Electric Vehicle Compressor Market Size & Share Analysis - Trends, Drivers, Competitive Landscape, and Forecasts (2024

Description

Market Overview

In 2024, the electric vehicle compressor industry produced revenue of USD 2,552.6 million, which is forecasted to experience a CAGR of 16.7% over the projection period, attaining USD 6,456.4 million by the end of the decade. The industry is witnessing development because of the growing acceptance of EVs, modern battery technology, and charging infrastructure.

The two trends are raising the driving range as well as boosting the function of the compressor. Automotive parts manufacturers are investing on these developments and on making energy-efficient compressors for use in producing thermal management for electric motors and batteries.

Smart control systems and variable-speed compressor technologies also help in enhancing performance and reducing power consumption predominantly. Also, elaborate cooling systems help in managing cooling ability, which gives adequate performance in varying driving conditions.

This factor is mainly attributed to the rise in the number of electric and hybrid vehicles on the market. The consumer is beginning to realize the sustainability of green mobility, on the other hand, the government is making strong legislation and standards to encourage the ownership of electrical and mixed cars.

With the rise in the number of electric and hybrid vehicles, there are now many automakers diversifying their offering to cater to the growing consumer demand, and more importantly to meet regulatory compliance. The players are spending significantly on R&D to introduce innovative products and enhance the type of compressors for electric and hybrid cars.

Key Insights

Scroll compressors held the largest category with a 40% market share in 2023 and are expected to witness the highest CAGR.

Scroll compressors are efficient, lightweight, produce less vibration and noise, use less refrigerant, and emit fewer emissions, making them suitable for electric vehicles with space constraints and environmental considerations.

Air conditioning was the largest application, with a 35% market share in 2023, driven by the global priority for convenience and comfort in vehicle journeys.

Vehicle electronics cooling is rapidly growing with a CAGR of 17.0% from 2024-2030, due to the need to maintain optimal temperatures for sensors, power electronics, and onboard computers in EVs.

Battery electric vehicles (BEVs) held a 70% market share in 2023 and are the fastest-growing category, driven by new battery technologies, charging infrastructure development, and consumer preference for sustainable transportation.

BEVs require effective cooling systems due to the heavy-duty batteries and motors that heat quickly, with strong government support enhancing their market position over HEVs/PHEVs.

OEMs dominated the sales channel with a 75% market share in 2023 and are the fastest-growing category, as they need compressors in bulk to meet the rising production of electric vehicles.

Passenger vehicles are the fastest-growing category with a 17.2% CAGR from 2024 to 2030 and also the largest, due to advancements in battery technology, environmental sustainability focus, and government initiatives for clean mobility.

North America is the fastest-growing region with a 17.1% CAGR, driven by changing consumer choices, growing environmental concerns, and significant investments in electric vehicle development and production.

APAC was the largest region with a 50% market share in 2023, hosting major EV makers and component suppliers, leading in R&D investments, and developing extensive charging infrastructure.

Product Code: 12978

Chapter 1. Research Scope

1.1. Research Objectives
1.2. Market Definition
1.3. Analysis Period
1.4. Market Size Breakdown by Segments
- 1.4.1. Market size breakdown, by type
- 1.4.2. Market size breakdown, by application
- 1.4.3. Market size breakdown, by drivetrain
- 1.4.4. Market size breakdown, by sales channel
- 1.4.5. Market size breakdown, by vehicle type
- 1.4.6. Market size breakdown, by region
- 1.4.7. Market size breakdown, by country
1.5. Market Data Reporting Unit
- 1.5.1. Volume
- 1.5.2. Value
1.6. Key Stakeholders

Chapter 2. Research Methodology

2.1. Secondary Research
- 2.1.1. Paid
- 2.1.2. Unpaid
- 2.1.3. P&S Intelligence database
2.2. Primary Research
2.3. Market Size Estimation
2.4. Data Triangulation
2.5. Currency Conversion Rates
2.6. Assumptions for the Study
2.7. Notes and Caveats

Chapter 3. Executive Summary

Chapter 4. Market Indicators

Chapter 5. Industry Outlook

5.1. Market Dynamics
- 5.1.1. Trends
- 5.1.2. Drivers
- 5.1.3. Restraints/challenges
- 5.1.4. Impact analysis of drivers/restraints
5.2. Impact of COVID-19
5.3. Porter's Five Forces Analysis
- 5.3.1. Bargaining power of buyers
- 5.3.2. Bargaining power of suppliers
- 5.3.3. Threat of new entrants
- 5.3.4. Intensity of rivalry
- 5.3.5. Threat of substitutes

