Automotive Electric HVAC Compressor Market Size Worth $38.31 Billion By 2028: Grand View Research, Inc.
SAN FRANCISCO, July 20, 2021 /PRNewswire/ — The global Automotive Electric HVAC Compressor Market size is expected to achieve USD 38.31 billion by 2028, registering a CAGR of 20.7% from 2021 to 2028, according to a survey conducted by Grand View Research, inc. An electric compressor offers several advantages over a conventional compressor, such as lower energy consumption, compact size, controlled speed and quiet operation. In addition, unlike a conventional compressor, which is driven by a belt, an electric compressor is independent of the vehicle’s engine. An electric compressor gets its energy from a separate electric motor, which is driven by an inverter. Such an arrangement ensures that the cooling operation of the vehicle continues even when the vehicle is turned off. The electric compressor also requires less power to drive as a result of this arrangement, leaving the vehicle’s performance unaffected and ensuring cleaner operations thanks to the low oil transfer.
Key insights and findings:
The 20-40 CC segment dominated the market in 2020 with a revenue share of 48.3% and is expected to continue to lead during the forecast period. The growth can be attributed to the fact that compressors with a cooling capacity of 20-40 CC are usually installed in small and medium-sized vehicles, which have a high acceptance rate
The passenger car segment is expected to register the highest CAGR of over 20% over the forecast period. The growth can be attributed to the increasing adoption of electric passenger cars 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 in line with the ongoing roll-out of charging infrastructure and the rapid availability of skilled technicians to service electric vehicles
The Asia-Pacific The regional market is expected to grow at a significant rate over the forecast period, in line with the increasing adoption of electric vehicles around the world China and other developing countries in the Asia-Pacific region
Read a 110-page market research report,”Automotive Electric HVAC Compressor Market Size, Share and Trends Analysis Report by Refrigeration Capacity (less than 20 CC, 20-40 CC, 40-60 CC), by Vehicle Type, by Powertrain, by Region and Segment Forecasts, 2021 – 2028“, by Grand View Research
The function of an electric compressor in an electric vehicle is much more important than that of a conventional compressor in an ICE vehicle. In an electric vehicle, the compressor is responsible for cooling both the entire cabin and the battery pack. An electric compressor protects the battery against overheating and thus the vehicle against failure. Therefore, an electric HVAC compressor serves as an essential component to the overall operation of an electric vehicle. Rising fuel prices coupled with growing awareness of environmental protection has led to the adoption of electric vehicles and subsequently the demand for electric HVAC compressors.
However, the high initial and maintenance costs of electric HVAC compressors are expected to slow the growth of the market. The installation of electric HVAC compressors involves heavy electrical wiring, which increases the overall cost of the system. Repairs and maintenance of electric compressors is also a complex task requiring a high level of expertise, increasing the overall cost. In addition, the demand for electric compressors is completely dependent on the demand for electric vehicles. However, electric vehicle sales are already facing a double blow from the fear of higher price and range associated with electric vehicles. Nevertheless, technological advances, the subsequent launch of new products and the continued installation of electric chargers and charging stations are expected to encourage consumers to opt for electric vehicles, increasing demand for electric HVAC compressors during the forecast period.
Grand View Research has segmented the global automotive electric HVAC compressor market by refrigeration capacity, vehicle type, powertrain, and region:
Automotive Electric HVAC Compressor Cooling Capacity Outlook (Yield, Million USD, 2017 – 2028)
Automotive Electric HVAC Compressor Vehicle Type Outlook (Yield, Million USD, 2017 – 2028)
Automotive Electric HVAC Compressor Drivetrain Outlook (Revenue, USD Million, 2017 – 2028)
Automotive Electric HVAC Compressor Region Outlook (Revenue, USD Million, 2017 – 2028)
List of Major Players in the Automotive Electric HVAC Compressor Market:
SANDEN Holdings Corporation
Toyota Industries Corporation
Very Marelli Holdings Co., Ltd.
See more studies related to electric vehicles, by Grand View Research:
Electric Vehicle Market – Global demand in the electric vehicle market is expected to rise to: $1,212.1 billion by 2027. It is expected to be a CAGR of 41.5% 2020 to 2027.
Off-highway electric vehicle market – The global off-highway electric vehicle market size is expected to reach: USD 17.45 billion by 2027. It is expected to grow at a CAGR of 21.2% from 2020 to 2027.
Electric Vehicle Battery Market – The global electric vehicle battery market size is expected to reach: USD 38.6 billion by 2025. The growing preference for e-mobility and the subsequent rise in the popularity of electric vehicles is expected to drive market growth.
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About Grand View Research
Grand View Research, a US-based market research and consulting firm, provides both syndicated and custom research reports and advisory services. Signed up California and the head office is located in San Francisco, the company includes more than 425 analysts and consultants, who add more than 1,200 market research reports to its extensive database each year. These reports provide in-depth analysis of 46 industries in 25 major countries worldwide. Using an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutions understand the global and regional business environment and measure the opportunities ahead.
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