Press release
Key Trends Shaping the Future Automotive Electric HVAC Compressor Market From 2025-2034: Product Innovation Drives The Automotive Electric HVAC Compressor Market
Automotive Electric HVAC Compressor Market Size
The anticipated surge in electric vehicle (EV) uptake is predicted to fuel the expansion of the automotive electric HVAC compressor market. EVs, which operate on electricity via one or more electric motors, necessitate the use of an electric HVAC compressor. This device not only cools the interior of the vehicle but also mitigates the heat generated by other on-board electronics. Consequently, these compressors' role is becoming increasingly significant within EVs and their production levels are escalating. For example, statistics from the World Economic Forum, a Switzerland based non-governmental and lobbying body, reveal that approximately 4.3 million battery-powered electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs) were sold worldwide in the first six months of 2022. This represented a year-on-year increase of 75% and 37% in BEV and PHEV sales, respectively. Further, data from Times of India, an Indian English-language daily newspaper and digital news outlet, stated that in the first half of 2022, EV retail sales reached 390,399 units. This is a 333% year-over-year growth compared to the 90,102 units sold during the first half of 2021. Hence, the rising uptake of EVs is propelling the growth of the automotive electric HVAC compressor market.
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What growth opportunities are expected to drive the automotive electric hvac compressor market's CAGR through 2034?
The size of the automotive electric HVAC compressor market has experienced exponential growth in the past few years. The market is forecasted to escalate from $16.48 billion in 2024 to $20.24 billion in 2025, reflecting a compound annual growth rate (CAGR) of 22.8%. Factors contributing to the growth observed in the historical period include environmental regulations, standards for fuel efficiency, consumer expectations for comfort, the globalization of automotive manufacturing, and enhanced energy management.
The market size of automotive electric hvac compressors is projected to witness a significant surge in the forthcoming years, reaching a valuation of $44.52 billion by 2029 with a compound annual growth rate (CAGR) of 21.8%. This projected expansion during the forecast phase is tied to factors such as vehicle electrification, autonomous vehicles, heightened vehicle connectivity, superior energy efficiency, heightened consumer interest for advanced features, and initiatives focused on sustainability. The forecast period will also see key trends like the integration with thermal management systems, smart climate control, the inclusion of cabin air quality sensors, thermal comfort in autonomous vehicles, as well as advancements in refrigerant technologies.
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What are the emerging trends shaping the future of the automotive electric hvac compressor market?
The primary trend gaining traction in the automotive electric HVAC compressor market is product innovation. Major market players are zeroing in on the introduction of inventive products to satisfy customer needs. To illustrate, TCCI Manufacturing, a compressor manufacturer based in the US, debuted its 850V electric compressor for the commercial transport market in January 2022. The 850V compressor, offered in 34cc/46cc/60cc/120cc sizes, ensures optimal cabin and battery cooling for commercial electric vehicles and boasts the fastest charging and longest lifespan available in the industry.
Which growth-oriented segments of the automotive electric hvac compressor market are leading the industry's development?
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)
Subsegments:
1) By Scroll: Single Scroll Compressors, Dual Scroll Compressors
2) By Screw: Single-Screw Compressors, Twin-Screw Compressors
3) By Swash Plate: Fixed Displacement Swash Compressors, Variable Displacement Swash Compressors
4) By Wobble: Fixed Displacement Wobble Compressors, Variable Displacement Wobble Compressors
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What regions are leading the charge in the automotive electric hvac compressor market?
Asia-Pacific was the largest region in the automotive electric HVAC compressor in 2024.Europe was the second largest region in the automotive electric HVAC compressor market share. The regions covered in the automotive electric HVAC compressor market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
What companies are at the forefront of innovation in the automotive electric hvac compressor market?
Major companies operating in the automotive electric hvac compressor market include 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., Estra Automotive Systems Co. Ltd., Hella KGaA Hueck & Co., 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, Xiezhong International Holdings Limited, Red Dot Corporation, Eberspaecher Climate Control Systems GmbH & Co. KG.
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What Is Covered In The Automotive Electric HVAC Compressor Global Market Report?
•Market Size Forecast: Examine the automotive electric hvac compressor market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the automotive electric hvac compressor market for a structured understanding.
•Key Players Overview: Analyze major players in the automotive electric hvac compressor market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the automotive electric hvac compressor market.
•Segment Contributions: Evaluate how different segments drive overall growth in the automotive electric hvac compressor market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the automotive electric hvac compressor market.
•Industry Challenges: Identify potential risks and obstacles affecting the automotive electric hvac compressor market.
•Competitive Landscape: Review strategic developments in the automotive electric hvac compressor market, including expansions, agreements, and new product launches.
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