Chapter 6. Global Market

6.1. Overview
6.2. Market Volume, by Type (2019-2030)
6.3. Market Revenue, by Type (2019-2030)
6.4. Market Volume, by Application (2019-2030)
6.5. Market Revenue, by Application (2019-2030)
6.6. Market Volume, by Drivetrain (2019-2030)
6.7. Market Revenue, by Drivetrain (2019-2030)
6.8. Market Volume, by Sales Channel (2019-2030)
6.9. Market Revenue, by Sales Channel (2019-2030)
6.10. Market Volume, by Vehicle Type (2019-2030)
6.11. Market Revenue, by Vehicle Type (2019-2030)
6.12. Market Volume, by Region (2019-2030)
6.13. Market Revenue, by Region (2019-2030)

Chapter 7. North America Market

7.1. Overview
7.2. Market Volume, by Type (2019-2030)
7.3. Market Revenue, by Type (2019-2030)
7.4. Market Volume, by Application (2019-2030)
7.5. Market Revenue, by Application (2019-2030)
7.6. Market Volume, by Drivetrain (2019-2030)
7.7. Market Revenue, by Drivetrain (2019-2030)
7.8. Market Volume, by Sales Channel (2019-2030)
7.9. Market Revenue, by Sales Channel (2019-2030)
7.10. Market Volume, by Vehicle Type (2019-2030)
7.11. Market Revenue, by Vehicle Type (2019-2030)
7.12. Market Volume, by Region (2019-2030)
7.13. Market Revenue, by Region (2019-2030)

Chapter 8. Europe Market

8.1. Overview
8.2. Market Volume, by Type (2019-2030)
8.3. Market Revenue, by Type (2019-2030)
8.4. Market Volume, by Application (2019-2030)
8.5. Market Revenue, by Application (2019-2030)
8.6. Market Volume, by Drivetrain (2019-2030)
8.7. Market Revenue, by Drivetrain (2019-2030)
8.8. Market Volume, by Sales Channel (2019-2030)
8.9. Market Revenue, by Sales Channel (2019-2030)
8.10. Market Volume, by Vehicle Type (2019-2030)
8.11. Market Revenue, by Vehicle Type (2019-2030)
8.12. Market Volume, by Country (2019-2030)
8.13. Market Revenue, by Country (2019-2030)

Chapter 9. APAC Market

9.1. Overview
9.2. Market Volume, by Type (2019-2030)
9.3. Market Revenue, by Type (2019-2030)
9.4. Market Volume, by Application (2019-2030)
9.5. Market Revenue, by Application (2019-2030)
9.6. Market Volume, by Drivetrain (2019-2030)
9.7. Market Revenue, by Drivetrain (2019-2030)
9.8. Market Volume, by Sales Channel (2019-2030)
9.9. Market Revenue, by Sales Channel (2019-2030)
9.10. Market Volume, by Vehicle Type (2019-2030)
9.11. Market Revenue, by Vehicle Type (2019-2030)
9.12. Market Volume, by Country (2019-2030)
9.13. Market Revenue, by Country (2019-2030)

Chapter 10. LATAM Market

10.1. Overview
10.2. Market Volume, by Type (2019-2030)
10.3. Market Revenue, by Type (2019-2030)
10.4. Market Volume, by Application (2019-2030)
10.5. Market Revenue, by Application (2019-2030)
10.6. Market Volume, by Drivetrain (2019-2030)
10.7. Market Revenue, by Drivetrain (2019-2030)
10.8. Market Volume, by Sales Channel (2019-2030)
10.9. Market Revenue, by Sales Channel (2019-2030)
10.10. Market Volume, by Vehicle Type (2019-2030)
10.11. Market Revenue, by Vehicle Type (2019-2030)
10.12. Market Volume, by Country (2019-2030)
10.13. Market Revenue, by Country (2019-2030)

Chapter 11. MEA Market

11.1. Overview
11.2. Market Volume, by Type (2019-2030)
11.3. Market Revenue, by Type (2019-2030)
11.4. Market Volume, by Application (2019-2030)
11.5. Market Revenue, by Application (2019-2030)
11.6. Market Volume, by Drivetrain (2019-2030)
11.7. Market Revenue, by Drivetrain (2019-2030)
11.8. Market Volume, by Sales Channel (2019-2030)
11.9. Market Revenue, by Sales Channel (2019-2030)
11.10. Market Volume, by Vehicle Type (2019-2030)
11.11. Market Revenue, by Vehicle Type (2019-2030)
11.12. Market Volume, by Country (2019-2030)
11.13. Market Revenue, by Country (2019-2030)

