Off late electrical AC compressors are gaining the attention of governments and environment conservation departments in their role to reduce vehicular emissions, which mainly comprises greenhouse gases such as CO2 and methane. Since greenhouse gas emissions are a global subject discussed among political, social, and technical circles, to reduce the emissions emanating from all possible sources of everyday functioning, the automotive sector is under scrutiny. To address this, automotive manufacturers are striving for design innovations and the focus on upgrade of the automotive AC compressor. This, in turn, is creating opportunities in the automotive AC compressor market. According to Transparency Market Research is a global market intelligence company, the market for automotive AC compressors is predicted to be worth US$32.39 bn by 2026.
Key Findings of the Report
Demand for light vehicles in light of urbanisation, privatisation spells growth
The phenomenon of globalisation and liberalisation that has paved the way for urbanisation and industrialisation in several emerging economies of the world has fueled the demand for light vehicles in turn, considerably. However, the climatic conditions require commercial and passenger vehicles to be equipped with HVAC systems to control automobiles' cabin temperature for the comfort of passengers. HVAC systems comprise a number of components, of which the automotive AC compressor is integral. This indirectly translates into gains for the automotive AC compressor market.
Exponential rise in production of commercial, passenger vehicles underscores growth
Economic growth, rising disposable incomes, and a drop in loan rates have led to a surge in vehicle ownership, including premium and electric vehicles. In fact, to serve the new-age consumers' comfort quotient, most vehicles are equipped with HVAC systems to control vehicles' inside temperatures. HVAC systems are primarily compatible across all automobiles and are mostly essential components of automobiles for the demand of comfort and easy rides. As a result, the individual elements of HVAC systems, of which AC compressor is integral, witness an uptick in demand. The automotive AC compressor market gain, in turn.
Electric compressors gain over conventional counterpart
Electric automotive AC compressors have an edge over their conventional counterparts as they help reduce vehicular emissions, of which greenhouses gases are a major constituent. With the increasing concerns to reduce vehicular emissions, with the larger target being zero vehicular emissions, electric automotive AC compressors is witnessing increasing adoption.
Growth Drivers
Globalisation and liberalisation leading to urbanisation and industrialisation in emerging economies spell demand for light commercial and passenger vehicles. This indirectly creates opportunities in the automotive AC compressor market.
Significant investments by OEMs and governments of countries in Latin America to boost vehicle production in the interest of economic growth is benefitting several ancillary industries in the region. This includes the automotive AC compressor segment within HVAC industrial sector.
Analyse global Automotive Ac Compressor Market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea.