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Future of Automotive E-Compressor Market: Size, Share & Forecasts to 2029
Automotive E-Compressor
What Is the Projected Market Size Valuation of the Automotive E-Compressor Market by 2025?
Over the recent years, the market size of automotive e-compressors has witnessed a significant surge. Expected to increase from $2.48 billion in 2024 to $3.02 billion in 2025, the market is set to experience a compound annual growth rate (CAGR) of 22.0%. This growth during the historic period is a reflection of a convergence of factors such as legislative compliance, consumer demand, an increase in demand for fuel-efficient alternatives, growth in the automotive sector, and the rising preference for eco-friendly solutions.
What Is the Estimated Market Growth Value for the Automotive E-Compressor Industry in 2029?
The market size of the automotive e-compressor is set to witness unprecedented expansion in the coming years, reaching $6.57 billion in 2029 with a compound annual growth rate (CAGR) of 21.4%. Driving this predicted growth period are factors such as advancements in electric vehicle technology, the emergence of advanced driver-assistance systems (ADAS), urbanization, worldwide economic situations, improved materials, an optimized supply chain, and digital modernization. Key trends to look out for include the use of biodegradable materials, innovation in design, adoption of 3D printing, the application of augmented reality (AR) in design, predictive maintenance practices, and a focus on energy efficiency.
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What Are the Growth Drivers and Opportunities in the Automotive E-Compressor Market?
The burgeoning interest in electric vehicles (EVs) is anticipated to drive the expansion of the automotive e-compressor market in the future. These EVs are cars powered by electrical motors that utilize electrical energy preserved in batteries or other energy storage mechanisms. The surge in demand for these eco-friendly cars springs from heightened environmental consciousness, advancements in battery technology, governmental incentive schemes, and inflation in fuel prices. These automotive e-compressors serve a pivotal role in EVs by offering vital thermal management and climate control functions; thereby enhancing energy efficiency, comfort, and the general performance of these EVs. As reported in April 2023 by the International Energy Agency (IEA), an independent intergovernmental organization based in France, there was an increase in EV sales by 3.5 million in 2023 as compared to 2022, marking a 35% annual surge. Consequently, the escalating demand for EVs is fueling the progression of the automotive e-compressor market.
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What Are the Primary Segments Covered in the Global Automotive E-Compressor Market Report?
The automotive e-compressor market covered in this report is segmented -
1) By Product Type: Variable E-Compressor, Displacement E-Compressor
2) By Propulsion Type: Battery Electric Vehicle (BEV), Plug-In Hybrid Vehicle (PHEV), Fuel-Cell Electric Vehicle (FCEV), Hybrid Electric Vehicle (HEV)
3) By Technology Type: Variable Frequency Drive (VFD), Fixed Speed
4) By Capacity: Small, Medium, Large
5) By Application: Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles
Subsegments:
1) By Variable E-Compressor: Variable Displacement E-Compressor, Electronically Controlled Variable E-Compressor
2) By Displacement E-Compressor: Fixed Displacement E-Compressor, Multi-Stage Displacement E-Compressor
What Are the Top Growth Trends in the Automotive E-Compressor Market?
Prominent businesses in the automotive e-compressors market are concentrating on the creation of progressive products such as electric air compressors, with an aim to improve vehicular efficiency, lower emissions, and assist the transition towards greener and more sustainable transport solutions. An electric air compressor is an electric-driven device that compresses air by decreasing its volume, making it perfect for powering tools, inflating tires, and providing air to fuel cells. For instance, ZF's Commercial Vehicle Solutions (CVS), a motor vehicle parts manufacturing company located in India, introduced a new high-speed electric air compressor for fuel cells in April 2023. Specifically designed for fuel cell applications, it aims to offer a consistent air supply vital for high-performance fuel cell systems. The compressor features an oil-free, high-speed functioning that improves efficiency and power density. Its adaptable and scalable design offers versatility across different vehicle platforms, underlining durability even in heavy-duty commercial usage.
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Which Companies Are Shaping the Future of the Automotive E-Compressor Market?
Major companies operating in the automotive e-compressor market are Robert Bosch GmbH, DENSO CORPORATION, Continental AG, Mitsubishi Electric Corporation, Honeywell International Inc., 3M Company, Johnson Controls Inc., TOYOTA INDUSTRIES CORPORATION, Valeo, NIDEC CORPORATION, MAHLE GmbH, BorgWarner Inc., Hanon Systems, Brose Fahrzeugteile SE & Co. KG, SANDEN CORPORATION, Tecumseh Products Company LLC, Subros Limited, Red Dot Corporation, TCCI Manufacturing, Delphi Technologies
Which Region Holds the Largest Market Share in the Automotive E-Compressor Industry?
Asia-Pacific was the largest region in the automotive e-compressor market in 2024. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the automotive e-compressor market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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