The Global Automotive Electric HVAC Compressor Market is expected to be above US$ 9,258.3 Mn in 2020, growing at a CAGR of 22% from 2021 to 2028.
HVAC instruments are mechanical systems that provide luxury of thermal control and indoor air quality. The HVAC system is customized accordingly to obtain good environment in terms of air quality and coolness in hot conditions. The automotive electric HVAC instruments are widely used in vehicles, residential buildings, commercial complexes and institutional complexes. The compressor is a crucial part in HVAC systems as it acts like a heart of the HVAC system. The automatic electric compressor eliminates the heat generated by air conditioning system and forms a refrigerator condition that cools the air and provides thermal comfort to the occupants. The heating, ventilation and cooling compressor is a latest trend in the industry and has got wonderful response from consumers in cars segment, as it assures cabin comfort while driving. In 20th century, many companies used to manufacture reciprocal compressors which had minimal pressure on engines and provided poor air quality. As technology evolved many companies developed fuel efficient vehicles, electric cars using different kind automatic compressor which have got significant importance and this evolution has propelled many companies to next level of their business. During 2012-2013 it initially started in European countries and later it was expanded to other regions. This is due to presence of number of luxury car manufacturing companies in European region. And later this technology augmented to improve fuel efficiency and fuel economy. The oil pumps and electric coolant pumps are replaced with automatic e-compressor in order to expand the businesses. Now-a-days electric cars and electrical AC compressors in cars are gaining a lot of attention and importance because of zero emission from vehicles, zero fuel charges, environment awareness programs and government subsidy schemes. In terms of environment, greenhouse effect and ozone layer depletion is major problem which is caused due to emissions from vehicles and AC systems, to overcome this problem many popular automotive industries are continuously working and spending huge investments in R&D.
Recent advancements in electric vehicles and use of air conditioners in these cars is expected to swift the market growth over the forecast period. Bad environmental and heat conditions has led to use more air-conditioning system in cars this is a major driving factor to fuel the market growth. Adoption of updated new generation vehicles such as electric vehicles, hybrid electric vehicles would escalate the market growth worldwide. Few popular automotive industry players are striving to develop eco-friendly vehicles to comply with present environmental regulations, this could be resulted to fuel the market growth.
Maintenance problems, low fuel economy, technical problems, high power requirements, more time to recharge electric vehicles and high prices of vehicles are the factors that restrain the growth of the market.
Segment Analysis by Region:
The global Automotive Electric HVAC Compressor Market is segmented as North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Europe accounted for highest market share due to presence of large number luxury automotive industries and has highest growth opportunities in this region. Asia-Pacific is second after Europe as several industries are focusing on research and development facilities to introduce new updated products in the market. Germany, Japan, China, and India are the major countries to contribute high market share. APAC region is expected to grow at faster pace over the forecast period.
Covid-19 Impact on Global Automotive Electric HVAC Compressor Market:
The automotive industry has faced the worst situation ever in this century due to outbreak of COVID-19. Forcible imposition of lockdowns by many countries has had a negative impact in sales and development of automotive industry. It might take 3-4 years to bring back the situation back on track for the automotive industry. Such predictions by market analyst are creating many challenges for stakeholders and investors to invest. Rising fuel cost in developing economies and well-structured strategies to electric vehicles penetration in the automotive industry is expected to revive the market growth after COVID-19 pandemic eradication. Micro airborne particles are a major cause to spread of the covid-19 virus, hence many companies are trying to produce new HVAC systems in order to reduce disease transmission and to improve air quality.
The global Automotive Electric HVAC Compressor Market is highly fragmented by top industry players including Mitsubishi Heavy Industries Ltd, Denso group, Estra automotive systems co, limited. Hanon Systems, Valeo SA, Toyota industries corporation, Michigan Automotive Compressor, Subros Ltd, Marelli Holdings Co. Ltd, KGgAmahle GMBH and Hella gmbh and co.
Automotive Electric HVAC Compressor Market Segment Analysis, 2021
The global Automotive Electric HVAC Compressor Market is segregated as vehicle type, product type, drivetrain type, and geography. The Vehicle type is sub-segmented as passenger cars, heavy commercial vehicles, and light commercial vehicles. The product type is further bifurcated as scroll, screw, swash, and wobble. The drivetrain is further divided into plug-in hybrid electric vehicles, hybrid electric vehicles, and battery electric vehicles.
Market By Vehicle Type
Heavy Commercial Vehicle (HCV)
Light Commercial Vehicle (LCV)
Market By Product Type
Market By Drivetrain Type
Plug-in hybrid electric vehicle (PHEV)
Battery Electric Vehicles (BEV)
Hybrid Electric Vehicle (HEV)
The global Automotive Electric HVAC Compressor market in 2020 is expected to be above US$ 9,258.3 Mn.
The CAGR of the global Automotive Electric HVAC Compressor Market from 2021-2028 is 22%
Increased use of automatic air conditioning systems in vehicles and rising demand for electric vehicles is the major factor expected to drive the global market.
In vehicle type, passenger car segment is expected to grow faster.
In the global market the Asia Pacific region is expected to grow faster.
Mitsubishi Heavy Industries Ltd, Denso group, Estra automotive systems co, limited. Hanon systems, Valeo SA, Toyota insutries corporation, Michigan Automotive Compressor, Subros Ltd, Marelli Holdings Co. Ltd, KGgAmahle GMBH and Hella GmbH and co.
Europe is expected account for major market revenue share in global market.