The Rise of Electric Vehicle Heat Pump Systems Market: A $1,924.69 Million Industry Dominated by Tech Giants - Denso Corporation, Titanx Engine Cooling and Modine Manufacturing Company | The Insight Partners

The global electric vehicle heat pump system market is set for explosive growth, with projections indicating a surge to $1,924.69 million by 2031. This remarkable expansion, driven by the increasing demand for energy-efficient heating systems to expand driving range.

NEW YORK, Nov. 5, 2024 /PRNewswire/ -- According to a new comprehensive report from The Insight Partners, the global Electric Vehicle Heat Pump Systems Market is observing significant growth owing to growing number of electric vehicle (EV) sales and sustainable and eco-friendly options in the transportation sector. For Detailed Market Insights, Visit: https://www.theinsightpartners.com/reports/electric-vehicle-heat-pump-systems-market

The report runs an in-depth analysis of market trends, key players, and future opportunities. In general, the electric vehicle heat pump systems market can be used for wide range of electric vehicles such as BEV, HEV, and PHEV that are expected to register strength during the coming years.

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Market Overview and Growth Trajectory:

Electric Vehicle Heat Pump Systems Market Growth: According to an exhaustive report by The Insight Partners, the Electric Vehicle Heat Pump Systems Market is experiencing significant growth, driven by government initiatives toward vehicle electrification. The market, valued at $437.94 million in 2023, is expected to grow at a Compound Annual Growth Rate (CAGR) of 20.3% during 2023–2031.

The global electric vehicle heat pump systems market is observing substantial growth and is expected to maintain its upward trajectory in the foreseeable future. This growth can be accredited to numerous factors. One of the factors is rising demand for energy-efficient heating systems to expand driving range. Popular electric vehicles (EVs) largely use lithium-ion batteries to power their electric motors. These types of batteries have an ideal operating temperature range that appears to be anywhere between 50°F and 110°F. the amount of energy extracted from batteries to heat a resistor and then blow air through it to keep the interior of the vehicle warm is resulted in deterioration of the battery. Hence, the heat pumps are important in providing heating to the battery. Heat pumps warm the interior of the car more efficiently than simply drawing energy from the batteries. Heat pump systems are not range extenders in themselves but rather a tool that allows electric vehicles to be more efficient and not lose as many ranges in subzero temperatures.

Government Initiatives: Governments of different economies are focusing on reducing carbon emissions to protect the environment from pollution. Among many initiatives to protect the environment, many countries are experiencing a surge in the adoption of electric vehicles, which do not emit harmful gases. To reduce the toxic impact of greenhouse gas emissions from fossil fuel-based vehicles, the Government of India has implemented several measures at the state and national levels. The government is encouraging the installation of electric vehicle charging stations by offering capital grants under Phase II of the FAME India program and government policies.

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Strategic Developments: The increasing adoption of heat pump systems in electric vehicles is owing to associated benefits, including high performance, great efficiency, wide battery range, and low charging time, among others. Such a rise in the adoption of heat pump systems paves the way for the key companies operating in the EV heat pump systems market to expand their product offerings and presence worldwide. A few of the key strategic initiatives or developments in the electric vehicle heat pump systems market are mentioned below:

• In May 2023, Hanon Systems Corp., a South Korean thermal management system provider, announced its plan to invest US$ 40 million to establish a heat pump systems plant in Georgia, the US; the plant is expected to start production by 2024.
• In June 2023, the Rheinmetall, a German defense company & automotive supplier, presented or introduced a new modular heat pump system for plug-and-play EVs. Through this product development, Rheinmetall strengthened its heat pump system product offering in the electric vehicle industry.
• In April 2022, General Motors introduced its plan to add a heat pump system to its Ultium electric vehicle platform. This Ultium platform is the primary electric vehicle architecture for models such as the GMC Hummer EV and Chevy Silverado EV. This will strengthen the position of the company in the market.

Growing Adoption of Electric Vehicles: Electric vehicles are gaining significant traction as a viable alternative to traditional gasoline-powered cars. Considering climate change concerns and the need to minimize greenhouse gas emissions, electric vehicles offer a clean and sustainable means of transportation. As a result, electric vehicles play a crucial role in energy transition, supporting the switch to renewable and sustainable energy sources. Governments are taking various initiatives to fulfill the energy transition goals of economies across the globe. In March 2024, as per the US Environmental Protection Agency (EPA) and President Biden's goal, 35% of the total new vehicles sold in the US must be electric vehicles by 2032. In addition, in October 2022, the European Union set the goal of ensuring the registration of new cars and vans in Europe will be emission-free by 2035, which is expected to support the region's goal of becoming climate-neutral by 2050. As per the new European legislation, the total electric vehicle fleet in the region is projected to reach 40 million units by 2030 from more than 8 million units in 2023. 

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Geographical Insights: In 2023, Europe led the market with a substantial revenue share, followed by North America and Europe. Asia Pacific is expected to register the highest CAGR during the forecast period.

Electric Vehicle Heat Pump Systems Market Segmentation, Applications, Geographical Insights:

• Based on propulsion type, the market is divided into BEV, HEV, and PHEV. The BEV segment held the largest share of the electric vehicle heat pump systems market in 2023.
• Based on Component, the market is bifurcated into evaporator, compressors, condenser and others. The compressor segment held the largest share of the electric vehicle heat pump systems market in 2023.
• Based on vehicle type, the market is categorized into passenger vehicles and commercial vehicles. The passenger vehicle segment held the largest share of the electric vehicle heat pump systems market in 2023.
• The Electric Vehicle Heat Pump Systems market is segmented into five major regions: North America, Europe, APAC, Middle East and Africa, and South and Central America.

