PUBLISHER: The Business Research Company | PRODUCT CODE: 1546407
PUBLISHER: The Business Research Company | PRODUCT CODE: 1546407
An automotive electric compressor functions by compressing refrigerant in a vehicle's air conditioning system using electric power. Unlike traditional belt-driven compressors, it operates independently from the engine, enabling more efficient and adaptable climate control, particularly beneficial in hybrid and electric vehicles.
Automotive e-compressors are primarily categorized into variable e-compressors and displacement e-compressors. Variable e-compressors can adjust their output based on the vehicle's heating or cooling requirements, offering enhanced efficiency and energy conservation. These compressors cater to various propulsion types such as battery electric vehicles (BEVs), plug-in hybrid vehicles (PHEVs), fuel-cell electric vehicles (FCEVs), and hybrid electric vehicles (HEVs). They utilize different technology types such as variable frequency drive (VFD) and fixed speed, tailored to different capacities (small, medium, large) suitable for applications ranging from passenger cars to heavy commercial vehicles.
The automotive e-compressors market research report is one of a series of new reports from The Business Research Company that provides automotive e-compressors market statistics, including automotive e-compressors industry global market size, regional shares, competitors with a automotive e-compressors market share, detailed automotive e-compressors market segments, market trends and opportunities, and any further data you may need to thrive in the automotive e-compressors industry. This automotive e-compressors market research report delivers a complete perspective on everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The automotive e-compressor market size has grown exponentially in recent years. It will grow from $2.02 billion in 2023 to $2.48 billion in 2024 at a compound annual growth rate (CAGR) of 22.8%. The growth during the historic period was driven by adherence to regulations, increasing consumer demand, a growing need for fuel-efficient solutions, expansion in the automotive industry, and rising demand for environmentally friendly products.
The automotive e-compressor market size is expected to see exponential growth in the next few years. It will grow to $5.70 billion in 2028 at a compound annual growth rate (CAGR) of 23.1%. Anticipated growth in the forecast period can be attributed to the expansion of electric vehicles, advancements in advanced driver-assistance systems (ADAS), trends towards urbanization, global economic conditions, innovations in materials, optimization of supply chains, and digital transformation. Key trends expected in this period include the adoption of biodegradable materials, the integration of 3D printing, augmented reality (AR) for design purposes, predictive maintenance practices, improvements in energy efficiency, and innovative design solutions.
The automotive e-compressor market is poised for growth driven by increasing demand for electric vehicles (EVs). EVs are vehicles powered by electric motors using energy stored in batteries or other devices. The surge in electric car popularity is attributed to growing environmental awareness, advancements in battery technology, government incentives, and rising fuel costs. Automotive e-compressors play a vital role in EVs by ensuring climate control and thermal management, thereby enhancing energy efficiency, comfort, and overall performance. For example, in April 2023, the International Energy Agency reported a 35% annual increase in EV sales, totaling 3.5 million units compared to 2022. Thus, the rising adoption of electric vehicles is fueling growth in the automotive e-compressor market.
Leading companies in the automotive e-compressor market are focusing on developing advanced products such as electric air compressors to improve vehicle efficiency, reduce emissions, and support the transition to cleaner transportation solutions. Electric air compressors operate by compressing air using electricity, suitable for various applications such as tool operation, tire inflation, and supplying air to fuel cells. For instance, in April 2023, India-based ZF's Commercial Vehicle Solutions (CVS) launched a high-speed electric air compressor designed for fuel cell applications. This compressor features oil-free, high-speed operation to enhance efficiency and power density, ensuring reliable air supply critical for high-performance fuel cell systems. Its modular design ensures versatility across different vehicle platforms, emphasizing durability even in heavy-duty commercial use.
In July 2021, Germany-based automotive e-compressor supplier Eberspaecher acquired ViCTORi LLC, marking its entry into the hydrogen and fuel cell technology market by expanding its portfolio to include air supply components for fuel cell systems. ViCTORi LLC, based in the US, specializes in designing, manufacturing, and selling high-performance air compressors.
Major companies operating in the automotive e-compressor market are Robert Bosch GmbH, DENSO CORPORATION, Continental AG, Mitsubishi Electric Corporation, Honeywell International Inc., 3M Company, Johnson Controls Inc., TOYOTA INDUSTRIES CORPORATION, Valeo, NIDEC CORPORATION, MAHLE GmbH, BorgWarner Inc., Hanon Systems, Brose Fahrzeugteile SE & Co. KG, SANDEN CORPORATION, Tecumseh Products Company LLC, Subros Limited, Red Dot Corporation, TCCI Manufacturing, Delphi Technologies
Asia-Pacific was the largest region in the automotive e-compressor market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the automotive e-compressor market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the automotive e-compressor market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The automotive e-compressor market consists of sales of control units, controllers, refrigerant systems, and electric motors. 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.
Automotive E-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 e-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 e-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 e-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 impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.