CHICAGO, May 1, 2024
/PRNewswire/ -- Automotive E-Compressor
Market is projected to reach USD
18.9 billion by 2033, from an estimated USD 6.6 billion in 2024, at a CAGR of
12.5%, according to a new report by
MarketsandMarkets™. Increasing demand for electric vehicles is
the major factor driving the e-compressor market. Electric
compressors play a vital role in this transition by providing
efficient climate control systems that contribute to the overall
eco-friendliness of EVs. Consumers are placing a higher emphasis on
the interior environment of their vehicles, and automakers are
responding by integrating e-compressors to enhance the overall
driving experience.
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Browse in-depth TOC on "Automotive E-Compressor
Market"
240 - Tables
60 -
Figures
232 - Pages
Automotive E-Compressor Market Scope:
Report
Coverage
|
Details
|
Market Size
|
USD 18.9 billion by
2033
|
Growth Rate
|
CAGR of
12.5%
|
Largest
Market
|
Asia Pacific
|
Market
Dynamics
|
Drivers, Restraints,
Opportunities & Challenges
|
Forecast
Period
|
2024-2033
|
Forecast
Units
|
Value (USD
Billion)
|
Report
Coverage
|
Revenue Forecast,
Competitive Landscape, Growth Factors, and Trends
|
Segments
Covered
|
Compressor Type
(Scroll, Rotary Screw, Centrifugal, Reciprocating, Axial),
Technology (VFD, Fixed Speed), Capacity (Small, Medium, Large),
Vehicle Type, Propulsion (BEV, PHEV, HEV & FCEV)
|
Geographies
Covered
|
Asia Pacific, North
America, Europe, and Middle East and Africa
|
Report
Highlights
|
Updated financial
information / product portfolio of players
|
Key Market
Opportunities
|
Advancement in
e-compressor technology
|
Key Market
Drivers
|
Rising global demand
for electric vehicle.
|
Passenger Cars dominates the market by vehicle type during
the forecast period.
Passenger cars have emerged as the dominant force within the
electric compressor market, spearheading the transition towards
electrification in the automotive industry. This trend is
underscored by several compelling factors that highlight the
pivotal role of passenger vehicles in driving market growth and
innovation. Firstly, the increasing consumer demand for electric
vehicles has propelled with growing awareness of environmental
issues and the desire for cleaner transportation options. This
increase in demand has spurred OEMs to integrate electric
compressors into their electric vehicle models, enhancing comfort
and energy efficiency along with sustainability goals.
Secondly, advancements in electric compressor technology have
made significant strides in improving performance, reliability, and
cost-effectiveness, making them an attractive option for automakers
seeking to differentiate their electric vehicle offerings.
Innovations such as variable-speed compressors, advanced
refrigerant systems, and integration with vehicle electrification
platforms have enhanced the overall driving experience and extended
the range of electric vehicles, further bolstering their appeal to
consumers.
Moreover, regulatory incentives and mandates aimed at reducing
greenhouse gas emissions and promoting electric vehicle adoption
have further incentivized automakers to prioritize the integration
of electric AC compressors into passenger cars. Government
subsidies, tax credits, and emissions regulations have provided a
favorable regulatory environment for electric vehicles, driving
market growth and encouraging investment in electric compressor
technology.
BEV is the second fastest-growing segment in the
e-compressor industry.
The inflation in petroleum prices accelerates the shift toward
electric vehicles as consumers seek alternatives that offer relief
from volatile and expensive fuel costs. BEVs are gaining traction
as they provide zero-emission driving and lower operational costs
than petrol-powered vehicles. Previously, due to limited charging
stations and the high cost of EV batteries, these vehicles had less
demand. However, with the decreasing cost of EV batteries,
increasing EV range, and a growing EV charging network worldwide,
the demand for BEVs has risen significantly. Among the top-sold
electric vehicles in the market in 2023, a majority are BEVs,
leading to an increase in demand for e-compressors.
OEMs are increasingly investing in research and development to
increase the efficiency of electric vehicles. For instance, Tesla
and Chevrolet have invented long-range EV batteries. Several
advancements in technology have further helped improve BEV sales.
These vehicles are available in multiple segments, including sedan,
SUV, and hatchback. OEMs are also launching new electric vehicles
to cater to market demand. Tesla, Volkswagen AG, SAIC Motors, BYD,
and Stellantis are the pure electric vehicle companies topping
sales, while OEMs such as Nissan, Toyota, and GM are also offering
tough competition to electric vehicle manufacturers.
Europe holds the second
largest market share for the e-compressor market.
Europe covers France, Spain, Italy,
Germany, and the UK for market
analysis. With stringent emission regulations, the governments of
the region are providing significant incentives to promote electric
vehicles and subsidizing EV infrastructure. Consequently, there is
a rising need for efficient and sustainable components in electric
vehicles, including e-compressors, to meet regulatory requirements
and consumer preferences for cleaner, greener vehicles. The region
is also home to manufacturers such as Renault, Audi, BMW, and Mercedes. It has set
an ambitious goal of reducing 80% C02 emissions by 2030–2035 and
created a roadmap for this.
Additionally, Europe has an
established automotive industry and strong manufacturing base,
positioning the region as a hub for electric vehicle production and
innovation. European suppliers, such as VALEO and MAHLE GmbH, are
at the forefront of developing advanced e-compressor technologies
to meet the evolving needs of the market. With a focus on
efficiency, performance, and environmental sustainability, European
e-compressor manufacturers are driving innovation in the automotive
climate control sector, contributing to Europe's leadership in the global transition
toward electrification and sustainable mobility.
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Key Market Players:
The major players in Automotive E-Compressor Companies include
DENSO CORPORATION (Japan), Hanon
Systems (South Korea), MAHLE GmbH
(Germany), VALEO (France), and Sanden Corporation (Japan).
Recent Developments
- In Feb 2024, Hanon Systems
announced the opening of a new engineering center located on the
company's compressor manufacturing campus in Palmela, Portugal. The new center supports the Palmela
plant, the company's European flagship for the electric scroll
compressor. It is a two-story structure with around 2,488 square
meters of space for existing and new test operations.
- In Jan 2024, Robert Bosch expanded its product offerings by
introducing AC components to repair requirements. The expansion
includes AC compressors and condensers for vehicles from different
manufacturers in Europe.
- In Aug 2023, VALEO presented the
REVO-E- HP R744 in Busworld 2023. It is a zero-emission HVAC unit
designed for buses with alternative drives. The use of natural
refrigerant R744 enables the HVAC system to be environmentally
neutral for cooling the bus. The system has integrated the
compressor, giving a compact design, low refrigerant charge, and
low energy consumption.
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