Press release
EV Smart HVAC System Industry Expected to Reach $7.85 Billion by 2029 at 8.8% CAGR
EV Smart HVAC System
EV Smart HVAC System Market Value Projection: How Much Will the Market Size by 2025?
In recent years, the market size of the ev smart hvac system has seen robust growth. The market is anticipated to expand from a worth of $5.15 billion in 2024 to a value of $5.59 billion in 2025, with a compound annual growth rate (CAGR) of 8.7%. The remarkable growth during the previous period can be associated with factors such as the escalating adoption of electric vehicles, government rules and incentives, the consumer's craving for comfort, amalgamation with renewable energy sources, an increase in disposable income, rapid urbanization, and the development of smart cities.
What Will Be the Market Growth Forecat for EV Smart HVAC System in 2029?
The market for EV smart HVAC systems is predicted to undergo robust expansion in the foroming years. The market size is set to escalate to $7.85 billion by 2029, registering a compounded annual growth rate (CAGR) of 8.8%. The anticipated upsurge in the forecast period is due to the rising implementation of electric-powered buses, trucks, and other commercial modes of transport, consumers' growing preference for amenity and ease, advancements in driverless vehicle technology, and capital funneled into charging infrastructure. The significant trends to look out for during the predicted period are a focus on energy efficacy, integration of smart HVAC systems, hybrid HVAC systems, compact and featherweight designs, increased tailoring and customization, and eco-friendly measures.
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What Are the Core Competitive Drivers in the EV Smart HVAC System Industry?
The EV smart HVAC system market is predicted to experience growth in the future due to the rise in the number of self-driving vehicles. Also known as autonomous automobiles or driverless vehicles, these are cars that operate without the need for human operation and can perceive their environment and perform essential functions independently. The increase in these vehicles is driven by the demand for safer, more efficient transport and regulatory measures that promote the use of autonomous vehicles. The Smart HVAC system in these electric vehicles enhances passenger comfort and energy efficiency by automatically adjusting temperature and airflow relative to environmental conditions and passenger preferences. According to a report by the Insurance Institute for Highway Safety, a non-profit organization based in the US, in December 2022, it is projected that there will be 3.5 million self-driving cars on US roads by 2025. Moreover, by 2030, it is expected that there will be 4.5 million autonomous vehicles on the road. This surge in the number of self-driving vehicles is therefore propelling the growth of the EV smart HVAC system market.
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Which EV Smart HVAC System Market Segment Is Projected to See the Fastest Growth?
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
Which Trends Are Opening New Opportunities in the EV Smart HVAC System Market?
Top corporations in the EV smart HVAC system market are exploring innovative thermal management tech for commercial electric vehicles, like heat exchanger technology, to boost energy efficiency and convenience, whilst lessening their environmental footprint. This technology provides optimal comfort in the cabin and improves vehicle performance by efficiently transmitting heat between the cabin's air, the battery's thermal management systems, and the cooling elements of the power electronics. For instance, in May 2022, Modine Manufacturing, a company based in the U.S., unveiled their new EVantage range of thermal management systems for commercial electric vehicles. These battery thermal management systems (BTMS) give users the ability to regulate battery temperatures in varying climates, ranging from hot summer days to freezing winter mornings. The BTMS ensures temperature optimization for a plethora of batteries via a single unit by minimizing power consumption through multistage heating and cooling. The electronics cooling package (ECP) ensures that the traction motor and power electronics are kept cool under all types of loads. This comprehensive solution is designed to manage the ideal fluid temperature for the traction motor and power electronic circuits, making use of multi-zone cooling.
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Who Are the Leaders in the EV Smart HVAC System Market?
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
Which Regional EV Smart HVAC System Markets Offer the Greatest Growth Potential?
Asia-Pacific was the largest region in the EV smart HVAC system market in 2024 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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Saumya Sahay
Europe - +44 7882 955267,
Asia: +91 88972 63534,
Americas - +1 310-496-7795 or
Email:saumyas@tbrc.info
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