Selbyville, Delaware, July 28, 2021 (GLOBE NEWSWIRE) -- As per experts, global automotive electric HVAC compressor marketplace was worth at USD 9.36 billion in 2020 and its size is projected to multiply at a CAGR of 20.7% over 2021-2027, subsequently reaching USD 34.93 billion valuation by the end of the assessment period. This growth can be credited to growing acceptance of electric vehicles (EVs), rising presence of auto players, and increasing automotive production.
The document offers a conclusive data of every sub-market in terms of their size, shares, growth rate, and input to the overall market development. Proceeding ahead, it throws light on the competitive hierarchy of the marketplace, highlighting the corresponding business profiles of the major players/vendors. It also explicates the winning strategies adopted by well-known firms to help stakeholders in formulating action plans that accrue high returns in the upcoming years.
Notably, electric compressors come with a built-in motor which continues to work even when the vehicle's engine is turned off, resulting in increased fuel efficiency and continued use of the air conditioner to maintain a comfortable cabin temperature.
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The production of automobiles with air conditioning units is inextricably linked to the use of AC compressors. Most passenger cars come equipped with air conditioning, which creates a pleasant, comfortable environment inside the vehicle.
Customers favor vehicles with air conditioning when purchasing them for personal use. Passenger automobiles account for a greater portion of the total number of cars used for personal purposes. In fact, the passenger vehicle vertical led the demand in AC compressor marketplace in 2017.
With the adoption of electric compressors by electric vehicle OEMs on a broad scale due to multi-functionality characteristics and lower energy consumption, worldwide automotive electric HVAC compressor industry expansion is predicted to accelerate in the upcoming years.
On the downside, increasing global warming due to rising vehicle emissions are anticipated to negatively impact the remuneration scope of the industry over the forecast period.
Geographical terrain summary
Expert analysts cite that Asia Pacific held significant portion of global automotive electric HVAC compressor market in 2020, creditable to strong reception of EV in China and significant number of electric blower deals in the same year. Continuous improvement in EV charging and transportation infrastructure in non-industrial countries is anticipated to drive sales for electric vehicles, and thereby add to the demand for electric compressors in the region. Moreover, growing focus of key EV producers, such as South Korea and Japan, on R&D activities will bode well for the development of the regional market over the analysis timeframe.
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Global Automotive Electric HVAC Compressor Market by Cooling Capacity (Value, USD Billion, 2018-2027)
- 40-60 CC
- 20-40 CC
- Less Than 20 CC
Global Automotive Electric HVAC Compressor Market by Drive Type (Value, USD Billion, 2018-2027
- Conventional (Belt Driven)
- Electric
Global Automotive Electric HVAC Compressor Market Regional Bifurcation (Value, USD Billion, 2018-2027)
North America
- U.S.
- Canada
Latin America
- Mexico
- Brazil
Asia Pacific
- Australia
- Japan
- South Korea
- China
- India
- Rest of Asia Pacific
Europe
- U.K.
- France
- Germany
- Italy
- Spain
- Rest of Europe
Rest of the World
Global Automotive Electric HVAC Compressor Market Prominent Players (Value, USD Billion, 2018-2027)
- Continental AG
- Robert Bosch GmbH
- Shanghai Highly (Group) Co. Ltd.
- Valeo S.A.
- Highly Marelli Holdings Co. Ltd.
- Toyota Industries Corporation
- Sanden Holdings Corporation
- Mahle GmbH
- Hanon Systems
- Denso Corporation
Table of Content:
Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2019-2027 (USD Billion)
1.2.1. Automotive Electric HVAC Compressor Market, by Region, 2019-2027 (USD Billion)
1.2.2. Automotive Electric HVAC Compressor Market, by Cooling Capacity, 2019-2027 (USD Billion)
1.2.3. Automotive Electric HVAC Compressor Market, by Drive Type, 2019-2027 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global Automotive Electric HVAC Compressor Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Scope of the Study
2.2.2. Industry Evolution
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global Automotive Electric HVAC Compressor Market Dynamics
