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APAC Automotive AC Compressor Market revenue to cross $5.25 Bn by 2028
Published Date: 2022-07-27
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APAC Automotive AC Compressor Market size is poised to reach USD 5.25 billion by 2028, according to a latest forecast report by Graphical Research.
The market growth is as a result of the growing production of electric vehicles. As the world transitions to the EV era, vehicle manufacturers are targeting to increase their manufacturing productivity and output. Due to the favorable business outlook for EV manufacturers, automakers are also introducing cost-competitive products and boosting export activities. This development is particularly prevalent in Asia, with countries like China, Japan, and South Korea emerging as major EV manufacturing hubs.
Based on statistics from the General Administration of Customs of China, the rate of passenger EV export increased by 2.6 times to 499,573 units in 2021. The burgeoning export and production of EVs will consequently trigger the growth of the Asia Pacific automotive AC compressor industry. In addition, the implementation of zero-emission mandates is enabling EVs to serve as a powerful tool in reducing carbon dioxide emissions from the transport sector. The presence of EV supportive policies and mandates will thus result in the mounting production of AC compressors for APAC automobile makers.
The automotive industry, however, has been facing immense challenges due to macroeconomic conditions, supply chain disruptions, and shrinking demand for automotive parts in wake of the COVID-19 pandemic. Despite the temporary fallout, the industry is expected to regain momentum in the upcoming years, owing to the introduction of funds and tax reliefs. Subsequently, this could positively impact the productivity of automotive AC compressors and other peripheral sectors.
The passenger cars segment is emerging as a key driver of AC compressor acceptance, given the strong government focus on the decarbonization of passenger vehicle fleets in Asia. Based on data from Autocar Professional, 6,261 electric passenger vehicles (PVs) were sold from April to September 2021 in India, representing a 234% hike year-on-year. This strong momentum of electric PV sales is presenting growth opportunities for the automotive AC compressor manufacturers in the Asia Pacific.
Due to excellent efficiency, lightweight, and reliability, fixed displacement compressors are gaining immense popularity as the standard for vehicle AC compressors.
Several auto industry experts are in favor of the belt drive compressors since they can ensure frictionless and efficient operations through proper lubrication. However, growing concerns regarding the need to repair and replace belts over time are creating a major hindrance to their acceptance in automotive AC compressors.
Browse detailed statistical insights from the report, “Asia Pacific Automotive AC Compressor Market Forecast 2028 By Type (Variable Displacement, Fixed Displacement, Electric Compressor), By Vehicle (Passenger Cars, LCV, HCV), By Drive (Belt Driven, Electric Driven), By Sales Channel (OEM, Aftermarket), Research Report, COVID-19 Impact Statistics, Country Outlook, Price Trends, Historic Data, Growth Prospects, Competitive Industry Share” along with the table of contents (ToC) @
The Asia Pacific automotive AC compressor market from the OEM segment will exceed USD 5,200 million by 2028, given the exceptional quality of their products as compared to aftermarket ones. Asian OEM manufacturers are also gearing up to recover from the COVID-19 pandemic and grow sustainably.
The China automotive AC compressor market is projected to depict a CAGR of over 4% through 2028, credited to the burgeoning sales and exports of EVs. As per Nikkei’s report, the country emerged as the largest exporter of EVs, with around 500,000 EVs exported in 2021, thereby escalating the installation of AC compressors in EVs.
The APAC automotive AC compressor market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in Kilotons & revenue in USD Million from 2017 to 2028, for the following segments:
Asia Pacific Market, By Vehicle Type
- Passenger Cars
Asia Pacific Market, By Type
- Variable Displacement
- Fixed Displacement
- Electric Compressor
Asia Pacific Market, By Drive
Asia Pacific Market, By Sales Channel
The above information has been provided for the following countries:
- Asia Pacific
- South Korea