The global automotive production has been growing in the past few years. New markets have opened up, and new trends have made their way due to continuous developments and disruptive innovations in the automotive industry. Passenger cars and commercial vehicles both the segments are expected to witness high growth rates over the forecast period due to massive demand. Air conditioning systems have become a necessary feature in passenger cars and busses these days. Component makers and automobile manufacturers have made significant advancements in technology relating to performance, efficiency, and cost of AC systems. Many automakers are trying to make these systems economical and small budget without compromising the overall performance of the vehicle. The automotive AC compressor is one the principal part of overall air conditioning system, and it plays a significant role in the efficient functioning of this system. The automotive AC compressor maintains necessary pressure and flow of refrigerant in the system to enable heat rejection from the confined space.
Automotive AC Compressor Market: Drivers and Restraints
The rise in automotive production and sales and growing car ownerships all over the world is driving the global automotive AC compressor market. The AC systems used have become an essential part of all types of vehicles including passenger cars, heavy commercial vehicles, and light commercial vehicles. The growing requirement of consumers on vehicle comfort is creating the demand for automotive air conditioning ultimately for automotive AC compressors. In developing economies of APEJ and MEA region the trend for aftermarket installation of AC systems in a vehicle is expected to be followed for next four to five years. The increasing number of on-road cars globally and rise in demand for comfort features in economy cars is projected to drive the automotive AC compressor market over the forecast period.
The maintenance issues, some technical restraints, high prices of luxury vehicles are expected to act as a minor constraint for the rapid growth of global automotive AC compressor market over the forecast period. The market players in global automotive AC compressor market hold significant opportunity for the introduction of new compact and efficient AC compressor at competitive prices. Owing to technological advancements to provide better products at low price coupled with increasing implementation of AC systems in automobiles the global automotive AC compressor market is expected to register substantial growth over the forecast period.
Automotive AC Compressor Market: Region Wise Outlook
The Global automotive AC compressor Market is segmented into the seven key regions: North America, Latin America, Western Europe, and Eastern Europe, Asia Pacific Excluding Japan (APEJ), Japan and the Middle East and Africa (MEA). The automotive AC compressor market is globally expected to register healthy CAGR during the forecast period. Regarding value and volume, North America is the largest market in the automotive AC compressors to rule this market in upcoming years. The growth in this region is attributed to rising in the usage of automotive AC compressor due to increase in the number of automobiles running on roads in U.S and Canada. APEJ is the other leading region which is showing tremendous growth in the market of automotive AC compressor due to factors such as an increase in purchasing power of individuals, establishments of the automotive industry in this region due to the availability of resources at a low price. Western Europe and Eastern Europe are also prominent markets for automotive AC compressor as both these regions are well inundated with various auto industry. Japan has a large base of automotive industries which is expected to create demand for automotive AC compressors. MEA & Latin America both these region has been witnessing a little growth in the auto industry, but this industry is expected to grow over the forecast period.
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Automotive AC Compressor Market: Key Players
Automotive AC compressor market has several global players, some of the major stakeholders among them include: Sanden Corporation, OMEGA Environmental Technologies, Yantai Shougang TD Automotive Compressor Co., Ltd., HELLA KGaA Hueck & Co, SANTIAN A/C COMPRESSOR CO., LTD, Valeo S.A., Calsonic Kansei Corporation, Denso Corporation, Dunair Smiths Manufacturing PTY Ltd.