PUBLISHER: The Business Research Company | PRODUCT CODE: 1392468
PUBLISHER: The Business Research Company | PRODUCT CODE: 1392468
“Automotive Electric HVAC Compressor Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on automotive electric hvac compressor market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for automotive electric hvac compressor? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The automotive electric hvac compressor market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The automotive electric HVAC compressors are essential for preventing vehicle breakdowns and maintaining a comfortable cabin temperature while protecting the battery pack from overheating. HVAC stands for automotive electric heating, ventilation, and air conditioning, serving as a crucial component for cooling functions in automotive vehicles.
The primary product types of automotive electric HVAC compressors include scroll, screw, swash, and wobble compressors. The scroll type is widely used in vehicles due to its advantages, such as fewer moving parts and lower torque variations. Scroll electric HVAC compressors operate in a circular movement rather than the up-and-down piston action found in other compressors. These compressors are employed in various types of vehicles, including passenger vehicles, light commercial vehicles (LCV), heavy commercial vehicles (HCV), and buses and coaches. The cooling capacities range from less than 20 CC to more than 60 CC, and they are utilized in different drivetrains, such as plug-in hybrid electric vehicles (PHEV), battery electric vehicles (BEV), and hybrid electric vehicles (HEV).
The automotive electric HVAC compressor market research report is one of a series of new reports from The Business Research Company that provides automotive electric HVAC compressor market statistics, including automotive electric HVAC compressor industry global market size, regional shares, competitors with an automotive electric HVAC compressor market share, detailed automotive electric HVAC compressor market segments, market trends and opportunities, and any further data you may need to thrive in the automotive electric HVAC compressor industry. This automotive electric HVAC compressor market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The automotive electric hvac compressor market size has grown exponentially in recent years. It will grow from $13. 52 billion in 2023 to $16. 69 billion in 2024 at a compound annual growth rate (CAGR) of 23. 4%. The growth in the historic period can be attributed to factors such as environmental regulations, the implementation of fuel efficiency standards, increasing consumer demand for comfort features, the globalization of automotive manufacturing, and advancements in energy management practices.
The automotive electric hvac compressor market size is expected to see exponential growth in the next few years. It will grow to $36. 99 billion in 2028 at a compound annual growth rate (CAGR) of 22. 0%. The growth in the forecast period can be attributed to factors such as the electrification of vehicles, the rise of autonomous vehicles, increased vehicle connectivity, a focus on enhanced energy efficiency, growing consumer demand for advanced features, and sustainability initiatives. Additionally, major trends in the forecast period include the integration of electric HVAC compressors with thermal management systems, the implementation of smart climate control, the integration of cabin air quality sensors, considerations for thermal comfort in autonomous vehicles, and advancements in refrigerant technologies.
The expanding uptake of electric vehicles (EVs) stands as a significant contributor to the burgeoning automotive electric HVAC compressor market. Electric vehicles, propelled by one or more electric motors running on electricity, necessitate electric HVAC compressors not only for cabin cooling but also to regulate heat for various onboard electronics. Consequently, the role of these compressors is amplifying within the EV segment, leading to increased production. Notably, in October 2022, the World Economic Forum reported a global sale of approximately 4. 3 million new battery-powered electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs) in the first half of 2022. BEV sales surged by 75% while PHEVs escalated by 37%. Additionally, according to the Times of India in July 2022, retail sales of electric vehicles (EVs) reached 390,399 units in the first half of 2022, marking an exceptional 333% year-over-year growth compared to 2021's 90,102 units. This substantiates the driving force of EV adoption in fueling the automotive electric HVAC compressor market.
The upsurge in the count of on-road vehicles serves as a significant catalyst propelling the automotive electric HVAC compressor market forward. These vehicles, encompassing passenger cars, vans, trucks, and others, rely on automotive electric HVAC compressors to bolster energy efficiency, curtail emissions, and provide efficient climate control without traditional engine-driven systems. For instance, according to the Society of Indian Automobile Manufacturers (SIAM), sales of passenger vehicles witnessed a 13. 2% increase in fiscal year 2021, reaching 3. 07 million from 2. 71 million in 2020. Similarly, China's state council noted a 4. 4% year-over-year surge in passenger car sales in 2021, totaling 20. 15 million units. The demand surge for new energy vehicles (NEVs) played a pivotal role in propelling market expansion. Hence, the burgeoning number of on-road vehicles substantially fuels the automotive electric HVAC compressor market.
Product innovation has emerged as a prominent trend driving the automotive electric HVAC compressor market's growth trajectory. Key market players are steadfastly launching innovative products to align with consumer demands. For example, Embraco, a Brazil-based compressor manufacturer, unveiled a new compressor platform for refrigerators in November 2021. Among these, the ES and FMS compressors have been introduced, where FMS stands as the smaller compressor at 123 millimeters in height while MS represents the larger variant. This emphasis on innovation underscores the market's pursuit of meeting evolving consumer needs and technological advancements.
Prominent players within the automotive electric HVAC compressor market are actively forging strategic collaborations aimed at enhancing their production capabilities. These partnerships involve leveraging complementary strengths and resources to achieve mutual advantages and drive collective success. In a notable example from April 2021, Toyota Industries Corporation, a Japanese machinery manufacturer, joined forces with Siemens, a German multinational conglomerate company, to propel advancements in aluminum die casting-a critical process in automotive air conditioning compressor production. Their collaboration focuses on implementing digital transformation techniques for die casting, integrating defect prediction AI technology to elevate both quality standards and productivity levels.
In June 2021, the Hisense Group, a China-based provider of home electronics, executed the acquisition of Sanden Corporation for $195. 6 million. This strategic move is poised to facilitate the Hisense Group's expansion into the automotive compressor markets. Sanden Corporation, based in Japan, specializes in the manufacturing of automotive electrical equipment, aligning with Hisense's strategic goal of diversification and market expansion within the automotive sector.
Major companies operating in the in the automotive electric hvac compressor market report are Denso Corporation, Toyota Industries Corporation, Valeo SA, MAHLE GmbH, Robert Bosch GmbH, Highly Marelli Holdings Co. Ltd., Brose Fahrzeugteile SE & Co. KG, Borg Warner Inc., Hanon Systems, Aptiv plc, Mitsubishi Heavy Industries Ltd., WABCO Holdings Inc., Estra Automotive Systems Co. Ltd., Hella KGaA Hueck & Co., Merck Co. & KGaA, Subros Ltd., Michigan Automotive Compressor Inc., Shanghai Highly Group Co. Ltd., Continental AG, Sanden Holdings Corporation, Behr Hella Service GmbH, Calsonic Kansei Corporation, Delphi Technologies plc, Panasonic Corporation, Johnson Controls International plc, Modine Manufacturing Company, Sensata Technologies Holdings plc, Xiezhong International Holdings Limited, Red Dot Corporation, Eberspaecher Climate Control Systems GmbH & Co. KG.
Asia-Pacific was the largest region in the automotive electric HVAC compressor in 2023. Europe was the second largest region in the automotive electric HVAC compressor market share. The regions covered in the automotive electric hvac compressor market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the automotive electric hvac compressor market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.
The automotive electric HVAC compressor market consists of sales of rotary, centrifugal and reciprocating. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.