The global automotive air compressor market is expected to witness a market value of US$ 35.4 billion in 2023 and is expected to accumulate a market value of US$ 49.45 billion by registering a CAGR of 3.4% in the forecast period 2023 to 2033. The market for Automotive Air Compressor market registered a CAGR of 2.2% in the historical period 2018 to 2022. Factors such as the continually thriving automotive industry as well as rise in demand for energy-efficient compressors are expected to fuel the growth of the Automotive Air Compressor market over the analysis period.
As per Future Market Insights - market research and competitive intelligence provider, the global market value for Automotive Air Compressor has been flourished. The growing demand for comfort features in automobiles has resulted in the increased usage of air conditioning systems in four-wheelers. This in turn is anticipated to boost the growth of the automotive air compressor market during the forecast period. In addition, the rise in number of automobile production in several countries is another major factor augmenting the market growth.
Additionally, technological advancements in the automotive air compressors, in terms of efficiency as well as performance have made air conditioning systems economical in recent years, which in turn are fueling the market growth. Further, space constraint in passenger cars has been affecting the installation of air conditioning systems in automobiles. Thus, various original equipment manufacturers (OEMs) have been developing and designing lighter, more efficient, and smaller air conditioning systems for vehicles. These features help in reducing the vibration levels and noise in automobiles.
Increase in the number of car ownerships, growing requirement of consumers on vehicle comfort, surge in number of on-road cars are other factors that are projected to accelerate the sales of automotive air compressors during the forecast period. In addition, the increase in demand for electric vehicles across the globe, in various industries is expected to stimulate the market growth in the coming time.
On the regional end, the Automotive Air Compressor market in North America is expected to account for the maximum share during the analysis period, owing to the factors such as increase in the usage of automotive air compressors due to rise in the number of automobiles running on roads in the United States and Canada.
On the other hand, the Automotive Air Compressor market in Asia Pacific is expected to hold a significant growth rate over the forecast period, attributed to factors such as an upsurge in the purchasing power of individuals, presence of a well-established automotive industry in the region, due to the availability of resources at a low price.
Moreover, factors such as rise in government investments in infrastructure development, and rapid industrialization are also anticipated to propel the regional market growth in the forthcoming years. Furthermore, the market growth in Asia Pacific is also driven by the increasing demand for air compressors from various applications, including manufacturing, food and beverage, home appliances, and oil and gas industries.
| Data Points | Key Statistics |
|---|---|
| Expected Market Value in 2023 | US$ 35.4 billion |
| Projected Market Value in 2033 | US$ 49.45 billion |
| Growth Rate (2023 to 2033) | 3.4% CAGR |
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Recent developments in the technology, mergers and acquisitions, and partnerships within the companies involved in the designing of Automotive Air Compressor are expected to create lucrative opportunities for the market growth over the analysis period.
Automotive Air Compressors are crucial equipment which assist in energy savings, low power consumption and low operating costs. It is considered as prime utility in an automotive manufacturing plant. In an air-conditioning system, the compressor is the power unit which compresses low pressure low temperature refrigerant into high pressure high temperature gas.
Along with air conditioning of automobiles, it is an integral component in vehicular air brakes, turbochargers, tire inflators and superchargers. It also provides pneumatic power to different tools such as nail guns, sandblasters, blow guns, air sanders, spray guns and many other tools required for operation in an automotive plant. It converts power into potential kinetic energy which can be later stored as pressurized air.
Automotive Air Compressor is used in every phase of an automotive production line from the assembly stage to the paint area, press stage and body shop stage. The different areas where an Automotive Air Compressor is used include pneumatic conveying, air-conditioning, plasma cutting, painting, car testing, tire inflation and air-conditioning.
Such demands have proliferated the usage of Automotive Air Compressor in the industry and surged their production. Moreover, the automotive facilities in today’s world, have different standards and protocols for operation. With the increasing labor cost day-by-day, cost of tools, maintenance cost and cost of raw materials, re-work has become expensive.
In such applications, Automotive Air Compressors are seeking usage by automotive professionals.The rental services in the Automotive Air Compressors have put a minor restraint in the market growth. Moreover replacement rate ranges from 4% for 10-12 year old vehicles to 2% for 4-6 year old vehicles with hefty replacement procedures which need to be performed professionally. T
hese factors are negatively impacting the market growth.The Automotive Air Compressor market has a lot of growth opportunities as the concern towards environment-friendliness is increasing. An automobile utilizing energy from an air compressor is considered as an environmentally friendly vehicle of the future.
By adopting the usage of Automotive Air Compressors, the shift towards green energy is initiated. Due to Automotive Air Compressors, production has multi-folded across the automotive industries at speeds that would be impossible if the tasks were solely done by manual efforts.
As countries outside the G8, are tending to develop a domestic manufacturing base to compete in regional and international markets, the use of Automotive Air Compressors is rapidly spreading throughout these areas. Over the next decade, these areas are likely possible to develop themselves into one of the most attractive markets for manufacturing of Automotive Air Compressors.
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In terms of operating conditions, Stationary Automotive Air Compressor segment is considered to be the major contributor for the growth of the Automotive Air Compressor market. The supporting reason is from the fact that these compressors deliver higher capacities of compressed air.
They find application in different automotive areas such as auto manufacturers, repair shops and at-home mechanics. The stationary Automotive Air Compressors are available in both horizontal and vertical orientations. They can be mounted on any type of system topography.
The Automotive Air Compressors market has rapidly grown and inclined towards a commercialization matrix over the past few years, as automotive & manufacturing sectors have witnessed larger expansions. They hold a major growth credit. Moreover, the key players in Automotive Air Compressor market have built on collaborations and partnerships which is also their top-notch sustainability strategy.
To select a suitable Automotive Air Compressor for varied requirements is a major challenge considering the many different types of Automotive Air Compressors and air treatment equipment which are available in the market.
The proliferated usage of these compressors across small, medium and large businesses have determined that it is the most crucial equipment in today’s industry to drive energy savings and important factors for calculating the total cost of ownership.
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Europe has one of the largest automobile manufacturing bases in the world. Countries like Germany being amongst the four largest car manufacturing countries in the world are considered as an investment option by key players in the Automotive Air Compressor market. It is cited as one of the chief regional pockets for the Automotive Air Compressor market growth.
In APAC region, rapid industrialization in China, Taiwan and India have been key driving factors for the Automotive Air Compressor market growth. In North America, USA has the lucrative opportunities and largest market share owing to its maturity in the automotive industry and evolving commercial vehicle production that demand air brakes and other compressor applications.
North America is also the largest automotive HVAC compressor market in the world. In Latin America, the Automotive Air Compressors market in Brazil accounts for more than half the market share of Latin America. Comparatively, Middle East & Africa have moderate prospects in the Automotive Air Compressor market due to more usage in industrial applications like oil and gas than automotive applications.
Some of the key players in Automotive Air Compressor Market across the value chain are as below:
The research report on the Automotive Air Compressor market presents a comprehensive assessment, and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data.
The Automotive Air Compressor market report also contains projections using a suitable set of assumptions and methodologies. The report provides analysis and information according to market segments such as Fleet, Product services, Geography and Equipment
The market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain.
The Automotive Air Compressor market report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
Industrial Automation
May 2023
REP-GB-7040
333 pages
Explore Automotive Insights
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Automotive Air Compressor Market
