Press release
EV Smart HVAC System Market Anticipated To Witness Robust Growth, Surpassing $8.25 Billion By 2029
EV Smart HVAC System Market
What Is the Current EV Smart HVAC System Market Size and Its Estimated Growth Rate?
The EV smart HVAC system market has seen rapid growth in recent years. It is projected to grow from $5.15 billion in 2024 to $5.67 billion in 2025, with a compound annual growth rate (CAGR) of 10.1%. The growth during the historical period is driven by increased adoption of electric vehicles, government regulations and incentives, demand for enhanced comfort, integration with renewable energy sources, rising disposable income, urbanization, and the development of smart cities.
The EV smart HVAC system market is set to grow to $8.25 billion by 2029, with a CAGR of 9.9%. Growth drivers include the rise of electric buses and trucks, consumer demand for comfort, the development of autonomous vehicles, and investments in charging infrastructure. Key trends in the forecast period include a focus on energy efficiency, connected HVAC systems, hybrid systems, compact designs, and sustainability initiatives.
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How Are Emerging Segments Shaping the EV Smart HVAC System Market Landscape?
The EV smart HVAC system market covered in this report is segmented -
1) By Type: Engine Powered HVAC, Electric Powered HVAC
2) By Component: Compressor, Condenser, Heater Core, Evaporator, Other Components
3) By Technology: Automatic, Semi Automatic, Manual
4) By Application: Passenger Car, Commercial Vehicles
Subsegments:
1) Engine Powered HVAC: Internal Combustion Engine (ICE) HVAC Systems, Hybrid Engine HVAC Systems
2) Electric Powered HVAC: Fully Electric HVAC Systems, Battery-Powered HVAC Systems, Heat Pump HVAC Systems
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Which Growth Factors Are Influencing EV Smart HVAC System Market Expansion?
The increasing number of autonomous vehicles is expected to propel the growth of the EV smart HVAC system market. Autonomous vehicles, also known as self-driving cars, operate without human intervention, using sensors and AI to navigate and perform essential tasks. The demand for autonomous vehicles is growing due to a desire for safer and more efficient transportation, alongside regulatory support for their development. Smart HVAC systems in electric vehicles optimize passenger comfort and energy efficiency by adjusting temperature and airflow automatically based on external conditions and passenger preferences. For example, a December 2022 report by the Insurance Institute for Highway Safety projected that 3.5 million autonomous vehicles would be on U.S. roads by 2025, with the number expected to rise to 4.5 million by 2030. This growing number of autonomous vehicles is driving the demand for EV smart HVAC systems.
Who Are the Dominant Players Across Different EV Smart HVAC System Market Segments?
Major companies operating in the EV smart HVAC system market are 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
What EV Smart HVAC System Market Trends Are Gaining Traction Across Different Segments?
Major firms in the EV smart HVAC system market are putting their efforts into creating innovative thermal management solutions for commercial electric vehicles. These include the development of heat exchanger technology, aimed at improving energy efficiency and comfort while also minimizing environmental damage. This technology works by effectively transferring heat between the cabin air, battery thermal management systems and power electronics cooling components, thereby optimizing cabin comfort and overall performance of the vehicle. In May 2022, for example, Modine Manufacturing, based in the U.S. and known for its thermal management solutions, introduced its fresh EVantage range of thermal management systems for commercial electric vehicles. The functionality of its battery thermal management system (BTMS) empowers customers to control battery temperature invariably, from stifling summer afternoons to frosty winter mornings. This system ensures optimal temperature for a whole bank of batteries using a single unit, minimizing power consumption with the help of multi-stage cooling and heating. The electronics cooling package (ECP) is designed to keep the power electronics and the traction motor at low temperatures under all load conditions. This comprehensive solution is tailored to maintain the best fluid temperatures for the power electronics and the traction motor circuits using multi-zone cooling.
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Which Geographic Regions Are Expected to Dominate the EV Smart HVAC System Market in the Coming Years?
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. The regions covered in the EV smart HVAC system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the EV Smart HVAC System Market?
2. What is the CAGR expected in the EV Smart HVAC System Market?
3. What Are the Key Innovations Transforming the EV Smart HVAC System Industry?
4. Which Region Is Leading the EV Smart HVAC System Market?
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