New Delhi, April 30, 2024 (GLOBE NEWSWIRE) -- The global automotive electric HVAC compressor market is experiencing significant growth. In 2023, the market was valued at US$ 12.42 billion in 2023, and it is projected to reach US$ 66.52 billion by 2032, at a CAGR of 20.52% during the forecast period 2024-2032.
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The electric vehicle industry is experiencing explosive growth, with significant implications for the market. In 2023, the Asia Pacific region, led by China, captured over 57% of global automotive electric HVAC compressor market sales. This dominance is likely to continue due to strong government support for EVs in the region. Within North America, the light commercial vehicle (LCV) segment is a significant driver, with the United States at the forefront. The number of electric cars on the road skyrocketed to 40 million by the end of 2023, more than 14 million new EVs were added in the year 2023 alone. This momentum continued in 2024 with a remarkable 25% increase in electric car registrations in first quarter of 2024. Sales figures further solidify this trend. Consumer spending on electric car purchases also surged, reaching US$ 278.7 Bn billion in 2022.
Looking ahead, as per the projections of the International Energy Agency estimates the global EV stock to reach a staggering 350 million by 2030, accounting for 60% of the total sold by that year.
Technological Advancements Drive Cost Reductions:
Technological advancements in battery technology, coupled with mass manufacturing processes, are significantly driving down the cost of EVs giving a must needed boost to the growth of the automotive electric HVAC compressor market. This trend is evident in the drastic price drop of EV batteries, falling from USD 1,200/kWh in 2010 to a much more affordable USD 160/kWh in 2023. Continued advancements are expected to further reduce battery prices to approximately USD 60 per kWh by 2030.
Sales Trends and Market Share:
The United States is experiencing a strong shift towards alternative fuel vehicles. Combined sales of hybrid vehicles, plug-in hybrid electric vehicles (PHEVs), and battery electric vehicles (BEVs) reached a significant 16.3% of total new light-duty vehicle (LDV) sales in 2023. This trend accelerated further in the second half of 2023, with hybrid, PHEV, and BEV sales reaching their highest share of LDV sales at 17.9%. As of the first quarter of 2024, alternative-fuel vehicles captured an impressive 18% share of all new vehicle sales. Breaking this down further, BEVs held a 7.1% market share while PHEVs accounted for 2.3% in the first quarter of 2024.
Key Findings in Automotive Electric HVAC Compressor Market
| Market Forecast (2032) | US$ 66.52 billion |
| CAGR | 20.52% |
| Largest Region (2023) | Asia Pacific (57.16%) |
| By Component | Power Module (32.91%) |
| By Cooling Capacity | 3-4 Kw (42.02%) |
| By Drivetrain | HEV (58.46%) |
| By Vehicle Type | Light-duty Vehicles (60.01%) |
| By Voltage Range | 20-31V DC (41.93%) |
| By Sales Channel | OEMs (76.55%) |
| Top Trends |
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| Top Drivers |
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| Top Challenges |
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Riding the Hybrid Wave: Electric HVAC Compressors Powering HEV Growth, Control Over 58.46% Market Share
The hybrid electric vehicle (HEV) market is surging, with sales jumping 15% globally in 2024. Automotive electric HVAC compressor market now hold a substantial 25% share of electrified vehicle sales, encompassing battery electric (BEV), plug-in hybrid (PHEV), and fuel cell electric (FCEV) vehicles. This boom directly translates to a thriving market for electric HVAC compressors in HEVs. Over 80% of HEVs sold in 2024 boast these compressors, a trend fueled by the abundance of HEV models – exceeding 100 as of this year. Beyond market penetration, electric HVAC compressors offer significant benefits. They deliver 30% greater energy efficiency compared to traditional systems, contributing to a more environmentally friendly driving experience. Global HEV production surpassed 5 million units in 2024, further driving demand for these efficient compressors.
External factors are also playing a role in the growth of the automotive electric HVAC compressor market. Stricter emissions regulations have led to a 20% year-over-year increase in HEV sales, indirectly impacting compressor demand. Consumer preferences also come into play, with 60% of HEV owners prioritizing climate control efficiency, directly linked to electric HVAC compressor performance. The market extends beyond initial purchase. The HEV electric HVAC compressor aftermarket has grown 10% in 2024, signifying a robust demand for replacements. Technological advancements are ongoing, with a 25% reduction in compressor size making them ideal for HEVs' compact design. Additionally, the average cost has decreased by 15% since 2023, making them more accessible for HEV manufacturers.
This focus on efficiency and cost reduction extends to system integration. A staggering 90% of new HEVs are designed with integrated electric HVAC systems for optimal energy management. The supplier landscape in the automotive electric HVAC compressor market is also expanding, with a 20% increase in companies offering electric HVAC compressors for HEVs in 2024. Investment in research and development (R&D) underscores the commitment to this technology. Automakers have collectively invested over $500 million in improving electric HVAC systems in HEVs. This commitment is reflected in the 30% increase in patent filings related to electric HVAC compressors for HEVs in 2024.
