The surging investments being made in infrastructural development and construction projects in countries such as India and China are causing a sharp rise in the sales of compressors in the Asia-Pacific region. Currently, there are many infrastructural development projects in pipeline in China. According to reports China approved the development of rail projects worth $43.3 billion in Shanghai in December 2018. Similarly, the Indian government is aiming to build as many as 100 smart cities and renovate other 500 cities.
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Some of the major application areas of compressors in this industry are car painting, tire inflation, engine construction, and air-conditioning systems. As per many surveys, the sales of vehicles (all types) grew by around 35% in China from 2012 to 2019, while in India, automobile sales increased by almost 22% from 2012 to 2018. With the rise in vehicle sales, the demand for compressors is surging sharply in the region.
This is fueling the expansion of the APAC compressor market. As a result, the value of the 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.
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.
Some of the major application areas of compressors in this industry are car painting, tire inflation, engine construction, and air-conditioning systems. As per many surveys, the sales of vehicles (all types) grew by around 35% in China from 2012 to 2019, while in India, automobile sales increased by almost 22% from 2012 to 2018. With the rise in vehicle sales, the demand for compressors is surging sharply in the region.
This is fueling the expansion of the APAC compressor market. As a result, the value of the 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.
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.
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