Press release
Automotive E Compressor Market to Hit USD 63.21 Billion by 2030 Owing to Rising Demand for Electric Vehicles (EVs) and Technological Innovations
Automotive E Compressor Market
The automotive E compressor market, as indicated by the SNS Insider report, achieved a valuation of USD 13.75 billion in 2022. It is anticipated to exhibit substantial growth, reaching USD 63.21 billion by 2030, with a projected Compound Annual Growth Rate (CAGR) of 21% during the forecast period spanning from 2023 to 2030.
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Major Players
Mitsubishi Heavy Industries, Ltd., Robert Bosch GmbH, SCHOTT AG, Hanon Systems, Highly Marelli Holdings Co., Ltd., Denso Corporation, Aptiv PLC, MAHLE GmbH, Panasonic Corporation, BorgWarner, Sanden Corporation, Toyota Industries Corporation, Valeo S.A., and WABCO are some of the major key players in the Automotive E Compressor Market.
Market Report Scope
An electric compressor, or E compressor, is a crucial component in modern vehicle air conditioning and turbocharging systems. Unlike traditional compressors driven by engine power, E compressors operate independently, enhancing fuel efficiency and reducing emissions. Automotive E compressors contribute significantly to the improvement of overall vehicle efficiency by reducing the load on the engine. This leads to optimized fuel consumption and, consequently, a decrease in carbon footprint.
Market Analysis
The automotive E compressor market is experiencing robust growth, driven by several key factors that shape the industry landscape. The surge in popularity of electric vehicles is a major growth driver for the market. As automakers increasingly shift towards electrification, the demand for efficient and eco-friendly components like E compressors is on the rise. Governments worldwide are tightening regulations to curb vehicular emissions. The automotive E compressor, by enhancing fuel efficiency and reducing the carbon footprint, aligns seamlessly with these sustainability initiatives, driving its market growth. Ongoing advancements in E compressor technology, including improved energy efficiency and intelligent control systems, are attracting both automakers and consumers. The integration of smart features enhances the overall driving experience, contributing to market expansion.
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Impact of Recession
Economic downturns often result in reduced consumer spending. As purchasing power diminishes, the demand for new vehicles, including those equipped with advanced components like E compressors, may experience a temporary decline. Government stimulus packages aimed at reviving the economy could influence the automotive sector positively. Incentives for electric vehicles and green technologies may mitigate the recession's impact on the automotive E compressor market, fostering continued growth.
Impact of Russia-Ukraine War
Both Russia and Ukraine play crucial roles in the global supply chain for automotive components. Any disruptions in the supply of raw materials or manufacturing processes could affect the production and availability of E compressors, leading to potential market instability. The automotive industry may respond to geopolitical uncertainties by diversifying supply chain sources and reassessing geopolitical risks. This could lead to strategic decisions that influence the dynamics automotive E compressor market.
Key Regional Development
The APAC region stands as a powerhouse in the automotive E compressor market, driven by the presence of key automotive manufacturing hubs and a growing demand for electric vehicles. North America has been quick to adopt advanced automotive technologies, including electric and hybrid vehicles. The demand for E compressors in the region is bolstered by a tech-savvy consumer base and supportive government policies promoting eco-friendly transportation. Europe's stringent emission regulations and a strong emphasis on environmental sustainability position the region as a significant player in the market. The push toward electrification and green mobility aligns with the market's growth trajectory.
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Key Takeaway from Automotive E Compressor Market Study
Passenger Vehicles stand out as the primary driver in the market. The surge in consumer demand for efficient, eco-friendly, and high-performance vehicles has spurred the integration of electric compressors across various models. The Passenger Vehicles segment encompasses a diverse range, from compact cars to SUVs, and manufacturers are strategically aligning their offerings with electrification trends.
Within the broader spectrum of electric vehicles, Battery Electric Vehicles (BEVs) emerge as the cornerstone of growth for the market. BEVs, powered solely by electric batteries, are becoming increasingly popular due to their zero-emission profile and alignment with sustainability objectives. The integration of E-Compressors in BEVs is pivotal for maintaining cabin comfort, ensuring optimal battery performance, and maximizing the overall efficiency of these electric vehicles.
Recent Developments Related to Automotive E Compressor Market
Garrett, a leader in automotive technology, has unveiled its next-generation electric compressor technology, marking a significant stride in the realm of hydrogen fuel cell vehicles. This pioneering technology promises to reshape the landscape of eco-friendly transportation, addressing key challenges in the hydrogen fuel cell sector.
In a strategic move to bolster its position in the rapidly evolving landscape of electrification, Mahle, a renowned player in the automotive supply industry, is expanding its role with the introduction of e-compressors.
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Akash Anand - Head of Business Development Strategy
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SNS Insider is one of the leading market research and consulting agencies that dominates the market research industry globally. Our company's aim is to give clients the knowledge they require in order to function in changing circumstances. In order to give you current, accurate market data, consumer insights, and opinions so that you can make decisions with confidence, we employ a variety of techniques, including surveys, video talks, and focus groups around the world.
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