How Much Is The Automotive AC Compressor Industry Worth? February 11, 2022
According to the report, the global Vehicle AC Market is projected to surpass US$
30.4 Bn by 2031, expanding at a CAGR of ~3% during the forecast period. Disposable income of the global population is rising at a steady pace. For instance, according to the statistics of the World Bank Group, the GDP of the global population, which is measured in terms of purchasing power parity, has tripled over the past few decades. This increase in purchasing power of the global population has led to rise in sale of vehicles across the globe. This increase in sales of vehicles is a major factor driving the global automotive AC compressor market.
The popularity of electric vehicles is increasing rapidly worldwide. The Global EV Outlook 2019 report of International Energy Agency stated that sale of electric cars witnessed 40% year-on-year growth in 2019 with a total sale of 2.1 million electric cars worldwide. These electric vehicles have complex electronic components and large battery pack that generates high heat and needs continuous cooling. This cooling requirement has made AC an important component of these vehicles and thus, rising sale of electric vehicles is propelling the global automotive AC compressor market.
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Expansion of Automotive AC Compressor Market
Conventional AC compressors of automobiles are driven by the belt drive from the engine. This increase in the load on the engine hampers the fuel efficiency and emits more pollutants. Governments are imposing stringent emission norms, which is prompting automakers to consistently focus on electrification of different automotive components. This led to the emergence of electric AC compressors, which is driven by an independent motor to reduce the load on the engine. The rate of adoption of these compressors is high in hybrid and electric vehicles. Thus, ongoing technological developments are anticipated to propel the global automotive AC compressor market during the forecast period.