Press release
Automotive Electric HVAC Compressor Market Competitive Analysis, Size, Trends And Outlook 2024
Automotive Electric HVAC Compressor Market
The automotive electric hvac compressor market size is expected to see exponential growth in the next few years. It will grow to $36.99 billion in 2028 at a compound annual growth rate (CAGR) of 22.0%. The growth in the forecast period can be attributed to electrification of vehicles, autonomous vehicles, increased vehicle connectivity, enhanced energy efficiency, consumer demand for advanced features, sustainability initiatives. Major trends in the forecast period include integration with thermal management systems, smart climate control, integration of cabin air quality sensors, thermal comfort in autonomous vehicles, advanced refrigerant technologies.
Market Overview -
The automotive electric HVAC compressor are used to avoid vehicle breakdowns and keep the cabin and battery pack cool to protect the battery from overheating. HVAC refers to automotive electric heating, ventilation, and air conditioning. These act as the heart of the cooling function in automotive vehicles.
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Growing Adoption Of Electric Vehicles Boosts Automotive Electric Hvac Compressor Market
The increasing adoption of electric vehicles (EVs) is expected to contribute to the growth of the automotive electric HVAC compressor market going forward. Electric vehicles refer to vehicles that use one or more electric motors as a means of propulsion that run on electricity. In electric vehicles, an electric HVAC compressor is required to cool not only the cabin but also other onboard electronics that tend to get hot. Therefore, the role of these compressors is expanding for electric vehicles and their production is increasing. For instance, in October 2022, according to World Economic Forum, a Switzerland based international non-governmental and lobbying organization, around 4.3 million new battery-powered electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs) were sold globally in the first half of 2022. BEV sales grew by 75% on the year and PHEVs by 37%. Additionally, in July 2022, according to Times of India, an India based English-language daily newspaper and digital news media company, retail sales of electric vehicle (EVs) clocked 390,399 units in the first half (1H) of 2022.This represents a 333% year-over-year (YoY) growth compared to the 90,102 units sold in the same period in 2021. Therefore, the increasing adoption of EVs is driving the growth of the automotive electric HVAC compressor market.
Competitive Landscape -
Major companies operating in the automotive electric hvac compressor market report are Denso Corporation, Toyota Industries Corporation, Valeo SA, MAHLE GmbH, Robert Bosch GmbH, Highly Marelli Holdings Co. Ltd., Brose Fahrzeugteile SE & Co. KG, Borg Warner Inc., Hanon Systems, Aptiv plc, Mitsubishi Heavy Industries Ltd., WABCO Holdings Inc., Estra Automotive Systems Co. Ltd., Hella KGaA Hueck & Co., Merck Co. & KGaA, Subros Ltd., Michigan Automotive Compressor Inc., Shanghai Highly Group Co. Ltd., Continental AG, Sanden Holdings Corporation, Behr Hella Service GmbH, Calsonic Kansei Corporation, Delphi Technologies plc, Panasonic Corporation, Johnson Controls International plc, Modine Manufacturing Company, Sensata Technologies Holdings plc, Xiezhong International Holdings Limited, Red Dot Corporation, Eberspaecher Climate Control Systems GmbH & Co. KG.
Product Innovation Drives The Automotive Electric Hvac Compressor Market
Product innovations have emerged as the key trend gaining popularity in the automotive electric HVAC compressor market. Major companies in the market are focused on launching innovative products to meet consumer demand. For instance, in November 2021, Embraco, a Brazil-based manufacturer of compressors, launched a new compressor platform for refrigerators. The ES and FMS are two compressors launched by the Embraco. FMS is the small compressor at a height of 123 millimeters while MS is the bigger one.
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Key Segments -
The automotive electric hvac compressor market covered in this report is segmented -
1) By Product Type: Scroll, Screw, Swash, Wobble
2) By Vehicle Type: Passenger Vehicle, Light Commercial Vehicle (LCV), Heavy Commercial Vehicle (HCV), Buses And Coaches
3) By Cooling Capacity: Less Than 20 CC, 20-40 CC, 40-60 CC, More Than 60 CC
4) By Drivetrain: Plug-In Hybrid Electric Vehicles (PHEV), Battery Electric Vehicles (BEV), Hybrid Electric Vehicles (HEV)
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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