the automotive compressor market growth. However, in late 2021, various automotive compressor manufacturers resumed operations with a reduced workforce while adhering to safety standards. This helped in maintaining some level of production and supported the market’s recovery.
Notable Industry Development:
- September 2020- With the aim to establish Highly Marelli Holdings Co., Ltd, Shanghai Highly Co. Ltd entered into a partnership with Marelli Corp. This collaboration was centered on advancing the HVAC equipment, compressors, and electrification of electric-driven compressor systems.
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Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments –Mergers, Acquisitions and Partnerships
- Porters Five Forces Analysis
- PEST Analysis
- Technological Development
- Impact of Covid-19
- Global Automotive Compressor Market Analysis, Insights and Forecast, 2017-2030
- Key Findings / Definitions
- Market Analysis, Insights and Forecast – By Type
- Swash-plate Compressor
- Scroll Compressor
- Rotary Compressor
- Market Analysis, Insights and Forecast – By Drive Type
- Electric
- Conventional
- Market Analysis, Insights and Forecast – By Vehicle Type
- Passenger Cars
- Commercial Vehicles
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia pacific
- Rest of the world
- North America Automotive Compressor Market Analysis, Insights and Forecast, 2017-2030
- Market Analysis, Insights and Forecast – By Type
- Swash-plate Compressor
- Scroll Compressor
- Rotary Compressor
- Market Analysis, Insights and Forecast – By Drive Type
- Electric
- Conventional
- Market Analysis, Insights and Forecast – By Vehicle Type
- Passenger Cars
- Commercial Vehicles
- Market Analysis – By Country
- U.S.
- By Vehicle Type
- By Drive Type
- By Type
- Canada
- By Vehicle Type
- By Drive Type
- By Type
- Mexico
- By Vehicle Type
- By Drive Type
- By Type
- U.S.
- Market Analysis, Insights and Forecast – By Type
- Europe Automotive Compressor Market Analysis, Insights and Forecast, 2017-2030
- Market Analysis, Insights and Forecast – By Type
- Swash-plate Compressor
- Scroll Compressor
- Rotary Compressor
- Market Analysis, Insights and Forecast – By Drive Type
- Electric
- Conventional
- Market Analysis, Insights and Forecast – By Vehicle Types
- Passenger Cars
- Commercial Vehicles
- Market Analysis – By Country
- The U.K
- By Vehicle Type
- By Drive Type
- By Type
- Germany
- By Vehicle Type
- By Drive Type
- By Type
- France
- By Vehicle Type
- By Drive Type
- By Type
- Rest of Europe
- By Vehicle Type
- By Drive Type
- By Type
- The U.K
- Market Analysis, Insights and Forecast – By Type
- Asia Pacific Automotive Compressor Market Analysis, Insights and Forecast, 2017-2030
- Market Analysis, Insights and Forecast – By Type
- Swash-plate Compressor
- Scroll Compressor
- Rotary Compressor
- Market Analysis, Insights and Forecast – By Drive Type
- Electric
- Conventional
- Market Analysis, Insights and Forecast – By Vehicle Types
- Passenger Cars
- Commercial Vehicles
- Market Analysis – By Country
- China
- By Vehicle Type
- By Drive Type
- By Type
- India
- By Vehicle Type
- By Drive Type
- By Type
- Japan
- By Vehicle Type
- By Drive Type
- By Type
- South Korea
- By Vehicle Type
- By Drive Type
- By Type
- Rest of Asia Pacific
- By Vehicle Type
- By Drive Type
- By Type
- China
- Market Analysis, Insights and Forecast – By Type
- Rest of the World Automotive Compressor Market Analysis, Insights and Forecast, 2017-2030
- Market Analysis, Insights and Forecast – By Type
- Swash-plate Compressor
- Scroll Compressor
- Rotary Compressor
- Market Analysis, Insights and Forecast – By Drive Type
- Electric
- Conventional
- Market Analysis, Insights and Forecast – By Vehicle Types
- Passenger Cars
- Commercial Vehicles
- Market Analysis, Insights and Forecast – By Type
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