PUBLISHER: Acute Market Reports | PRODUCT CODE: 1507937
PUBLISHER: Acute Market Reports | PRODUCT CODE: 1507937
The electric vehicle compressor market includes devices that manage the heating, ventilation, and air conditioning (HVAC) systems in electric vehicles (EVs). These compressors are crucial for maintaining cabin temperature, ensuring battery thermal management, and overall vehicle efficiency. The market is experiencing rapid growth, projected at a CAGR of 16.5%, driven by the increasing adoption of electric vehicles worldwide, advancements in HVAC technology, and growing consumer demand for comfort and extended vehicle range. This growth is further fueled by stringent environmental regulations promoting the use of electric vehicles.
Global Push for Electrification of Transport
The primary driver propelling the electric vehicle compressor market is the global push towards electrification of transport, motivated by the need to reduce carbon emissions and diminish reliance on fossil fuels. Governments worldwide are implementing policies and incentives to support electric vehicle adoption, which directly boosts the demand for EV-specific components like compressors. These compressors are essential for efficient thermal management in EVs, impacting vehicle performance and battery longevity. For example, the increasing number of electric buses and trucks being adopted for public and logistic transport respectively, underlines the expanding scope of EV compressors in different vehicle segments.
Technological Advancements and Integration Opportunities
There is a significant opportunity in the ongoing technological advancements and integration capabilities within electric vehicle compressors. As EV technology evolves, there is a growing need for more advanced, energy-efficient compressors that can integrate seamlessly with other vehicle systems. The development of compressors that can operate more quietly and at variable speeds offers manufacturers the chance to enhance the overall vehicle efficiency and user experience. These advancements are not only anticipated to meet the existing demand but also to open new markets by enabling the application of such technologies in hybrid vehicles as well as in newer electric vehicle designs.
High Cost of Development and Production
A major restraint in the electric vehicle compressor market is the high cost associated with the development and production of advanced compressor systems. The research and development necessary to produce compressors that meet the specific requirements of electric vehicles can be extensive and costly. Furthermore, the precision manufacturing processes involved in producing these high-efficiency and reliable units add to the overall expense. This is particularly challenging for new entrants and smaller manufacturers who may not have the capital to invest heavily in new technologies, thereby limiting their competitiveness in the market.
Regulatory Compliance and Safety Standards
A key challenge in the electric vehicle compressor market is adhering to the rigorous regulatory and safety standards across different regions. Manufacturers must ensure that their products meet various international safety and performance standards, which can vary widely by market. Compliance with these standards requires continuous monitoring and adaptation of product designs, which can lead to increased costs and complexity in production. Additionally, the need to keep up with frequently changing regulations can strain resources, particularly for smaller players in the industry.
Market segmentation by type
In the electric vehicle compressor market, segmentation by type includes Swash, Wobble, Screw, Scroll, and Air E-compressor. Among these, the Scroll compressors are expected to witness the highest compound annual growth rate (CAGR) due to their efficiency and reliability in electric vehicle applications, offering lower noise levels and better energy consumption. Conversely, the Screw type compressors currently generate the highest revenue owing to their widespread use in larger electric vehicles due to their durability and capability to handle higher loads.
Market segmentation by component
For segmentation by component, the categories include Compressor Section, Motor, Inverter, Oil Separator, and Others. The Inverter component is projected to experience the highest CAGR, driven by advancements in technology that enhance the efficiency of power conversion, crucial for electric vehicle performance. Meanwhile, the Motor component dominates in terms of revenue generation as it is essential in every compressor type, constituting a significant part of the system's overall cost and functionality, influenced by increasing demands for high-performance electric motors in the automotive sector.
Regional Insights
In the electric vehicle compressor market, geographic trends highlight Asia-Pacific as the region with the highest compound annual growth rate (CAGR) from 2024 to 2032, driven by increasing electric vehicle adoption in China, Japan, and South Korea. North America retains the highest revenue share in 2023 due to advanced infrastructure and stringent environmental regulations boosting EV sales.
