Automotive Electrical HVAC Compressor Market Measurement Price $38.31 Billion By 2028: Grand View Analysis, Inc.
SAN FRANCISCO, July 20, 2021 / PRNewswire / – The global automotive HVAC compressor market is expected to be reached $ 38.31 billion by 2028 with a CAGR of 20.7% from 2021 to 2028, according to a study by Grand View Research, Inc. An electric compressor offers several advantages over a conventional compressor, such as: B. Lower energy consumption, compact size, controlled speed, and silent operation. In addition, unlike a conventional belt-driven compressor, an electric compressor is independent of the vehicle engine. An electric compressor gets its power from a separate electric motor, which is fed by an inverter. Such an arrangement ensures that the cooling operation of the vehicle continues even when the vehicle is switched off. As a result of this arrangement, the electric compressor also requires less power to drive, which means that vehicle performance remains unaffected and cleaner operation is ensured due to low oil carryover.
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Important findings and findings:
The 20-40 CC segment dominated the market in 2020 with a revenue share of 48.3% and is expected to continue to lead in the forecast period. The growth is due to the fact that compressors with a cooling capacity of 20-40 CC are usually installed in small and medium-sized vehicles that are widely accepted
The passenger car segment is expected to record the highest CAGR of more than 20% in the forecast period. The growth is due to the increasing adoption of electric passenger cars for personal use, as well as by corporate, government and defense agencies
The battery electric vehicle segment is expected to have the highest CAGR over the forecast period. The growth is due to the increasing demand for electric vehicles in connection with the further expansion of the charging infrastructure and the rapid availability of qualified technicians for servicing electric vehicles
The Asia Pacific The regional market is expected to experience significant growth over the forecast period in line with the increasing adoption of electric vehicles across the region China and other developing countries in the Asia Pacific region
Read 110-page market research report, “Market Size, Share, and Trending Analysis of Electric HVAC Compressors for Vehicles by Cooling Capacity (Less than 20 CC, 20-40 CC, 40-60 CC), by Vehicle Type, by Powertrain, by Region, and Segment Forecasts , 2021-2028 “, from Grand View Research
The story goes on
The function of an electric compressor in an electric vehicle is much more important than that of a conventional compressor in an ICE vehicle. In an electric vehicle, the compressor is responsible for cooling the entire cabin and the battery pack. Electric compressor protects the battery from overheating and thus the vehicle from failure. Thus, an electric HVAC compressor serves as an essential component for the overall function of an electric vehicle. Rising fuel prices coupled with growing environmental awareness have fueled the introduction of electric vehicles and thus the demand for HVAC electric compressors.
However, the high acquisition and maintenance costs associated with HVAC electric compressors are expected to slow the growth of the market. HVAC electrical compressor installation requires heavy-duty electrical wiring, which increases the overall cost of the system. The repair and maintenance of electric compressors is also a complex task that requires a high level of specialist knowledge and thus increases the overall costs. In addition, the demand for electric compressors depends entirely on the demand for electric vehicles. However, the sale of electric vehicles is already facing the higher price and range fears associated with electric vehicles. Still, advances in technology, the subsequent introduction of new products, and the continued installation of electric chargers and charging stations are expected to encourage consumers to choose electric vehicles, thereby fueling demand for HVAC electric compressors over the forecast period.
Grand View Research has segmented the global automotive HVAC electric compressor market by cooling capacity, vehicle type, powertrain, and region:
Automotive HVAC Electric Compressor Cooling Capacity Outlook (Revenue, $ Mn, 2017-2028)
Vehicle Type Outlook for Electric HVAC Compressors for the Automotive Industry (Revenue, MILLION USD, 2017-2028)
Drivetrain Outlook for Automotive HVAC Electric Compressors (Revenue, $ Mn, 2017-2028)
Automotive HVAC Electric Compressor Region Outlook (Revenue, $ Mn, 2017-2028)
List of the major players in the Automotive HVAC Compressor Market
SANDEN Holdings Corporation
Toyota Industries Corporation
Very Marelli Holdings Co., Ltd.
Check out more electric vehicle studies from Grand View Research:
Electric Vehicle Market – Worldwide demand in the electric vehicle market is expected to reach $ 1,212.1 billion by 2027. From 2020 to 2027 a CAGR of 41.5% is expected.
Off-Highway Electric Vehicle Market – The global Off-Highway Electric Vehicle market size is expected to be reached $ 17.45 billion by 2027. It is expected to grow from 2020 to 2027 at a CAGR of 21.2%.
Electric Vehicle Batteries Market – The global Electric Vehicle Batteries market size is expected to reach $ 38.6 billion by 2025. The increasing preference for e-mobility and the associated increasing popularity of electric vehicles are likely to drive market growth.
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Grand View Research, a US-based market research and advisory firm, provides both syndicated and bespoke research reports and advisory services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants who add more than 1200 market research reports to its extensive database each year. These reports provide detailed analysis of 46 industries in 25 major countries around the world. Using an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutions understand the global and regional business environment and assess the opportunities ahead.
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SOURCE Grand View Research, Inc.