Chapter 12. U.S. Market

12.1. Overview
12.2. Market Volume, by Type (2019-2030)
12.3. Market Revenue, by Type (2019-2030)
12.4. Market Volume, by Application (2019-2030)
12.5. Market Revenue, by Application (2019-2030)
12.6. Market Volume, by Drivetrain (2019-2030)
12.7. Market Revenue, by Drivetrain (2019-2030)
12.8. Market Volume, by Sales Channel (2019-2030)
12.9. Market Revenue, by Sales Channel (2019-2030)
12.10. Market Volume, by Vehicle Type (2019-2030)
12.11. Market Revenue, by Vehicle Type (2019-2030)

Chapter 13. Canada Market

13.1. Overview
13.2. Market Volume, by Type (2019-2030)
13.3. Market Revenue, by Type (2019-2030)
13.4. Market Volume, by Application (2019-2030)
13.5. Market Revenue, by Application (2019-2030)
13.6. Market Volume, by Drivetrain (2019-2030)
13.7. Market Revenue, by Drivetrain (2019-2030)
13.8. Market Volume, by Sales Channel (2019-2030)
13.9. Market Revenue, by Sales Channel (2019-2030)
13.10. Market Volume, by Vehicle Type (2019-2030)
13.11. Market Revenue, by Vehicle Type (2019-2030)

Chapter 14. Germany Market

14.1. Overview
14.2. Market Volume, by Type (2019-2030)
14.3. Market Revenue, by Type (2019-2030)
14.4. Market Volume, by Application (2019-2030)
14.5. Market Revenue, by Application (2019-2030)
14.6. Market Volume, by Drivetrain (2019-2030)
14.7. Market Revenue, by Drivetrain (2019-2030)
14.8. Market Volume, by Sales Channel (2019-2030)
14.9. Market Revenue, by Sales Channel (2019-2030)
14.10. Market Volume, by Vehicle Type (2019-2030)
14.11. Market Revenue, by Vehicle Type (2019-2030)

Chapter 15. France Market

15.1. Overview
15.2. Market Volume, by Type (2019-2030)
15.3. Market Revenue, by Type (2019-2030)
15.4. Market Volume, by Application (2019-2030)
15.5. Market Revenue, by Application (2019-2030)
15.6. Market Volume, by Drivetrain (2019-2030)
15.7. Market Revenue, by Drivetrain (2019-2030)
15.8. Market Volume, by Sales Channel (2019-2030)
15.9. Market Revenue, by Sales Channel (2019-2030)
15.10. Market Volume, by Vehicle Type (2019-2030)
15.11. Market Revenue, by Vehicle Type (2019-2030)

Chapter 16. U.K. Market

16.1. Overview
16.2. Market Volume, by Type (2019-2030)
16.3. Market Revenue, by Type (2019-2030)
16.4. Market Volume, by Application (2019-2030)
16.5. Market Revenue, by Application (2019-2030)
16.6. Market Volume, by Drivetrain (2019-2030)
16.7. Market Revenue, by Drivetrain (2019-2030)
16.8. Market Volume, by Sales Channel (2019-2030)
16.9. Market Revenue, by Sales Channel (2019-2030)
16.10. Market Volume, by Vehicle Type (2019-2030)
16.11. Market Revenue, by Vehicle Type (2019-2030)

Chapter 17. Italy Market

17.1. Overview
17.2. Market Volume, by Type (2019-2030)
17.3. Market Revenue, by Type (2019-2030)
17.4. Market Volume, by Application (2019-2030)
17.5. Market Revenue, by Application (2019-2030)
17.6. Market Volume, by Drivetrain (2019-2030)
17.7. Market Revenue, by Drivetrain (2019-2030)
17.8. Market Volume, by Sales Channel (2019-2030)
17.9. Market Revenue, by Sales Channel (2019-2030)
17.10. Market Volume, by Vehicle Type (2019-2030)
17.11. Market Revenue, by Vehicle Type (2019-2030)

Chapter 18. Spain Market

18.1. Overview
18.2. Market Volume, by Type (2019-2030)
18.3. Market Revenue, by Type (2019-2030)
18.4. Market Volume, by Application (2019-2030)
18.5. Market Revenue, by Application (2019-2030)
18.6. Market Volume, by Drivetrain (2019-2030)
18.7. Market Revenue, by Drivetrain (2019-2030)
18.8. Market Volume, by Sales Channel (2019-2030)
18.9. Market Revenue, by Sales Channel (2019-2030)
18.10. Market Volume, by Vehicle Type (2019-2030)
18.11. Market Revenue, by Vehicle Type (2019-2030)