Competitive Landscape
Competitive trends among top players like BorgWarner Inc., Brose Fahrzeugteile GmbH & Co., Continental AG, and others are characterized by strategic partnerships, technological innovation, and geographic expansion. In 2023, these companies focused on enhancing product portfolios and entering new markets. From 2024 to 2032, they are expected to invest heavily in R&D to introduce more efficient and compact compressors, targeting emerging markets and adapting to evolving regulatory standards, aiming to maintain a competitive edge in the rapidly growing market.
Historical & Forecast Period
This study report represents an analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends & technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. The key data points that enable the estimation of Electric Vehicle Compressor market are as follows:
Research and development budgets of manufacturers and government spending
Revenues of key companies in the market segment
Number of end users & consumption volume, price, and value.
Geographical revenues generated by countries considered in the report
Micro and macro environment factors that are currently influencing the Electric Vehicle Compressor market and their expected impact during the forecast period.
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top-down and bottom-up approach for validation of market estimation assures logical, methodical, and mathematical consistency of the quantitative data.
Market Segmentation
Type
Braking
Suspension
Component
Voltage (DC)
Application
Cooling Capacity
20 to 40 CC
40 to 60 CC
Drivetrain
Sales Channel
Vehicle Type
Hatchback
Sedan
Utility Vehicles
Construction & Mining Equipment
Agricultural Vehicles
Industrial Vehicles
Region Segment (2022-2032; US$ Million)
North America
U.S.
Canada
Rest of North America
UK and European Union
UK
Germany
Spain
Italy
France
Rest of Europe
Asia Pacific
China
Japan
India
Australia
South Korea
Rest of Asia Pacific
Latin America
Brazil
Mexico
Rest of Latin America
Middle East and Africa
GCC
Africa
Rest of Middle East and Africa
Key questions answered in this report
What are the key micro and macro environmental factors that are impacting the growth of Electric Vehicle Compressor market?
What are the key investment pockets concerning product segments and geographies currently and during the forecast period?
Estimated forecast and market projections up to 2032.
Which segment accounts for the fastest CAGR during the forecast period?
Which market segment holds a larger market share and why?
Are low and middle-income economies investing in the Electric Vehicle Compressor market?
Which is the largest regional market for Electric Vehicle Compressor market?
What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
Which are the key trends driving Electric Vehicle Compressor market growth?
Who are the key competitors and what are their key strategies to enhance their market presence in the Electric Vehicle Compressor market worldwide?
TABLE 3 Global Electric Vehicle Compressor Market By Component, 2022-2032, USD (Million)
TABLE 11 Global Electric Vehicle Compressor Market By Off-highway Vehicles, 2022-2032, USD (Million)
TABLE 12 North America Electric Vehicle Compressor Market By Type, 2022-2032, USD (Million)
TABLE 14 North America Electric Vehicle Compressor Market By Component, 2022-2032, USD (Million)
TABLE 22 North America Electric Vehicle Compressor Market By Off-highway Vehicles, 2022-2032, USD (Million)
TABLE 23 U.S. Electric Vehicle Compressor Market By Type, 2022-2032, USD (Million)
