Press release
Future of the EV Smart HVAC System Market: Trends, Innovations, and Key Forecasts Through 2034
EV Smart HVAC System
EV Smart HVAC System Market Size Growth Forecast: What to Expect by 2025?
In recent times, the market size for the EV smart HVAC system has seen swift expansion. The market valued at $5.15 billion in 2024 is projected to increase to $5.67 billion in 2025, showing a compound annual growth rate (CAGR) of 10.1%. The historic growth has been driven by several factors including the rising use of electric vehicles, state rules and incentives, the quest for comfort by customers, integration with renewable energy sources, climbing disposable incomes, urban growth, and the emergence of smart cities.
How Will the EV Smart HVAC System Market Size Evolve and Grow by 2029?
The market size of the smart HVAC system for EVs is anticipated to witness substantial growth in the coming years. The market is set to reach $8.25 billion by 2029, growing at a compound annual growth rate (CAGR) of 9.9%. Factors such as the escalating use of electric buses, trucks, and other commercial vehicles, consumer preferences for comfort and convenience, advancements in autonomous vehicles, and investment in charging infrastructure are contributing to the growth during the forecast period. Key trend projections for this period involve a concentration on energy efficiency, intelligent and interconnected HVAC systems, hybrid HVAC systems, compact and lightweight models, bespoke and personalized features, and sustainability undertakings.
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What Drivers Are Propelling the Growth of EV Smart HVAC System Market Forward?
The growth of the EV smart HVAC system market is anticipated to be driven by the rising number of self-driving cars in the future years. These automobiles, which are autonomous or driverless, don't require human intervention to function, recognize their environment, and carry out essential tasks. The surge in these vehicles is attributed to the market's need for safer and more efficient transport, coupled with regulatory measures encouraging the use of such vehicles. Smart HVAC systems present in autonomous electric cars heighten passenger comfort and boost energy effectiveness via automated amendments to temperature and airflow predicated on environmental scenarios and the passengers' choices. For example, the Insurance Institute for Highway Safety, a non-profit organization based in the US, forecasted in a report in December 2022 that by 2025, approximately 3.5 million self-driving cars would be present on American roads. Furthermore, the figure is expected to reach 4.5 million by 2030. Consequently, the ascend in autonomous vehicles is propelling the EV smart HVAC system market.
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Which Emerging Trends Are Transforming the EV Smart HVAC System Market in 2025?
Major players in the EV smart HVAC system market are concentrating their efforts on creating advanced thermal management technologies for commercial electric vehicles, such as heat exchanger technology. This technology bolsters energy efficiency and comfort while lessening environmental harm. It enables an optimal distribution of heat between the cabin air, battery thermal management systems, and power electronics cooling components to improve cabin comfort and vehicle performance. For example, in May 2022, Modine Manufacturing, a company based in the U.S. known for offering thermal management solutions, unveiled their new EVantage suite of thermal management systems specifically for commercial electric vehicles. This battery thermal management system (BTMS) provides customers complete control over battery temperature in varying climates, from sweltering summers to freezing winters. This system optimally manages the temperature for an entire group of batteries using a single unit and minimizes power consumption using multi-stage heating and cooling. Moreover, the electronic cooling package (ECP) consistently keeps the motor and power electronics at a cool temperature for all loads. This comprehensive solution is designed with the goal of maintaining ideal fluid temperatures for the traction motor and power electronics circuits by applying multi-zone cooling.
What Are the Key Segments in the EV Smart HVAC System Market?
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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Who Are the Key Players Shaping the EV Smart HVAC System Market's Competitive Landscape?
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 Geographic Markets Are Powering Growth in the EV Smart HVAC System Market?
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.
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