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Electric HVAC Compressors in Automotive: Comprehensive Market Insights 2024
Automotive Electric HVAC Compressor Market Size
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According to The Business Research Company's, The automotive electric hvac compressor market size has grown exponentially in recent years. It will grow from $13.52 billion in 2023 to $16.69 billion in 2024 at a compound annual growth rate (CAGR) of 23.4%. The growth in the historic period can be attributed to environmental regulations, fuel efficiency standards, consumer demand for comfort, globalization of automotive manufacturing, improved energy management.
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.
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Market Drivers and Trends:
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.
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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Major Key Players of the Market:
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.
Automotive Electric HVAC Compressor Market 2024 Key Insights:
• 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%.
• Growing Adoption Of Electric Vehicles Boosts Automotive Electric Hvac Compressor Market
• Product Innovation Drives The Automotive Electric Hvac Compressor Market
• Asia-Pacific was the largest region in the automotive electric HVAC compressor in 2023
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