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Automotive Electric HVAC Compressor Market Size Forecast: $43.16 Billion by 2029 | Global Outlook
Automotive Electric HVAC Compressor
What Is the Projected Market Size Valuation of the Automotive Electric HVAC Compressor Market by 2025?
The size of the automotive electric HVAC compressor market has seen substantial expansion in the past few years. It is projected to increase from a value of $16.48 billion in 2024 to $20.01 billion in 2025, displaying a compound annual growth rate (CAGR) of 21.4%. This notable growth during the historical period is largely due to environmental regulations, the standardization of fuel efficiency, consumer preference towards comfort, the worldwide influence of car manufacturing, and enhanced energy management.
What Is the Estimated Market Growth Value for the Automotive Electric HVAC Compressor Industry in 2029?
The market for automotive electric HVAC compressors is projected to experience significant growth in the coming years, reaching a staggering $43.16 billion by 2029, with a compound annual growth rate (CAGR) of 21.2%. This increase during the forecast period can be ascribed to factors such as the electrification of vehicles, growth of autonomous vehicles, enhanced vehicle connectivity, improved energy efficiency, consumer desire for advanced features, and sustainability measures. Looking ahead, key trends set to dominate the forecast period encompass integration with thermal management systems, intelligent climate control, the inclusion of cabin air quality sensors, thermal comfort in autonomous vehicles, and the utilization of advanced refrigerant technologies.
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What Are the Growth Drivers and Opportunities in the Automotive Electric HVAC Compressor Market?
The boom in the usage of electric vehicles (EVs) is anticipated to fuel the expansion of the automotive electric HVAC compressor market. Electric vehicles, driven by one or more electric motors powered by electricity, necessitate an electric HVAC compressor. These compressors offer cooling for not only the vehicle's interior but also its intricate electronic systems that tend to heat up. Now, the application of these compressors is enlarging within electric vehicles, resulting in increased production. For instance, the World Economic Forum, a non-governmental and lobbying organization based in Switzerland, reported that about 4.3 million new battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs) were sold globally in the first six months of 2022. It highlighted a year-on-year growth of 75% for BEVs and 37% for PHEVs in October 2022. Furthermore, in July 2022, as per the Times of India, a prominent English-language daily newspaper and digital news platform based in India, retail sales of EVs marked 390,399 units in the first half of 2022. This figure indicates a substantial leap of 333% YoY as compared to the 90,102 units sold during the same timeframe in 2021. Hence, the rising acceptance of EVs propels the development of the automotive electric HVAC compressor market.
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What Are the Primary Segments Covered in the Global Automotive Electric HVAC Compressor Market Report?
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
What Are the Top Growth Trends in the Automotive Electric HVAC Compressor Market?
The automotive electric HVAC compressor market has witnessed a significant trend in product innovations. With a focus to cater to consumer needs, companies in this market are concentrating on introducing cutting-edge products. For instance, TCCI Manufacturing, an American compressor producing company, in January 2022, unveiled an 850V electric compressor for the commercial transport market. The offered 850V compressor, which comes in 34cc/46cc/60cc/120cc sizes, provides top-tier cabin and battery cooling for commercial electric vehicles. Moreover, it assures the most extended life and quickest charging available in the sector.
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Which Companies Are Shaping the Future of 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.
Which Region Holds the Largest Market Share in the Automotive Electric HVAC Compressor Industry?
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
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