Pune, India, May 12, 2021 (GLOBE NEWSWIRE) -- According to the report, Electric Vehicle HVAC Market size is projected to reach USD 2,144.4 Million value by 2027, exhibiting a CAGR of 15.6%. The Electric Vehicle HVAC Industry was valued at USD 840.4 million in 2019. Increasing Adoption of Electric Compressor Systems to Provide Forward Thrust to the Market.
The forced shutdown of automotive manufacturing plants will be the key factor affecting the electric vehicle HVAC market growth amid the COVID-19 pandemic. Further, the sharp drop in demand for vehicles worldwide resulting from the widespread adoption of remote working facilities has led to unprecedented revenue shortfalls for major electric vehicle (EV) manufacturers and large carmakers. As a consequence, the market displayed a staggering decline in CAGR of -7.6% in 2020. However, the provision of new stimulus packages by various countries to rejuvenate the auto sector will deliver some relief to this market during the rest of the forecast period.
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By technology, the market is divided into automatic and manual. Based on vehicle type, the market is bifurcated into passenger cars and commercial vehicles. On the basis of component type, the market has been classified into electric compressors, heat exchanging equipment, expansion valves, and receiver-drier. By region, the market has been grouped into North America, Europe, Asia Pacific, and the Rest of the World.
Sanden Holdings Commences Automated Production of Electric Compressors
In January 2021, Japan-based Sanden Holdings Corporation announced the commencement of automated mass production of electric compressors at its Gunma plant to support advancements in electric vehicle HVAC technologies. The plant has an annual production capacity of 750,000 units and the company has managed to achieve 75% automation on this assembly line. The new automated systems are also equipped to perform sophisticated quality control operations, such as image analysis and image detection using 3D technologies. With the deployment of automation solutions, Sanden Holdings aims to reduce emissions and optimize manufacturing processes, thereby bringing down production costs.
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Attractive Incentives for EVs in Several Countries to Favor Market Growth
With the transition towards sustainable mobility intensifying worldwide, several countries have put in place highly attractive policies and incentives to accelerate the adoption of EVs. For example, China, the largest EV market currently, has formulated a host of regulatory incentives that include the removal of registration restrictions and driving bans on certain days that are imposed on conventional vehicles in large cities. In the US, tax exemptions are being leveraged to stoke the adoption of EVs in the country. For example, electric car buyers in the country are entitled to a federal tax credit of up to USD 75,000, besides benefiting from exemptions on federal taxes based on fuel consumption. As EVs proliferate the globe, favorable conditions will also be created for the development of advanced electric vehicle HVAC systems in the foreseeable future.
Robust Governmental Backing to EVs to Propel the Market in Asia Pacific
At USD 381.4 million in 2019, Asia Pacific is expected to command the electric vehicle HVAC market share during the forecast period due to the strong and unwavering policy support offered by governments in the region to EV manufacturing and adoption. For example, in India, under the second phase of the FAME (Faster Adoption and Manufacturing of Electric Vehicles) scheme, the procurement of EVs has been ramped up, with the promise of additional financial support. Similarly, China has been aggressively deploying electric buses in major cities.
The market for electric vehicle HVAC systems in North America will derive growth from the rapidly expanding EV charging infrastructure across the US and Canada. In Europe, ambitious emission targets set by the European Union (EU) will provide the necessary impetus to electric vehicle uptake in the region.
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Alliances between Energy Innovators & Auto Industry Giants to Electrify the Market
With a focus on augmenting the energy-efficiency of electric vehicles, automotive industry behemoths have been actively forging alliances with innovators in the energy management domain. These collaborations are enabling EV manufacturers to create HVAC solutions that can substantially enhance heating and ventilation in EVs without compromising on their range or efficiency.
Industry Development:
November 2020: Hanon Systems announced that it will be providing its eco-friendly R744 heat pump components to the Volkswagen Group. This heat pump system has been conceived specifically for battery-powered EVs, where it delivers cabin comfort in any temperature conditions with low power consumption.
- Panasonic Corporation (Osaka, Japan)
- MAHLE GmbH (Stuttgart, Germany)
- Denso Corporation (Munich, Germany)
- Sanden Holdings Corporation (Gunma, Japan)
- Marelli Holdings Co., Ltd. (Corbetta, Italy)
- Brose Fahrzeugteile SE & Co. KG (Coburg, Germany)
- Valeo S.A. (Chennai, India)
- Hanon Systems (Daejeon, South Korea)
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Global Electric Vehicle HVAC Market Segmentation:
By Technology:
- Automatic
- Manual
By Vehicle Type:
- Passenger Car
- Commercial Vehicle
By Component Type:
- Electric Compressor
- Heat Exchanging Equipment
- Expansion Valve
- Receiver-Drier
By Geography
- North America (U.S. and Canada)
- Europe (U.K., Germany, France, Italy, Spain, Scandinavia, and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia, and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, and Rest of Latin America)
- Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)
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