Chapter 19. Japan Market

19.1. Overview
19.2. Market Volume, by Type (2019-2030)
19.3. Market Revenue, by Type (2019-2030)
19.4. Market Volume, by Application (2019-2030)
19.5. Market Revenue, by Application (2019-2030)
19.6. Market Volume, by Drivetrain (2019-2030)
19.7. Market Revenue, by Drivetrain (2019-2030)
19.8. Market Volume, by Sales Channel (2019-2030)
19.9. Market Revenue, by Sales Channel (2019-2030)
19.10. Market Volume, by Vehicle Type (2019-2030)
19.11. Market Revenue, by Vehicle Type (2019-2030)

Chapter 20. China Market

20.1. Overview
20.2. Market Volume, by Type (2019-2030)
20.3. Market Revenue, by Type (2019-2030)
20.4. Market Volume, by Application (2019-2030)
20.5. Market Revenue, by Application (2019-2030)
20.6. Market Volume, by Drivetrain (2019-2030)
20.7. Market Revenue, by Drivetrain (2019-2030)
20.8. Market Volume, by Sales Channel (2019-2030)
20.9. Market Revenue, by Sales Channel (2019-2030)
20.10. Market Volume, by Vehicle Type (2019-2030)
20.11. Market Revenue, by Vehicle Type (2019-2030)

Chapter 21. India Market

21.1. Overview
21.2. Market Volume, by Type (2019-2030)
21.3. Market Revenue, by Type (2019-2030)
21.4. Market Volume, by Application (2019-2030)
21.5. Market Revenue, by Application (2019-2030)
21.6. Market Volume, by Drivetrain (2019-2030)
21.7. Market Revenue, by Drivetrain (2019-2030)
21.8. Market Volume, by Sales Channel (2019-2030)
21.9. Market Revenue, by Sales Channel (2019-2030)
21.10. Market Volume, by Vehicle Type (2019-2030)
21.11. Market Revenue, by Vehicle Type (2019-2030)

Chapter 22. Australia Market

22.1. Overview
22.2. Market Volume, by Type (2019-2030)
22.3. Market Revenue, by Type (2019-2030)
22.4. Market Volume, by Application (2019-2030)
22.5. Market Revenue, by Application (2019-2030)
22.6. Market Volume, by Drivetrain (2019-2030)
22.7. Market Revenue, by Drivetrain (2019-2030)
22.8. Market Volume, by Sales Channel (2019-2030)
22.9. Market Revenue, by Sales Channel (2019-2030)
22.10. Market Volume, by Vehicle Type (2019-2030)
22.11. Market Revenue, by Vehicle Type (2019-2030)

Chapter 23. South Korea Market

23.1. Overview
23.2. Market Volume, by Type (2019-2030)
23.3. Market Revenue, by Type (2019-2030)
23.4. Market Volume, by Application (2019-2030)
23.5. Market Revenue, by Application (2019-2030)
23.6. Market Volume, by Drivetrain (2019-2030)
23.7. Market Revenue, by Drivetrain (2019-2030)
23.8. Market Volume, by Sales Channel (2019-2030)
23.9. Market Revenue, by Sales Channel (2019-2030)
23.10. Market Volume, by Vehicle Type (2019-2030)
23.11. Market Revenue, by Vehicle Type (2019-2030)

Chapter 24. Brazil Market

24.1. Overview
24.2. Market Volume, by Type (2019-2030)
24.3. Market Revenue, by Type (2019-2030)
24.4. Market Volume, by Application (2019-2030)
24.5. Market Revenue, by Application (2019-2030)
24.6. Market Volume, by Drivetrain (2019-2030)
24.7. Market Revenue, by Drivetrain (2019-2030)
24.8. Market Volume, by Sales Channel (2019-2030)
24.9. Market Revenue, by Sales Channel (2019-2030)
24.10. Market Volume, by Vehicle Type (2019-2030)
24.11. Market Revenue, by Vehicle Type (2019-2030)