3.1. Automotive Electric HVAC Compressor Market Impact Analysis (2019-2027)
3.1.1. Market Drivers
3.1.1.1. Increasing automotive production & presence of auto players.
3.1.1.2. The increasing adoption of EVs
3.1.2. Market Challenges
3.1.2.1. Higher operation life and ease of repair.
3.1.3. Market Opportunities
3.1.3.1. Multi-functionality features
3.1.3.2. Lower energy consumption
Chapter 4. Global Automotive Electric HVAC Compressor Market Industry Analysis
4.1. Porter's 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.1.6. Futuristic Approach to Porter's 5 Force Model (2018-2027)
4.2. PEST Analysis
4.2.1. Political
4.2.2. Economical
4.2.3. Social
4.2.4. Technological
4.3. Investment Adoption Model
4.4. Analyst Recommendation & Conclusion
Chapter 5. Global Automotive Electric HVAC Compressor Market, by Cooling Capacity
5.1. Market Snapshot
5.2. Global Automotive Electric HVAC Compressor Market by Cooling Capacity, Performance - Potential Analysis
5.3. Global Automotive Electric HVAC Compressor Market Estimates & Forecasts by Cooling Capacity 2018-2027 (USD Billion)
5.4. Automotive Electric HVAC Compressor Market, Sub Segment Analysis
5.4.1. Less Than 20 CC,
5.4.2. 20-40 CC,
5.4.3. 40-60 CC
Chapter 6. Global Automotive Electric HVAC Compressor Market, by Drive Type
6.1. Market Snapshot
6.2. Global Automotive Electric HVAC Compressor Market by Drive Type, Performance - Potential Analysis
6.3. Global Automotive Electric HVAC Compressor Market Estimates & Forecasts by Drive Type 2018-2027 (USD Billion)
6.4. Automotive Electric HVAC Compressor Market, Sub Segment Analysis
6.4.1. Electric,
6.4.2. Conventional (Belt Driven)
Chapter 7. Global Automotive Electric HVAC Compressor Market, Regional Analysis
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Automotive HVAC Market Size, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2020 - 2025
Global Automotive HVAC Market size is expected to reach over USD 25 billion by 2025. Automatic HVAC systems have a high demand in passenger cars as these systems can monitor numerous cabin air parameters such as humidity and temperature set by driver or system specifications. These systems limit the fresh air inlet to the minimum by recirculating air through the air conditioning unit back to the cabin. An HVAC system fuel consumption ranges up to three litres for every hundred kilometers depending on driving cycles and climatic conditions. Automatic HVAC systems have been recorded to reduce the fuel consumption by 35%, driving the growth of the automotive HVAC market.
Continuous R&D investments by companies involved in the automotive HVAC market have resulted in the development of eco-friendly systems. Compressors need high power of up to a thousand Watts for their operation. Efforts are being focused on reducing the energy consumption and active time to improve the efficiency of compressors, augmenting technological innovations in the automotive HVAC market. In addition, measures such as replacement of the mechanical expansion valve by an electrochemical valve controlled using a linear stepper motor and decreasing the temperature of airflow running over the evaporator to gain better control over the flow of refrigerant has been proposed. This is projected to contribute towards the automotive HVAC market growth.
Air Compressor Market Size, Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027
The air compressor market is expected to witness significant growth by 2027 primarily driven by the mounting product demand across varied end-use verticals. Moreover, increasing focus of manufacturers on product development through integration of advanced technologies is also projected to fuel market demand over the forecast period. The COVID-19 outbreak had a colossal impact on the global healthcare infrastructure and created unprecedented demand for all kinds of equipment necessary for medical procedures. The widespread need for high-quality medical grade compressed air for carrying out different processes, such as decontamination and sanitization, among others, has proliferated market adoption across the globe.
Furthermore, industry players have been expanding their offerings to deliver products that fulfill consumer requirements, which has improved the product landscape. For instance, in June 2021, BendPak, a manufacturer of commercial-grade lifts, introduced its complete line of air compressors - Patriot Series. The new series includes efficient and industrial-strength air compressors for home garages or shops and comes with different power options to suit customer requirements.
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