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Europe Automotive AC Compressor Market Size By Drive (Belt Driven, Electric Driven), By Vehicle (Passenger Cars, LCV, HCV), By Type (Variable Displacement, Fixed Displacement, Electric Compressor), By Sales Channel (OEM, Aftermarket), Industry Analysis Report, Country Outlook, Application Potential, Price Trend, Competitive Market Share & Forecast, 2020 - 2026
Published Date: December 2020 | Publisher: Graphical Research Report ID: GR1561 | Delivery : PDF  Request Free Sample

Industry Trends

Europe Automotive AC Compressor Market Value was USD 2.6 billion in 2019 and will grow at a CAGR of 3.2% up to 2026.
 

Europe Automotive AC Compressor Market

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Europe holds key position in the global automotive industry, and the regional automotive sector is a strong growth engine for Europe’s economy. The sector contributes nearly 7% of Europe’s GDP and generates a plethora of job opportunities. The rising demand for passenger comfort significantly influences consumer buying behavior; hence, vehicle manufacturers are trying to improve existing features and introduce new features, which will aid in enhancing passenger travel experience. Air conditioning offers a comfortable environment to drivers and passengers during travel and increases vehicle’s aerodynamics performance. Nowadays, many European vehicle manufacturers are continuously investing in research & development activities, which will improve the efficiency of present vehicle air conditioning systems along with improvement in fuel economy. Such trends will spur the growth of Europe market in future.

The coronavirus pandemic has severely affected the European automotive sector by crippling regional supply chains. The production output declined significantly due to strict lockdown measures and transportation restrictions. In demand scenario, negative sentiment can be seen within consumers owing to limited consumer spending power and reduced consumer confidence index. This situation may affect the revenue generation in the Europe market over a short period of time, however, the market will gain momentum soon and return to normalcy after lifting of lockdowns and other restriction measures.

In the Europe market, passenger cars captured more than 90% share in 2019. According to the European Automobile Manufacturers Association (ACEA), new car registration across the European Union increased by 1.2% over the past year. In Europe, new car registrations have been displaying steady growth over the past few years and accounted over 15.3 million units in 2019. Changing government policies, such as CO2 based taxation and electric car taxation, triggered the car sales in France, Sweden, and the Netherlands. The rising spending propensity of people, strong economic conditions, and changing consumer lifestyles will boost the passenger car sales in the long run. This will help in bolstering the growth of market by 2026.

The variable displacement segment will grow at a CAGR of 2.8% in Europe market volume. Variable displacement compressor effectively varies its pumping capacity to attain necessary air-conditioning requirements. It has the ability to change its displacements according to variations in the pressure differential. When vehicle cabin temperature is high, it increases refrigeration capacity to get the desired temperature and after the desired temperature is achieved, it minimizes its capacity to maintain required temperatures. It doesn’t cause jerking of the engine, thereby providing smooth operations and improvement in fuel consumption. Additionally, it prevents frost formation in evaporator and offers comfortable environment inside the car.

Electric-driven AC compressor will cross USD 100 million by 2026 in Europe market size. Belt-driven AC compressors use the engine’s energy for its operation, thereby affecting fuel economy. In contrast, electric-driven compressor is not dependent on engine and is also easy to install & maintain. These compressors can control speed revolution, thereby contributing significant energy savings. Moreover, these compressors generate less noise compared to traditional belt-driven AC compressors. These compressors currently hold very less share in the market as they are primarily implemented in electric vehicles, however, these compressors will exhibit huge development potential in the coming years.

France shows promising growth trends and will cross USD 300 million by 2026. The strong growth is attributable to the introduction of supportive policies by the French government to accelerate the growth of the automotive sector following the crisis caused by pandemic. The French government provided a package of USD 9.5 billion to revive the automotive sector. This package includes grants of USD 8,324 grant for electric vehicles costing less than USD 53,517 and USD 2,378 for plug-in-hybrid vehicles. In addition, the government doubled premium on trading of older vehicles for new cleaner models. This will, in turn, spur the vehicle sales in upcoming years, thereby propelling the growth of the Europe automotive AC compressor market.

The key Europe automotive AC compressor industry players are Toyota Industries, Denso Corporation, Nissens, Sanden Corporation, MAHLE, Valeo, and Rheinmetall Automotive.
 

Frequently Asked Question(FAQ) :

The market size of Europe Automotive AC Compressor was valued USD 2.6 billion in 2019.
The industry share of Europe Automotive AC Compressor is projected to witness more than 3.2% growth rate during 2020 to 2026.
The variable displacement segment will grow at a CAGR of 2.8% in Europe automotive AC compressor market volume. Variable displacement compressor effectively varies its pumping capacity to attain necessary air-conditioning requirements.

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