diff --git a/CHANGELOG.md b/CHANGELOG.md
index 671df7adc..5cbdd536a 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -2,6 +2,10 @@
 
 ## master
 
+* Only compile components at application initialization if eager loading is enabled.
+
+    *Joel Hawksley*
+
 ## 2.20.0
 
 * Don't add `/test/components/previews` to preview_paths if directory doesn't exist.
diff --git a/Gemfile.lock b/Gemfile.lock
index 08d98d6ea..bd47fac0b 100644
--- a/Gemfile.lock
+++ b/Gemfile.lock
@@ -86,7 +86,7 @@ GIT
 PATH
   remote: .
   specs:
-    view_component (2.19.1)
+    view_component (2.20.0)
       activesupport (>= 5.0.0, < 7.0)
 
 GEM
diff --git a/lib/view_component/engine.rb b/lib/view_component/engine.rb
index dd2d05134..e387f5eed 100644
--- a/lib/view_component/engine.rb
+++ b/lib/view_component/engine.rb
@@ -44,7 +44,7 @@ class Engine < Rails::Engine # :nodoc:
 
     initializer "view_component.eager_load_actions" do
       ActiveSupport.on_load(:after_initialize) do
-        ViewComponent::Base.descendants.each(&:compile)
+        ViewComponent::Base.descendants.each(&:compile) if Rails.application.config.eager_load
       end
     end