The global automotive HVAC compressor market to grow at a CAGR of 4.73% during the period 2017-2021.
The report, Global Automotive HVAC Compressor Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
According to the report, one driver in market is low penetration of passenger cars in APAC. The penetration of cars in APAC is low compared with other regions, converting APAC into a favorable market for car OEMs. India had one of the lowest car penetrations in the world, about 15 cars per 1,000 people in 2016. China had about 60 cars per 1,000 people and Brazil had 203 cars per 1,000 in 2016. Developed countries, such as the US, have a car penetration of about 800 cars per 1,000 people in 2016. Decreased penetration of cars in emerging countries are presenting a wide opportunity for car OEMs to start their business in APAC. The automotive industry is expected to expand in emerging countries such as China, India, Brazil, South Korea, Indonesia, and parts of eastern Europe.