TABLE 25 U.S. Electric Vehicle Compressor Market By Component, 2022-2032, USD (Million)
TABLE 33 U.S. Electric Vehicle Compressor Market By Off-highway Vehicles, 2022-2032, USD (Million)
TABLE 34 Canada Electric Vehicle Compressor Market By Type, 2022-2032, USD (Million)
TABLE 36 Canada Electric Vehicle Compressor Market By Component, 2022-2032, USD (Million)
TABLE 44 Canada Electric Vehicle Compressor Market By Off-highway Vehicles, 2022-2032, USD (Million)
TABLE 45 Rest of North America Electric Vehicle Compressor Market By Type, 2022-2032, USD (Million)
TABLE 47 Rest of North America Electric Vehicle Compressor Market By Component, 2022-2032, USD (Million)
TABLE 55 Rest of North America Electric Vehicle Compressor Market By Off-highway Vehicles, 2022-2032, USD (Million)
TABLE 56 UK and European Union Electric Vehicle Compressor Market By Type, 2022-2032, USD (Million)
TABLE 58 UK and European Union Electric Vehicle Compressor Market By Component, 2022-2032, USD (Million)
TABLE 66 UK and European Union Electric Vehicle Compressor Market By Off-highway Vehicles, 2022-2032, USD (Million)
TABLE 67 UK Electric Vehicle Compressor Market By Type, 2022-2032, USD (Million)
TABLE 69 UK Electric Vehicle Compressor Market By Component, 2022-2032, USD (Million)
TABLE 77 UK Electric Vehicle Compressor Market By Off-highway Vehicles, 2022-2032, USD (Million)
TABLE 78 Germany Electric Vehicle Compressor Market By Type, 2022-2032, USD (Million)
TABLE 80 Germany Electric Vehicle Compressor Market By Component, 2022-2032, USD (Million)
TABLE 88 Germany Electric Vehicle Compressor Market By Off-highway Vehicles, 2022-2032, USD (Million)
TABLE 89 Spain Electric Vehicle Compressor Market By Type, 2022-2032, USD (Million)
TABLE 91 Spain Electric Vehicle Compressor Market By Component, 2022-2032, USD (Million)
TABLE 99 Spain Electric Vehicle Compressor Market By Off-highway Vehicles, 2022-2032, USD (Million)
TABLE 100 Italy Electric Vehicle Compressor Market By Type, 2022-2032, USD (Million)
TABLE 102 Italy Electric Vehicle Compressor Market By Component, 2022-2032, USD (Million)
TABLE 110 Italy Electric Vehicle Compressor Market By Off-highway Vehicles, 2022-2032, USD (Million)
TABLE 111 France Electric Vehicle Compressor Market By Type, 2022-2032, USD (Million)
TABLE 113 France Electric Vehicle Compressor Market By Component, 2022-2032, USD (Million)
TABLE 121 France Electric Vehicle Compressor Market By Off-highway Vehicles, 2022-2032, USD (Million)
TABLE 122 Rest of Europe Electric Vehicle Compressor Market By Type, 2022-2032, USD (Million)
TABLE 124 Rest of Europe Electric Vehicle Compressor Market By Component, 2022-2032, USD (Million)
TABLE 132 Rest of Europe Electric Vehicle Compressor Market By Off-highway Vehicles, 2022-2032, USD (Million)
TABLE 133 Asia Electric Vehicle Compressor Market By Type, 2022-2032, USD (Million)
TABLE 135 Asia Electric Vehicle Compressor Market By Component, 2022-2032, USD (Million)
TABLE 143 Asia Electric Vehicle Compressor Market By Off-highway Vehicles, 2022-2032, USD (Million)
TABLE 144 China Electric Vehicle Compressor Market By Type, 2022-2032, USD (Million)
TABLE 146 China Electric Vehicle Compressor Market By Component, 2022-2032, USD (Million)
TABLE 154 China Electric Vehicle Compressor Market By Off-highway Vehicles, 2022-2032, USD (Million)
TABLE 155 Japan Electric Vehicle Compressor Market By Type, 2022-2032, USD (Million)
TABLE 157 Japan Electric Vehicle Compressor Market By Component, 2022-2032, USD (Million)
