The value of the APAC compressor market will grow from $19.9 billion in 2019 to $25.7 billion by 2030. Furthermore, the market will advance at a CAGR of 3.2% between 2020 and 2030. When application is taken into consideration, the market is divided into automotive, construction, power, industrial manufacturing, chemical and cement, heating, ventilation, air conditioning, and refrigeration (HVAC-R), oil and gas, food and beverage, and textile.
Out of these categories, the automotive category recorded the highest growth in the APAC compressor market in the past, as per the observations of the market research company, P&S Intelligence. This was primarily because of the extensive manufacturing of motor vehicles, especially electric vehicles, for catering to the mushrooming requirement for automobiles in the region.
According to reports, 37.5 million vehicles were manufactured in the APAC region in 2014 and this number rose to more than 45 million in 2019. The APAC compressor market will demonstrate the fastest growth in India in the coming years. This will be because of the soaring automobile manufacturing and the expansion of the industrial sector in the country. For instance, more than 4 million vehicles were manufactured in the country in 2019 and this number is predicted to surge sharply in the future.
Additionally, the growth of the construction industry and various small businesses is propelling the market advancement in the country. Therefore, it can be said with full confidence that the demand for compressors will rise enormously in APAC in the forthcoming years, mainly because of the expansion of the automotive and construction industries.
This market research report provides a comprehensive overview of the market
* Future potential of the market through its forecast for the period 2020– 2030
* Major factors driving the market and their impact during the short, medium, and long terms
* Market restraints and their impact during the short, medium, and long terms
* Recent trends and evolving opportunities for the market participants
* Historical and the present size of the market segments and understand their comparative future potential
* Potential of on-demand logistics services, so the market players make informed decisions on the sales of their offerings
