According to a new report released by Grand View Research, the global Automotive Electric HVAC Compressors market size is expected to reach USD 38.31 billion by 2028. The market is expected to grow at a CAGR of 20.7% from 2021 to 2028.
The Global automotive electric HVAC compressor market the size is expected to reach USD 38.31 billion by 2028, registering a CAGR of 20.7% from 2021 to 2028, according to a study conducted by Grand View Research, Inc. An electric compressor offers several advantages over a conventional compressor , such as lower power consumption, compact size, controlled rotation speed and noiseless operations. Also, unlike a conventional compressor, which is belt-driven, an electric compressor is independent of the vehicle’s engine. An electric compressor is powered by a separate electric motor, which is powered using an inverter. Such an arrangement ensures that the cooling operation of the vehicle continues even when the vehicle is turned off. Thanks to this arrangement, the electric compressor also requires less energy to operate, which does not affect vehicle performance and ensures cleaner operations due to low oil transfer.
The function of an electric compressor in an electric vehicle is much greater than that of a conventional compressor in an ICE vehicle. In an electric vehicle, the compressor is responsible for cooling the entire cabin as well as the battery. The electric compressor protects the battery against overheating and therefore the vehicle against breakdowns. Therefore, an electric HVAC compressor is an essential component for the overall operation of an electric vehicle. Rising fuel prices coupled with growing awareness of environmental protection have led to the adoption of electric vehicles and hence the demand for electric HVAC compressors.
However, high initial costs and maintenance costs associated with HVAC electric compressors are expected to restrain the market growth. Installing HVAC electric compressors involves heavy duty electrical wiring, which adds to the overall cost of the system. The repair and maintenance of electric compressors is also a complex task requiring a high level of expertise, which increases the overall cost. Moreover, the demand for electric compressors is entirely dependent on the demand for electric vehicles. However, EV sales are already facing the double whammy of higher price and range anxiety associated with EVs. Nevertheless, technological advancements, subsequent new product launches, and continued installation of electric chargers and charging stations are expected to encourage consumers to switch to electric vehicles, thereby boosting the demand for electric HVAC compressors during the recession period. forecast.
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Automotive Electric HVAC Compressor Market Report Highlights
- The 20-40 CC segment dominated the market in 2020 with a revenue share of 48.3% and is expected to continue to dominate during the forecast period. The growth can be attributed to the fact that compressors with a cooling capacity of 20 to 40 CC are generally installed in small and medium vehicles, which have a high adoption rate.
- The passenger vehicle segment is expected to register the highest CAGR of over 20% during the forecast period. The growth can be attributed to the growing adoption of electric passenger vehicles for personal use as well as by businesses and government and defense agencies.
- The battery electric vehicle segment is expected to register the highest CAGR during the forecast period. The growth can be attributed to the increasing demand for electric vehicles online with the continued deployment of charging infrastructure and the rapid availability of qualified technicians to service electric vehicles.
- The Asia-Pacific regional market is expected to witness significant growth over the forecast period, in line with the growing adoption of electric vehicles in China and other developing countries in the Asia-Pacific region.
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Automotive Electric HVAC Compressor Market Segmentation
Grand View Research has segmented the global automotive electric HVAC compressor market on the basis of cooling capacity, vehicle type, drivetrain, and region:
Automotive Electric HVAC Compressor Cooling Capacity Outlook (Revenue, USD Million, 2017 – 2028)
- Less than 20 CC
- More than 60 CC
Automotive Electric HVAC Compressor Vehicle Type Outlook (Revenue, USD Million, 2017 – 2028)
- Tourism vehicle
- Light commercial vehicles (LCVs)
- Heavy Duty Vehicles (HCV)
- Buses and coaches
Automotive Electric HVAC Compressor Transmission Prospect (Revenue, USD Million, 2017 – 2028)
- Plug-in hybrid electric vehicle (PHEV)
- Battery Electric Vehicle (BEV)
- Hybrid Electric Vehicle (HEV)
Automotive Electric HVAC Compressors Region Outlook (Revenue, USD Million, 2017 – 2028)
- North America
- The rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
List of Automotive HVAC Electric Compressor Market Key Players
- Denso Company
- Hanon Systems
- MAHLE GmbH
- SANDEN Holdings Corporation
- Toyota Industries Corporation
- Very Marelli Holdings Co., Ltd.
- Valeo SA
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Browse more related report:
Electric vehicle market Size, Share, and Trend Analysis Report by Product (Battery Electric Vehicles (BEVs), Plug-In Hybrid Electric Vehicles (PHEVs)), Regions (North America, Europe, APAC, LATAM, MEA) and segment forecast, 2020 – 2027
About Grand View Research
Grand View Research is a full-time market research and consulting firm registered in San Francisco, California. The company offers comprehensive, customized and syndicated market reports based on in-depth data analysis. It also offers consultancy services to business communities and academic institutions and helps them understand the global and business scenario to a great extent. The company operates in a multitude of fields such as chemicals, materials, food and beverages, consumer goods, healthcare and information technology to offer consultancy services.
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