Passenger Car Segment to Display Higher Predilection for High Voltage Electric Heaters, details Fact.MR Study | Key Players are Webasto SE, LG Electronics Inc., Worry Corporation, etc.
With a deeper outlook into the global automobile industry, there has been a significant shift from internal combustion (IC) engine driven vehicles to the swelling implementation of eco-friendly electric and hybrid vehicles. In electric vehicles, fairly low quantity of waste heat is generated which is not adequate for heating requirements; therefore, high voltage electric heaters are preferred as a primary heating source in electric and hybrid vehicles. According to this recently published Fact.MR study, rising environmental concerns and emission regulations have enhanced inclination towards electric and hybrid vehicles, thereby, motivating demand for high voltage electric heaters in the coming years.
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According to this intelligent Fact.MR study, the penetration of electric and hybrid vehicles is about 5% of the overall automobile sales; however, it is estimated that in the following ten years the demand for electric and hybrid vehicles would expand at a noteworthy pace, thereby, acquiring a prominent share in the global automobile sales. This rapid growth of electric and hybrid vehicles will ultimately push the market for high voltage electric heaters during the period until 2029. The report approximates that the target market will undergo a ten-fold increase to acquire a market value of ~US$ 9 Bn by 2029.
Coolant Heaters to Exhibit Productive Growth
There has been an increasing focus towards supportable and cost-effective products, which is effectively backing the build-up of high voltage electric heaters market during the forecast period. For instance, automakers are progressively adopting coolant heaters since they offer dual advantage of refining battery performance and cabin heating. At present, the coolant heater market is showcasing substantial growth to offer tough competition to air heater. Focusing on market value, the air heater segment is likely to dominate the overall high voltage electric heaters market for few years but progressively, coolant heaters would be replacing air heaters with an escalated demand. According to researched statistics, coolant heaters will record significant growth merged with absolute dollar opportunity close to US$ 4.5 Bn from 2019 to 2029.
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High Voltage Electric Heater Sales to Experience Rising Trend in Passenger Cars
As examined through this study, passenger cars are projected to emerge as the most prominent vehicle type concerned with high voltage electric heaters. Looking at the overall electric vehicle market, passenger cars attain more than 90% of the overall electric vehicle sales, while demand for electric commercial vehicles is currently jammed at a nascent stage. The report estimates that demand for high voltage electric heaters in passenger cars would observe an absolute opportunity surpassing US$ 7 Bn during the stated forecast period.
In the final section of the report, major players operating in the global high voltage electric heaters market are thoughtfully mentioned with additional focus on vital factors such as company overview, SWOT analysis and key developments. The leading players as mentioned in the study include names like Mahle GmbH, DBK David + Baader GmbH, Worry Corporation, LG Electronics Inc., Mitsubishi Heavy Industries Ltd. and many more.
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