Major Upsurge in the Demand for High Voltage Electric Heaters Likely to Push Global Revenues During 2018 to 2028 | Major Players - BorgWarner , Eberspächer Gruppe GmbH , Webasto , Woory Corporation , Mahle Gmbh , Tutco Inc , LG Electronics
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The high voltage electric heaters market is likely to witness a robust growth in the coming years, with the market expected to surpass US$ 600 million by the end of 2018, as per the latest report by Fact.MR. The significant growth in the high voltage electric heaters market is influenced by the increasing demand for electric vehicles worldwide. Regulations on CO2 emission is also resulting in the shift from conventional vehicle to electric and hybrid vehicles.
With the growing demand for electric vehicles across countries, high voltage electric heaters and high voltage air heaters are being used on a large scale in these vehicles as efficient air heating solution. The electric vehicle manufacturers are looking for more efficient high voltage air heaters to improve the performance of the electric vehicles.
This is resulting in the manufacturers in the high voltage electric heaters market are focusing on new technology that uses less energy in electric vehicle for air heating, cooling and humidity control.
China to Offer Significant Growth Opportunities in High Voltage Electric Heaters Market
The demand for electric vehicles is likely to witness a significant growth in China. The high voltage electric heaters market in China is expected to exceed US$ 300 million by the end of 2018, according to the study by Fact.MR.
According to the International Energy Agency Report (IEA), the number of electric cars sold in China in 2017 almost doubled the number of electric cars sold in the US. China also accounts for half of the global sales of electric vehicles. Strong policy push is one of the major factors driving the demand for electric vehicles in the country.
The shift to electric vehicles in the country is also resulting in increased demand for some major components and materials used in electric vehicles including high voltage electric heaters. Moreover, the Chinese government is also an active participant in the Electric Vehicle Initiative (EVI) accelerating the deployment of electric vehicles.
The leading companies providing technology solutions and components for electric vehicles are also increasing their supply in China owing to the high demand. A lot of electric vehicles in China from the stage for research and development are entering into the stage of industrialization thereby creating growth opportunities for high voltage electric heaters manufacturers worldwide.
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Passenger Cars to Account for the Largest Share in High Voltage Electric Heaters Market
The development of efficient and economic electric commercial vehicles is driving the demand for high voltage electric heaters in passenger cars. Passenger cars are projected to witness robust growth, bringing in more than US$600 million by 2018 end, as per the report by Fact.MR.
Hybrid and electric vehicles sales are on a rise in both developed and developing regions, owing to the new regulations on CO2 emission. Moreover, rising oil prices are also driving the demand for electric vehicles worldwide. The low cost of electric cars as compared to petrol and diesel cars is the key factor driving rapid adoption in countries like Japan, the US, and UK. Meanwhile, the electric vehicles as the passenger cars are likely to become cheap without subsidies in the near future.
With the growing demand for electric vehicles, leading players in the high voltage electric heaters market are launching new products improving battery performance by using less power from the battery.
The overall prospects for the high voltage electric heaters market are anticipated to remain positive in the coming years. The demand for high voltage electric heaters is expected to reach 23.2% CAGR during 2018-2028.
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