Automotive Electric HVAC Compressor Market Size Worth $38.31 Billion By 2028: Grand View Research, Inc.

SAN FRANCISCO, July 20, 2021 /PRNewswire/ -- The global automotive electric HVAC compressor market size is anticipated to reach USD 38.31 billion by 2028, registering a CAGR of 20.7% from 2021 to 2028, according to a study conducted by Grand View Research, Inc. An electric compressor offers several benefits over a conventional compressor, such as lower energy consumption, compact size, controlled revolution speed, and noise-free operations. Also, unlike a conventional compressor, which is belt-driven, an electric compressor is independent of the vehicle engine. An electric compressor draws power from a separate electric motor, which is powered using an inverter. Such an arrangement ensures that the cooling operation of the vehicle continues even when the vehicle is turned off. The electric compressor also requires lesser power to drive as a result of this arrangement, thereby leaving the vehicle performance unaffected and ensuring cleaner operations due to low oil carryover.

Key Insights & Findings:

• The 20-40 CC segment dominated the market in 2020 with a revenue share of 48.3% and is expected to continue leading over the forecast period. The growth can be attributed to the fact that compressors with a cooling capacity of 20-40 CC are usually installed in small and medium vehicles, which have a high adoption rate
• The passenger vehicle segment is expected to register the highest CAGR of more than 20% over the forecast period. The growth can be attributed to the growing adoption of electric passenger vehicles for personal use as well as by corporates, and government and defense agencies
• The battery electric vehicle segment is expected to register the highest CAGR over the forecast period. The growth can be attributed to the increasing demand for electric vehicles in line with the continued rollout of charging infrastructure and prompt availability of skilled technicians to service electric vehicles
• The Asia Pacific regional market is expected to witness significant growth over the forecast period in line with the rising adoption of electric vehicles across China and other developing countries in the Asia Pacific region

Read 110 page market research report, "Automotive Electric HVAC Compressor Market Size, Share & Trends Analysis Report By Cooling Capacity (Less Than 20 CC, 20-40 CC, 40-60 CC), By Vehicle Type, By Drivetrain, By Region, And Segment Forecasts, 2021 - 2028", by Grand View Research

The function of an electric compressor in an electric vehicle is much significant than that of a conventional compressor in an ICE vehicle. In an electric vehicle, the compressor is responsible for the cooling of the entire cabin as well as the battery pack. Electric compressor protects the battery from overheating and subsequently the vehicle from breaking down. Hence, an electric HVAC compressor serves as an essential component for the overall functioning of an electric vehicle. Rising fuel prices coupled with the growing awareness about environmental protection have been driving the adoption of electric vehicles and subsequently the demand for electric HVAC compressors.

However, the high initial costs and maintenance costs associated with electric HVAC compressors are expected to restrain the growth of the market. The installation of electric HVAC compressors involves heavy-duty electric wiring, which increases the overall cost of the system. Repairs and maintenance of electric compressors is also a complex task requiring a high level of expertise, thereby adding to the overall cost. Moreover, the demand for electric compressors relies entirely on the demand for electric vehicles. However, the sales of electric vehicles are already facing a double whammy of the higher price and range anxiety associated with electric vehicles. Nevertheless, advances in technology, the subsequent launch of new products, and the continued installation of electric chargers and charging stations are expected to encourage consumers to opt for electric vehicles, thereby driving the demand for electric HVAC compressors over the forecast period.

Grand View Research has segmented the global automotive electric HVAC compressor market based on cooling capacity, vehicle type, drivetrain, and region:

• Automotive Electric HVAC Compressor Cooling Capacity Outlook (Revenue, USD Million, 2017 - 2028)
• Less Than 20 CC
• 20-40 CC
• 40-60 CC
• More than 60 CC
• Automotive Electric HVAC Compressor Vehicle Type Outlook (Revenue, USD Million, 2017 - 2028)
• Passenger Vehicle
• Light Commercial Vehicles (LCV)
• Heavy Commercial Vehicles (HCV)
• Buses & Coaches
• Automotive Electric HVAC Compressor Drivetrain Outlook (Revenue, USD Million, 2017 - 2028)
• Plug-in Hybrid Electric Vehicle (PHEV)
• Battery Electric Vehicle (BEV)
• Hybrid Electric Vehicle (HEV)
• Automotive Electric HVAC Compressor Region Outlook (Revenue, USD Million, 2017 - 2028)
• North America
• U.S.
• Canada
• Europe
• U.K.
• Germany
• France
• Rest of Europe
• Asia Pacific
• China
• India
• Japan
• Rest of Asia Pacific
• Latin America
• Brazil
• Mexico
• Rest of Latin America
• Middle East & Africa

List of Key Players in the Automotive Electric HVAC Compressor Market

• Denso Corporation
• Hanon Systems
• MAHLE GmbH
• SANDEN Holdings Corporation
• Toyota Industries Corporation
• Highly Marelli Holdings Co., Ltd.
• Valeo S.A.

Check out more studies related to electric vehicles, by Grand View Research:

• Electric Vehicle Market – The global electric vehicle market demand is expected to reach $1,212.1 billion by 2027. It is expected to witness a CAGR of 41.5% 2020 to 2027.
• Off-highway Electric Vehicle Market – The global off-highway electric vehicle market size is expected to reach USD 17.45 billion by 2027. It is expected to expand at a CAGR of 21.2% from 2020 to 2027.
• Electric Vehicle Battery Market – The global electric vehicle battery market size is expected to reach USD 38.6 billion by 2025. The growing preference for e-mobility and the subsequent rise in the popularity of electric vehicles is expected to drive the market growth.

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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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SOURCE Grand View Research, Inc.