TABLE 165 Japan Electric Vehicle Compressor Market By Off-highway Vehicles, 2022-2032, USD (Million)
TABLE 166 India Electric Vehicle Compressor Market By Type, 2022-2032, USD (Million)
TABLE 168 India Electric Vehicle Compressor Market By Component, 2022-2032, USD (Million)
TABLE 176 India Electric Vehicle Compressor Market By Off-highway Vehicles, 2022-2032, USD (Million)
TABLE 177 Australia Electric Vehicle Compressor Market By Type, 2022-2032, USD (Million)
TABLE 179 Australia Electric Vehicle Compressor Market By Component, 2022-2032, USD (Million)
TABLE 187 Australia Electric Vehicle Compressor Market By Off-highway Vehicles, 2022-2032, USD (Million)
TABLE 188 South Korea Electric Vehicle Compressor Market By Type, 2022-2032, USD (Million)
TABLE 190 South Korea Electric Vehicle Compressor Market By Component, 2022-2032, USD (Million)
TABLE 198 South Korea Electric Vehicle Compressor Market By Off-highway Vehicles, 2022-2032, USD (Million)
TABLE 199 Latin America Electric Vehicle Compressor Market By Type, 2022-2032, USD (Million)
TABLE 201 Latin America Electric Vehicle Compressor Market By Component, 2022-2032, USD (Million)
TABLE 209 Latin America Electric Vehicle Compressor Market By Off-highway Vehicles, 2022-2032, USD (Million)
TABLE 210 Brazil Electric Vehicle Compressor Market By Type, 2022-2032, USD (Million)
TABLE 212 Brazil Electric Vehicle Compressor Market By Component, 2022-2032, USD (Million)
TABLE 220 Brazil Electric Vehicle Compressor Market By Off-highway Vehicles, 2022-2032, USD (Million)
TABLE 221 Mexico Electric Vehicle Compressor Market By Type, 2022-2032, USD (Million)
TABLE 223 Mexico Electric Vehicle Compressor Market By Component, 2022-2032, USD (Million)
TABLE 231 Mexico Electric Vehicle Compressor Market By Off-highway Vehicles, 2022-2032, USD (Million)
TABLE 232 Rest of Latin America Electric Vehicle Compressor Market By Type, 2022-2032, USD (Million)
TABLE 234 Rest of Latin America Electric Vehicle Compressor Market By Component, 2022-2032, USD (Million)
TABLE 242 Rest of Latin America Electric Vehicle Compressor Market By Off-highway Vehicles, 2022-2032, USD (Million)
TABLE 243 Middle East and Africa Electric Vehicle Compressor Market By Type, 2022-2032, USD (Million)
TABLE 245 Middle East and Africa Electric Vehicle Compressor Market By Component, 2022-2032, USD (Million)
TABLE 253 Middle East and Africa Electric Vehicle Compressor Market By Off-highway Vehicles, 2022-2032, USD (Million)
TABLE 254 GCC Electric Vehicle Compressor Market By Type, 2022-2032, USD (Million)
TABLE 256 GCC Electric Vehicle Compressor Market By Component, 2022-2032, USD (Million)
TABLE 264 GCC Electric Vehicle Compressor Market By Off-highway Vehicles, 2022-2032, USD (Million)
TABLE 265 Africa Electric Vehicle Compressor Market By Type, 2022-2032, USD (Million)
TABLE 267 Africa Electric Vehicle Compressor Market By Component, 2022-2032, USD (Million)
TABLE 275 Africa Electric Vehicle Compressor Market By Off-highway Vehicles, 2022-2032, USD (Million)
TABLE 276 Rest of Middle East and Africa Electric Vehicle Compressor Market By Type, 2022-2032, USD (Million)
TABLE 278 Rest of Middle East and Africa Electric Vehicle Compressor Market By Component, 2022-2032, USD (Million)
TABLE 286 Rest of Middle East and Africa Electric Vehicle Compressor Market By Off-highway Vehicles, 2022-2032, USD (Million)
FIG. 15Market Positioning of Key Electric Vehicle Compressor Market Players, 2023
FIG. 16Global Electric Vehicle Compressor Market - Tier Analysis - Percentage of Revenues by Tier Level, 2023 Versus 2032