PUBLISHER: The Business Research Company | PRODUCT CODE: 1518310
PUBLISHER: The Business Research Company | PRODUCT CODE: 1518310
An electric vehicle (EV) smart heating, ventilation, and air conditioning (HVAC) system is an advanced climate control system that optimizes energy efficiency, manages battery thermal conditions, and enhances passenger comfort through intelligent, automated functions. These systems integrate cutting-edge air filtration and purification technologies to maintain excellent air quality inside the vehicle, addressing concerns related to pollution and allergens.
The primary types of EV smart HVAC systems are engine-powered HVAC and electric-powered HVAC. Engine-powered HVAC systems in EVs utilize the vehicle's internal combustion engine or a similar power source to regulate heating, ventilation, and air conditioning. These systems are typically synchronized with the vehicle's engine operations, delivering climate control either by utilizing the engine's heat or employing mechanical methods. The system components include the compressor, condenser, heater core, evaporator, and various integrated technologies such as automatic, semi-automatic, and manual controls. These systems are employed in a range of applications including passenger cars and commercial vehicles.
The EV smart HVAC system market research report is one of a series of new reports from The Business Research Company that provides EV smart HVAC system market statistics, including EV smart HVAC system industry global market size, regional shares, competitors with an EV smart HVAC system market share, detailed EV smart HVAC system market segments, market trends and opportunities, and any further data you may need to thrive in the EV smart HVAC system industry. This EV smart HVAC system 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 EV smart HVAC system market size has grown strongly in recent years. It will grow from $4.69 billion in 2023 to $5.15 billion in 2024 at a compound annual growth rate (CAGR) of 9.8%. During the historic period, growth can be attributed to several factors including the higher adoption rates of electric vehicles, supportive government regulations and incentives, consumer preferences for enhanced comfort, integration with renewable energy sources, increased disposable income levels, urbanization trends, and the development of smart cities.
The EV smart HVAC system market size is expected to see strong growth in the next few years. It will grow to $7.52 billion in 2028 at a compound annual growth rate (CAGR) of 9.9%. The anticipated growth in the forecast period can be linked to the rising utilization of electric buses, trucks, and other commercial vehicles, growing consumer expectations for comfort and convenience, advancements in autonomous vehicle technologies, and increased investments in charging infrastructure. Major trends expected in this period include a strong emphasis on energy efficiency, the integration of smart and connected HVAC systems, the development of hybrid HVAC solutions, compact and lightweight designs, customization options for personalization, and a focus on sustainability initiatives.
The growth of the EV smart HVAC system market is anticipated to be driven by the increasing adoption of autonomous vehicles in the foreseeable future. Autonomous vehicles, also known as self-driving cars, operate without human intervention, relying on advanced technology to navigate and perform essential functions independently. This rise in autonomous vehicles is fueled by the demand for safer and more efficient transportation options, along with regulatory support for their deployment. Smart HVAC systems play a crucial role in autonomous electric vehicles by optimizing passenger comfort and energy usage through automatic adjustments in temperature and airflow based on environmental factors and passenger preferences. A report from the Insurance Institute for Highway Safety projected a significant increase in the number of autonomous vehicles on American roads, reaching 3.5 million by 2025 and 4.5 million by 2030, highlighting the driving force behind the EV smart HVAC system market.
Leading companies in the EV smart HVAC system market are concentrating on developing innovative thermal management technologies tailored for commercial electric vehicles. These technologies, such as heat exchanger systems, aim to improve energy efficiency, passenger comfort, and environmental sustainability. For example, Modine Manufacturing recently introduced the EVantage line of thermal management systems designed for commercial electric vehicles. This includes a battery thermal management system (BTMS) that ensures optimal battery temperature control across various environmental conditions and an electronics cooling package (ECP) to keep the traction motor and power electronics at ideal temperatures. These solutions are engineered to enhance vehicle performance while minimizing power consumption through efficient cooling and heating processes.
In January 2022, Faurecia S.A., a company specializing in automotive technology solutions and based in France, purchased HELLA GmbH & Co. KGaA for €5.3 billion. This acquisition is intended to elevate Faurecia to the position of the world's seventh-largest automotive supplier. By incorporating HELLA's expertise and capabilities into its own portfolio, Faurecia aims to enhance its competitiveness and market standing within the automotive industry. HELLA GmbH & Co. KGaA, based in Germany, is known for its smart thermal management solutions tailored for electric vehicles.
Major companies operating in the EV smart HVAC system market are Bosch Mobility Solutions, Denso Corporation, Sanden Holdings Corporation, Continental AG, Toyota Industries Corporation, Valeo SA, Marelli Holdings Co. Ltd., BorgWarner Inc, Mahle GmbH, Brose Fahrzeugteile GmbH & Co KG, Hella GmbH & Co. KGaA, Hanon Systems Deutschland GmbH, Eberspacher Group, Webasto Group, HVCC (Halla Visteon Climate Control), Johnson Electric Holdings Limited, Thermo King, Modine Manufacturing Company, Preh GmbH, Delphi Technologies, SMP Deutschland GmbH, NORMA Group, Gentherm Incorporated, Songz Automobile Air Conditioning Co. Ltd., Kendrion NV, Subros Limited, Voss Automotive GmbH, Keihin Corporation
Asia-Pacific was the largest region in the EV smart HVAC system market in 2023 and is expected to be the fastest-growing region in the forecast period. The regions covered in the EV smart HVAC system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the EV smart HVAC system market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The EV smart HVAC system market consists of revenues earned by entities by providing services such as software development, data analytics, and cloud computing solutions tailored specifically for optimizing the performance and efficiency of HVAC systems in electric vehicles. The market value includes the value of related goods sold by the service provider or included within the service offering. The EV smart HVAC system market also includes sales of thermal management systems, heat pumps, cabin air filters, battery cooling systems, and refrigerant recovery systems. 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.
EV Smart HVAC System 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 EV smart HVAC system 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 EV smart HVAC system ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The EV smart HVAC system 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.
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