PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1498306
PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1498306
Global Automotive E-compressor Market is valued approximately at USD 1,730.7 million in 2023 and is anticipated to grow with a healthy growth rate of more than 11.30% over the forecast period 2024-2032. Automobile E-compressors are components in modern automobile systems that improve engine performance and efficiency, especially in vehicles with turbocharged or supercharged engines. This compressor works independently and helps to avoid turbo lag, which is the delay in power delivery that occurs with standard turbocharged engines. Furthermore, rising focus on sustainable transport solutions are gaining attention towards Global Automotive E-compressor Market. E-compressors enable automakers to design vehicles with smaller, more efficient combustion engines that produce fewer emissions while still delivering adequate performance.
Global Automotive E-compressor Market is driven by rising number of hybrid electric vehicles and increase in demand for fuel-efficient vehicles globally. Hybrid electric vehicles utilize both an internal combustion engine and an electric motor for propulsion. E-compressors play a crucial role in HEVs by providing immediate boost pressure to the engine when needed, thereby improving overall vehicle efficiency and performance. In addition, automakers are increasingly downsizing engines to improve fuel efficiency without compromising performance. Smaller engines consume less fuel but may lack the power required for certain driving conditions. E-compressors address this challenge by providing immediate boost pressure, allowing downsized engines to deliver the performance of larger engines when needed, while still maintaining fuel efficiency. However, high cost of automotive e-compressor and risk of failure is going to impede the overall demand for the market during the forecast period 2024-2032.
The key regions considered for the Global Automotive E-compressor market study includes Asia Pacific, North America, Europe, Latin America, and Rest of the World. In 2023, Asia Pacific was the largest regional market in terms of revenue owing to factors such as increasing demand of hybrid vehicles across the region. E-compressors play a vital role in hybrid powertrains by providing immediate boost pressure to enhance the performance of smaller, downsized engines, thus compensating for any power deficits during acceleration or high-load conditions. Furthermore, the market in North America, on the other hand, is expected to grow at the fastest rate over the forecast period.