Automotive Electric HVAC Compressor Market Segmentation, and Growth outlook Report By 2028
Automotive Electric HVAC Compressor Industry Overview
The global automotive electric HVAC compressor market size is anticipated 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 benefits over a conventional compressor, such as lower energy consumption, compact size, controlled revolution speed, and noise-free operations. Also, unlike a conventional compressor, which is belt-driven, an electric compressor is independent of the vehicle engine. An electric compressor draws power from 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. The electric compressor also requires lesser power to drive as a result of this arrangement, thereby leaving the vehicle performance unaffected and ensuring cleaner operations due to low oil carryover.
Automotive Electric HVAC Compressor Market Segmentation
Grand View Research has segmented the global automotive electric HVAC compressor market based on cooling capacity, vehicle type, drivetrain, and region:
Based on the Cooling Capacity Insights, the market is segmented into Less Than 20 CC, 20-40 CC, 40-60 CC, More than 60 CC.
- The 20-40 CC segment is expected to register the highest CAGR of more than 15% over the forecast period. The growth can be attributed to the high adoption of electric compressors in passenger vehicles and light commercial vehicles.
- The less than 20 CC segment accounted for the second-largest share in 2020 owing to the deployment of these compressors in smaller vehicles. Although compressors with a cooling capacity of less than 20 CC are too small to be used in commercial vehicles due to their lower heat-absorbing capacity, their adoption is expected to increase in line with the growing popularity of smaller vehicles.
- The more than 60 CC segment is expected to witness moderate growth over the forecast period as compressors with a cooling capacity of more than 60 CC are required for large passenger vehicles and they also tend to be expensive.
Based on the Vehicle Type Insights, the market is segmented into Passenger Vehicle, Light Commercial Vehicles (LCV), Heavy Commercial Vehicles (HCV), Buses & Coaches.
- The passenger vehicle segment accounted for the largest revenue share of more than 50% of the automotive electric HVAC compressor market in 2020. Electric compressors are increasingly being adopted to extend the range of passenger vehicles, production of which is rising significantly.
Based on the Drivetrain Insights, the market is segmented into Plug-in Hybrid Electric Vehicle (PHEV), Battery Electric Vehicle (BEV), Hybrid Electric Vehicle (HEV).
- The Battery Electric Vehicle (BEV) segment is expected to register a CAGR of 16.1% over the forecast period. The growth can be attributed to the rising environmental awareness among individuals, which is encouraging them to opt for electric vehicles.
- The hybrid electric vehicles segment accounted for the largest market share because Hybrid Electric Vehicles (HEVs) offer a dual fuel option. The installation of electric compressors in HEVs is expected to gain traction as electric compressors are independent of the vehicle engine and contribute toward improving fuel efficiency.
Automotive Electric HVAC Compressor Regional Outlook
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Key Companies Profile & Market Share Insights
Several automobile manufacturers from North America, Europe, and Japan are developing and launching new models of HEVs and PHEVs. As a result, the market for automotive electric HVAC compressors is increasingly getting competitive as both established and new market players are trying aggressively to cement their position in the market by promoting their electric compressors for the newer models of electric vehicles. Although electric compressors are in the initial stages of development, significant advances are in the offing over the next few years.
Some of the prominent players operating in the global automotive electric HVAC compressor market include,
- Denso Corporation
- Hanon Systems
- MAHLE GmbH
- SANDEN Holdings Corporation
- Toyota Industries Corporation
- Highly Marelli Holdings Co., Ltd.
- Valeo S.A.
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