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The Sweet Spot: 3-4 kW Electric HVAC Compressors Powering Efficient EVs, Capture More than 42% Market Share
The quest for optimal performance and energy efficiency in electric vehicles (EVs) has led to a surge in demand for 3-4 kW electric HVAC compressors. These units strike a perfect balance between cooling power, energy consumption, and the needs of most passenger EVs and hybrids in the automotive electric HVAC compressor market. Compared to larger units, 3-4 kW compressors are significantly more energy-efficient, consuming up to 30% less power. This translates directly to extended driving range on a single charge – a crucial factor for EV owners. Studies show that HVAC systems can reduce an EV's range by 20-30%, making efficient compressors like these all the more essential.
Over 40% of electric vehicles boast compressors within this 3-4 kW range, solidifying their market dominance. This widespread adoption is driven by several factors. Firstly, these compressors are compact, saving valuable cabin space in smaller EVs and hybrids. Secondly, they contribute to overall vehicle weight reduction due to their lighter design (10-15% lighter than larger units). The cooling capacity of 3-4 kW units perfectly aligns with the needs of most mid-size passenger vehicles, making them ideal for a large portion of the market. Additionally, they offer a cost-effective solution for manufacturers due to lower production costs (up to 20% less) compared to higher-capacity units. This affordability extends to consumers as well, making them an attractive replacement choice in the aftermarket.
The story doesn't end there. The adoption rate for these compressors across the global automotive electric HVAC compressor market is rising by 25% year-over-year, driven by continuous innovation. Reliability has improved by 40% in the past five years, and advancements are allowing them to integrate seamlessly into advanced thermal management systems crucial for EVs. These advancements also ensure compliance with stringent energy consumption and efficiency regulations, making them a win-win for both manufacturers and consumers. With global sales exceeding 2 million units in 2023 and production volume increasing by 30% annually, the future looks bright for 3-4 kW electric HVAC compressors. They offer the perfect blend of efficiency, affordability, and cooling performance, paving the way for a more sustainable and comfortable electric driving experience.
Top 5 Players Captures Over 39% Revenue Share of Automotive Electric HVAC Compressor Market
Toyota Industries Corporation, Calsonic Kansei Corporation, Continental AG, Hanon Systems, and Keihin Corporation are market leaders. Wherein, Continental AG is the most dominant players to market share of over 11.2%.
Continental AG spearheads the development of cutting-edge compressor technologies in the automotive electric HVAC compressor market, offering features like compact size, low noise, and reduced energy consumption. Their broad product portfolio caters to diverse vehicle segments and cooling capacity needs, ensuring they meet a wide range of customer demands. The company’s strong global presence in key markets like Europe, China, and North America allows them to effectively serve major automakers worldwide. Despite industry challenges, they managed to increase earnings in 2023 and are targeting further improvement, particularly in the Automotive sector. Their financial resilience is further bolstered by a €500 million share buyback in ContiTech AG planned for 2024. However, higher wage and salary costs, estimated at €500 million, are expected to impact earnings in 2024, with half attributed to the Automotive group.
Continental's market dominance is also fueled by strategic moves. The acquisition of Siemens VDO in 2007 significantly bolstered their automotive electronics capabilities, while the 2004 purchase of Phoenix AG expanded their product portfolio. Additionally, the construction of a powertrain components plant in Costa Rica in 2007 improved their reach in the North American market.
While Continental leads the global automotive electric HVAC compressor market, they face competition from players like Toyota Industries Corporation, Hanon Systems, and Calsonic Kansei Corporation (now part of Marelli). Technological advancements are evident with Sanden launching their 4th generation electric compressors in 2024. Regionally, Aote New Thermal Energy holds a strong position in China, supplying to major Chinese OEMs.
Global Automotive Electric HVAC Compressor Market Key Players
- Calsonic Kansei Corporation
- Continental Group
- DENSO
- Hanon Systems
- Keihin Corporation
- MAHLE Group
- Michigan Automotive Compressor, Inc
- Robert Bosch GmbH
- SANDEN CORPORATION
- Subros Limited
- TOYOTA INDUSTRIES CORPORATION
- Valeo SA
- Other Prominent Players
Key Segmentation:
By Component
- Compressor Section
- Motor
- Power Module
- Intelligent
- Others
- Oil Separator
- Others
By Cooling Capacity
- 2 - 3 kw
- 3 - 4 kw
- 4 - 5 kw
- More than 5 kw
By Voltage Range
- 10 - 16V DC
- 20 - 31V DC
- 35 - 65V DC
- 58 - 92V DC
- 80 - 120V DC
By Vehicle Type
- Heavy Duty Vehicles
- Large Pickups
- Delivery Trucks
- Recreational Vehicles
- Light-duty Vehicles (LCVs)
- Passenger Cars
- Buses
- Passenger Vans
- Sports Utility Vehicles
By Drivetrain
- Plug-in Hybrid Electric Vehicle (PHEV)
- Battery Electric Vehicle (BEV)
- Hybrid Electric Vehicle (HEV)
By Sales Channel
- OEMs
- Aftermarket
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa (MEA)
- South America
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