The rapid expansion of the automotive industry, on account of the surging disposable income of people, the burgeoning requirement for electric cars, and the rapid technological advancements and innovations, is one of the major factors responsible for the mushrooming sales of compressors across the world. This is because compressors are heavily used in various applications in the automotive industry such as car painting, tire inflation, engine construction, and air conditioning systems.
According to various reports, over 2.1 million electric cars were sold across the globe in 2019. Moreover, electric cars accounted for as much as 2.6% of the total car sales around the world in 2019, registering a year-on-year (Y-o-Y) growth of 40% from the previous year. Apart from the growth of the automotive industry, the boom in the heating, ventilation, and air conditioning (HVAC) industry is also positively impacting the sales of compressors all over the globe.
Because of the rapid construction of commercial and residential buildings, the ballooning popularity of smart homes, and the development of highly energy-efficient systems, the HVAC industry is registering huge expansion across the world. This is subsequently pushing up the demand for compressors, which is, in turn, driving the advancement of the global compressor market. As a result, the market valuation is predicted to grow from $39.9 billion in 2019 to $48.5 billion by 2030.
Furthermore, the market is predicted to progress at a CAGR of 3.1% between 2020 and 2030. Depending on compressor type, the compressor market is divided into positive displacement and dynamic categories. Of these, the positive displacement category recorded higher growth in the market during the last few years and this trend will continue in the forthcoming years as well. This is attributed to the large-scale usage of positive displacement compressors in various small and medium-scale industries around the world.