Global Automotive Air Compressors Market Set to Grow at a Steady CAGR of 4.20%, Fueled by Rising Demand for Comfort and Efficiency in Vehicles

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Oct 09, 2023, 21:45 ET

DUBLIN, Oct. 9, 2023 /PRNewswire/ -- The "Global Automotive Air Compressors Market (2023-2028) by Compressor Type, Vehicle Type, Drive Type, Sales Channel, and Geography, Competitive Analysis, Impact of Covid-19 and Ansoff Analysis" report has been added to ResearchAndMarkets.com's offering.

The Global Automotive Air Compressors Market is on track to reach remarkable heights, with estimations forecasting its value to soar from USD 11.05 Bn in 2023 to USD 13.57 Bn by 2028, marking a steady Compound Annual Growth Rate (CAGR) of 4.20%.

Automotive air compressors, pivotal in delivering efficient air conditioning, are in high demand as consumers seek comfort and safety features in passenger and commercial vehicles.

Driving Forces Behind Market Growth

The thriving automotive industry, encompassing both passenger and commercial vehicles, is a primary driver for the automotive air compressors market.

As consumers increasingly demand comfortable and efficient air conditioning systems in vehicles, air compressors play a vital role in delivering optimal cooling and heating. Furthermore, these systems contribute to passenger comfort and ensure safer driving conditions by preventing window fogging.

The rise of electric vehicles (EVs) presents significant opportunities for automotive air compressor manufacturers. EVs require air compressors for their cooling and heating systems, aligning with the growing demand for eco-friendly vehicles. Manufacturers are also exploring energy-efficient and environmentally friendly technologies to meet evolving consumer preferences.

Market Segmentation

The Global Automotive Air Compressors Market is segmented into various categories:

Compressor Type: The market classifies compressors into Variable Displacement, Fixed Displacement, and Electric Compressor. Variable Displacement compressors, known for their efficiency and reduced CO2 emissions, are poised to dominate the market, driven by fuel-saving technologies and emissions regulations.
Vehicle Type: Segmented into Passenger Cars and Commercial Vehicles, the Passenger Cars segment leads the market due to the widespread adoption of air conditioning systems in these vehicles.
Drive Type: The market categorizes drive types into Electric and Conventional, with the Electric Drive Type expected to grow rapidly, driven by better fuel consumption and performance coefficient.
Sales Channel: The OEM segment is anticipated to witness significant growth due to increased automotive production in developing nations and a rising number of vehicle owners.
Geography: The Asia-Pacific region is projected to experience the highest CAGR, driven by rapid industrialization in countries such as China, Taiwan, and India, leading to increased demand for automotive AC compressors.

Market Dynamics

Drivers

Rising Demand for Electric and Hybrid Vehicles: The growing popularity of electric and hybrid vehicles is boosting the demand for automotive air compressors, essential for their efficient cooling and heating systems.
Increasing Focus on Electric Air Compressors for Autonomous Vehicles: Autonomous vehicles require advanced air compressors for enhanced climate control, creating opportunities for electric compressor manufacturers.

Restraints

High Initial Investment and Maintenance Costs: The automotive air compressor market faces challenges related to high initial investment and maintenance costs.

Opportunities

Growing Innovations in Compressor Technology: Ongoing innovations in compressor technology, including energy efficiency improvements, create opportunities for manufacturers.
Growing Demand for Comfort and Luxury Features: The increasing emphasis on comfort and luxury features in vehicles is driving demand for advanced air conditioning systems, benefiting the market.

Challenges

Volatile Raw Material Prices: Fluctuations in the prices of raw materials, including metals, plastics, and refrigerants, can impact production costs, posing challenges for manufacturers.

Companies Mentioned

Atlas Copco, Bauer Compressors, Inc., BorgWarner Inc., Danfoss Ag, DENSO Corp., Hanon Systems, Hitachi Automotive Systems Inc., Kaishan Compressor USA, LLC, MAHLE GmbH, Marelli Corp., Mattei Group, Quincy Compressor, Sanden Corp., Schulz SA, Subros Ltd., Toyota Industries Corp., VALEO, Vanair Manufacturing, Inc., Voith GmbH.

Why Buy This Report?

This comprehensive report on the Global Automotive Air Compressors Market provides:

In-depth qualitative analysis
Verifiable data from authentic sources
Market size projections using proven research methodologies
Detailed market analysis using Porter's 5 forces model, PESTLE Analysis, and the Ansoff Matrix
Insight into the impact of COVID-19 on the market
Regulatory scenario in the industry
A Self-Assessment Form for market positioning
Customized research options tailored to specific needs

For more information about this report visit https://www.researchandmarkets.com/r/4mecpw

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