Chapter 25. Mexico Market

25.1. Overview
25.2. Market Volume, by Type (2019-2030)
25.3. Market Revenue, by Type (2019-2030)
25.4. Market Volume, by Application (2019-2030)
25.5. Market Revenue, by Application (2019-2030)
25.6. Market Volume, by Drivetrain (2019-2030)
25.7. Market Revenue, by Drivetrain (2019-2030)
25.8. Market Volume, by Sales Channel (2019-2030)
25.9. Market Revenue, by Sales Channel (2019-2030)
25.10. Market Volume, by Vehicle Type (2019-2030)
25.11. Market Revenue, by Vehicle Type (2019-2030)

Chapter 26. Saudi Arabia Market

26.1. Overview
26.2. Market Volume, by Type (2019-2030)
26.3. Market Revenue, by Type (2019-2030)
26.4. Market Volume, by Application (2019-2030)
26.5. Market Revenue, by Application (2019-2030)
26.6. Market Volume, by Drivetrain (2019-2030)
26.7. Market Revenue, by Drivetrain (2019-2030)
26.8. Market Volume, by Sales Channel (2019-2030)
26.9. Market Revenue, by Sales Channel (2019-2030)
26.10. Market Volume, by Vehicle Type (2019-2030)
26.11. Market Revenue, by Vehicle Type (2019-2030)

Chapter 27. South Africa Market

27.1. Overview
27.2. Market Volume, by Type (2019-2030)
27.3. Market Revenue, by Type (2019-2030)
27.4. Market Volume, by Application (2019-2030)
27.5. Market Revenue, by Application (2019-2030)
27.6. Market Volume, by Drivetrain (2019-2030)
27.7. Market Revenue, by Drivetrain (2019-2030)
27.8. Market Volume, by Sales Channel (2019-2030)
27.9. Market Revenue, by Sales Channel (2019-2030)
27.10. Market Volume, by Vehicle Type (2019-2030)
27.11. Market Revenue, by Vehicle Type (2019-2030)

Chapter 28. U.A.E. Market

28.1. Overview
28.2. Market Volume, by Type (2019-2030)
28.3. Market Revenue, by Type (2019-2030)
28.4. Market Volume, by Application (2019-2030)
28.5. Market Revenue, by Application (2019-2030)
28.6. Market Volume, by Drivetrain (2019-2030)
28.7. Market Revenue, by Drivetrain (2019-2030)
28.8. Market Volume, by Sales Channel (2019-2030)
28.9. Market Revenue, by Sales Channel (2019-2030)
28.10. Market Volume, by Vehicle Type (2019-2030)
28.11. Market Revenue, by Vehicle Type (2019-2030)

Chapter 29. Competitive Landscape

29.1. List of Market Players and their Offerings
29.2. Competitive Benchmarking of Key Players
29.3. Product Benchmarking of Key Players
29.4. Recent Strategic Developments

Chapter 30. Company Profiles

30.1. BYD Auto Co. Ltd.
- 30.1.1. Business overview
- 30.1.2. Product and service offerings
- 30.1.3. Key financial summary
30.2. Brose Fahrzeugteile SE & Co. KG
- 30.2.1. Business overview
- 30.2.2. Product and service offerings
- 30.2.3. Key financial summary
30.3. Continental AG
- 30.3.1. Business overview
- 30.3.2. Product and service offerings
- 30.3.3. Key financial summary
30.4. Toyota Industries Corporation
- 30.4.1. Business overview
- 30.4.2. Product and service offerings
- 30.4.3. Key financial summary
30.5. HELLA GmbH & Co. KGaA
- 30.5.1. Business overview
- 30.5.2. Product and service offerings
- 30.5.3. Key financial summary
30.6. Panasonic Corporation
- 30.6.1. Business overview
- 30.6.2. Product and service offerings
- 30.6.3. Key financial summary
30.7. DENSO Corporation
- 30.7.1. Business overview
- 30.7.2. Product and service offerings
- 30.7.3. Key financial summary
30.8. Marelli Holdings Co. Ltd.
- 30.8.1. Business overview
- 30.8.2. Product and service offerings
- 30.8.3. Key financial summary
30.9. BorgWarner Inc.
- 30.9.1. Business overview
- 30.9.2. Product and service offerings
- 30.9.3. Key financial summary
30.10. Robert Bosch GmbH
- 30.10.1. Business overview
- 30.10.2. Product and service offerings
- 30.10.3. Key financial summary
30.11. Sanden Corporation
- 30.11.1. Business overview
- 30.11.2. Product and service offerings
- 30.11.3. Key financial summary

Chapter 31. Appendix

31.1. Abbreviations
31.2. Sources and References
31.3. Related Reports

Electric Vehicle Compressor Market Size & Share Analysis - Trends, Drivers, Competitive Landscape, and Forecasts (2024 - 2030)