Key Players and Competitive Landscape:

The Electric Vehicle Heat Pump Systems Market is characterized by the presence of several major players, including:

• Denso Corporation
• Titanx Engine Cooling
• Modine Manufacturing Company
• Sanden Corporation
• Highly Marelli
• Hanon Systems
• MAHLE GmbH
• Valeo

These companies are adopting strategies such as new product launches, joint ventures, and geographical expansion to maintain their competitive edge in the market.

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Electric Vehicle Heat Pump Systems Market Recent Developments and Innovations:

• "The technology group Rheinmetall is expanding its electromobility business into new areas of application as planned, with two new independent orders for its innovative plug-and-play heat pump solution."
• "Mitsubishi Heavy Industries Thermal Systems, Ltd. (MHI Thermal Systems), a part of Mitsubishi Heavy Industries (MHI) Group, has developed a new electric-driven transport refrigeration unit exclusively for electric vehicles (EVs), the TEJ35AM, which is equipped with a heat-pump heating function."
• "Valeo secured a record order again, signing a contract with Stellantis in the thermal comfort field for electric cars. The Group has supplied the automaker with a heat pump solution since 2019 and will provide a new generation of the technology for its next electric platform."
• "Highly Marelli Holdings Co., Limited (Highly Marelli) and APM Automotive Holdings Berhad (APM) announced the signing of their agreement to establish a joint venture, PT. Highly Marelli APM Indonesia (hereinafter "JV")."

Electric Vehicle Heat Pump Systems Market Drivers, Challenges, Future Outlook and Opportunities:

The European Union has taken substantial measures to lower carbon emissions from the automotive sector. In March 2023, new CO2 standards were adopted for cars and vans, targeting the mandate of ~55% reduction in emissions for new cars and ~50% reduction for new vans by 2030 compared to 2021 levels; the EU further aims to achieve ~100% reduction for these vehicle categories by 2035. Its Net Zero Industry Act aims to have ~90% of the EU's annual battery demand met by EU battery manufacturers. This includes achieving a manufacturing capacity of at least 550 GWh by 2030. While Europe accounts for ~25% of the global EV production, it has limited its involvement in the EV supply chain to ~20%, except for cobalt processing. Further, the well-established EV business, coupled with ambitious regulatory initiatives, fuels the growth of the electric vehicle market in Europe, which is anticipated to fuel the electric vehicle heat pump systems market growth in the region.

The EV sales in Europe are witnessing a rise in the number of new registrations of EVs across the region. Charging infrastructure is another major factor that is expected to benefit Europe's EV sales. According to the Association des Constructeurs Européens d'Automobiles (ACEA), Europe is anticipated to reach the proposed ~55% CO2 reduction for passenger cars by 2030. Moreover, up to ~279,000 and ~56,000 charging points will be required for trucks and buses, respectively, by 2030. This data shows that the probable establishment of a robust charging infrastructure is anticipated to offer lucrative opportunities for the Europe electric vehicle market, which contributes to the growing electric vehicle heat pump systems market size.

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The favorable government policies, legislations, incentives, funding, research, and taxation are contributing to the higher adoption of EVs and PHEVs. To pioneer emission reduction efforts through transportation, the majority of the Danish Parliament members passed an agreement for the green transition of road transport. According to the agreement, the government is planning to incorporate ~775,000 electric cars into the automotive ecosystem of Denmark by 2030. Thus, these favorable government policies are driving EV sales, which positively influences the electric vehicle heat pump systems market in Europe. The presence of well-established automotive players such as Volvo, Volkswagen, Kia, Toyota, BMW, Audi, Mercedes, Skoda, Renault, and Nissan contribute to the growth of the automotive sector in Sweden, which fuels the electric vehicle heat pump systems market growth in Europe.

Electric vehicles rely on renewable energy sources such as wind, solar, and hydropower to recharge their batteries. In addition, electric vehicles can contribute to the development of renewable energy sources. With the help of renewable power to charge electric vehicles, there will be a reduction in dependence on conventional fuels as well as carbon footprints in the coming years, along with a rise in investment in renewable energy infrastructure.

Electric vehicles play a major role in the energy transition as they can also serve as energy storage devices. When connected to the grid, electric vehicle batteries can store surplus energy from renewable sources during low demand. This energy can then be used to power homes and businesses during high demand. This process, known as vehicle-to-grid (V2G) technology, helps balance the electric grid and reduces the need for energy storage infrastructure.

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The rising adoption of sustainable power sources and growing climate-neutral goals by economies across the globe are expected to support the future energy transition, which is expected to be the key electric vehicle heat pump systems market trend from 2023 to 2031.

Conclusion:

The increasing sales of battery EVs in the passenger cars segment is one of the prime driving factors for the global electric vehicle heat pump system market. New electric car registrations reached 14 million globally in 2023, accounting for their total number on the roads to ~40 million. Electric car sales in 2023 were ~3.5 million higher than in 2022, which is an ~35% year-on-year increase. The growing proliferation of electric commercial vehicles for logistics and transportation is also having a positive impact on the demand for EV heat pump systems globally. In addition, the increasing utilization of hybrid EVs for utility-scale applications is expected to create significant opportunities for the electric vehicle heat pump system market during the forecast period.

With projected growth to $1,924.69 million by 2031, the Electric Vehicle Heat Pump Systems Market represents a significant opportunity for component providers, system technology integrators, investors, system manufacturers, and industry stakeholders. By staying abreast of market trends, embracing innovation, and focusing on quality and performance, companies can position themselves for success in this dynamic and evolving market landscape.

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