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EV Smart HVAC System Market Size, Business Growth Updates, Trends, Industry Report And Forecast To 2033
EV Smart HVAC System Market Size
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According to The Business Research Company's, The EV smart HVAC system market size has grown strongly in recent years. It will grow from $4.69 billion in 2023 to $5.15 billion in 2024 at a compound annual growth rate (CAGR) of 9.8%. The growth in the historic period can be attributed to increased adoption of electric vehicles, government regulations and incentives, consumer demand for comfort, integration with renewable energy, a rise in disposable income, urbanization, and smart cities.
The EV smart HVAC system market size is expected to see strong growth in the next few years. It will grow to $7.52 billion in 2028 at a compound annual growth rate (CAGR) of 9.9%. The growth in the forecast period can be attributed to the increasing deployment of electric buses, trucks, and other commercial vehicles, consumer demand for comfort and convenience, autonomous vehicle development, and investments in charging infrastructure. Major trends in the forecast period include energy efficiency focus, smart and connected HVAC systems, hybrid HVAC systems, compact and lightweight designs, customization and personalization, and sustainability initiatives.
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Market Drivers and Trends:
The increase in the number of data breaches is expected to propel the growth of the data recovery services market going forward. A data breach is the unauthorized access, disclosure, or acquisition of sensitive information, potentially compromising its confidentiality, integrity, or availability. The increase in the number of data breaches can be attributed to factors such as the growing sophistication of cyberattacks, inadequate cybersecurity measures, and the increasing digitization of sensitive information. Data recovery services mitigate data breaches by offering proactive data backup solutions, ensuring that organizations can quickly recover data in the event of a breach, thereby reducing the impact and potential losses. For instance, in January 2024, according to the Identity Theft Resource Center (ITRC), a US-based non-profit organization established to minimize the risk and mitigate the impact of identity compromise, there were 3,205 recorded data breaches in 2023, up 78% from 2022 and 72% from the previous peak in 2021 in the United States. Therefore, the increase in data breaches is driving the growth of the data recovery services market.
Major companies operating in the EV smart HVAC system market are focusing on developing advanced thermal management technologies for commercial electric vehicles, such as heat exchanger technology, to enhance energy efficiency and comfort while reducing environmental impact. Heat exchanger technology optimizes cabin comfort and vehicle performance by efficiently transferring heat between the cabin air, battery thermal management systems, and power electronics cooling components. For instance, in May 2022, Modine Manufacturing, a U.S.-based provider of thermal management solutions, launched a new EVantage line of thermal management systems for commercial electric vehicles. The battery thermal management system (BTMS) gives customers full control of battery temperature in all environments, from hot summer afternoons to icy winter mornings. The system optimizes the temperature range for an entire bank of batteries with a single unit while minimizing power draw with multi-stage cooling and heating. The electronics cooling package (ECP) keeps the traction motor and power electronics cool for all loads. This complete solution is designed to maintain optimal fluid temperatures for the traction motor and power electronics circuits, utilizing multi-zone cooling.
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Major Key Players of the Market:
Bosch Mobility Solutions, Denso Corporation, Sanden Holdings Corporation, Continental AG, Toyota Industries Corporation, Valeo SA, Marelli Holdings Co. Ltd., BorgWarner Inc, Mahle GmbH, Brose Fahrzeugteile GmbH & Co KG, Hella GmbH & Co. KGaA, Hanon Systems Deutschland GmbH, Eberspächer Group, Webasto Group, HVCC (Halla Visteon Climate Control), Johnson Electric Holdings Limited, Thermo King, Modine Manufacturing Company, Preh GmbH, Delphi Technologies, SMP Deutschland GmbH, NORMA Group, Gentherm Incorporated, Songz Automobile Air Conditioning Co. Ltd., Kendrion NV, Subros Limited, Voss Automotive GmbH, Keihin Corporation
EV Smart HVAC System Market 2024 Key Insights:
• The EV smart HVAC system market size is expected to see strong growth in the next few years. It will grow to $7.52 billion in 2028 at a compound annual growth rate (CAGR) of 9.9%.
• Rise Of Autonomous Automobiles And The EV Smart HVAC System Market
• Thermal Management Solution Enhances Commercial EVs Performance and Comfort
• Asia-Pacific was the largest region in the EV smart HVAC system market in 2023 and is expected to be the fastest-growing region in the forecast period
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