Automotive Electric HVAC Compressor Market Size, Share, Value and Forecast 2032
Automotive Electric HVAC Compressor Market By Capacity (Less Than 20CC, 20CC-40CC, 40CC-60CC, and More Than 60CC), By Drivetrain (Plug-in Hybrid Electric Vehicles, Hybrid Electric Vehicles, and Battery Electric Vehicles), By Vehicle Type (Passenger Vehicles, Buses & Coaches, Light Commercial Vehicles, and Heavy Commercial Vehicles), And By Region- Global Industry Perspective, Comprehensive Analysis, and Forecast, 2024-2032
| Market Size in 2023 | Market Forecast in 2032 | CAGR (in %) | Base Year |
|---|---|---|---|
| USD 15.18 Billion | USD 85.65 Billion | 21.2% | 2023 |
Automotive Electric HVAC Compressor Market Insights
According to Zion Market Research, the global Automotive Electric HVAC Compressor Market was worth USD 15.18 Billion in 2023. The market is forecast to reach USD 85.65 Billion by 2032, growing at a compound annual growth rate (CAGR) of 21.2% during the forecast period 2024-2032. The report offers a comprehensive analysis of the market, highlighting the factors that will determine growth, potential challenges, and opportunities that could emerge in the Automotive Electric HVAC Compressor Market industry over the next decade.
Automotive Electric HVAC Compressor Market: Outlook
An electric HVAC compressor provides myriad advantages in comparision to conventional compressor. These benefits include less power usage, compact size, controlled speed of revolution, and noise-free functions in vehicles. Additionally, an electric HVAC compressor is a key part of overall operations of electric vehicle. Surging fuel costs along with rise in awareness associated with ecological protection is steering acceptance of electric automotive, thereby esclating popularity of electric HVAC compressors.
Automotive Electric HVAC Compressor Market: Growth Drivers
Surge in demand for light automotive along with globalization & urbanization in developing countries will drive market growth over forecast period. Furthermore, massive increase in manufacture of commercial & passenger vehicles will create lucrative avenues for automotive electric HVAC compressor industry over assessment timespan. In addition to this, increase in number of electric and premium automotive will embellish automotive electric HVAC compressor industry expansion during projected timeline. Nonetheless, huge initial prices & maintenance costs of product will inhibit growth of automotive electric HVAC compressor industry during 2021-2028.
Moreover, growing concerns pertaining to minimization of fuel emissions from vehicles will translate into massive demand for electric HVAC compressors in vehicles over the upcoming years. Apart from this, surge in sales of electric vehicles in European countries will spearhead expansion of automotive electric HVAC compressor market over next couple of years.
Automotive Electric HVAC Compressor Market: Report Scope
| Report Attributes | Report Details |
|---|---|
| Report Name | Automotive Electric HVAC Compressor Market |
| Market Size in 2023 | USD 15.18 Billion |
| Market Forecast in 2032 | USD 85.65 Billion |
| Growth Rate | CAGR of 21.2% |
| Number of Pages | 130 |
| Key Companies Covered | Denso Corporation, Valeo S.A., Hanon Systems, Toyota Industries Corporation, MAHLE GmbH, Highly Marelli Holdings Co., Ltd., and SANDEN Holdings Corporation |
| Segments Covered | By Vehicle Type, By Capacity, By Drivetrain and By Region |
| Regions Covered | North America, Europe, Asia Pacific (APAC), Latin America, Middle East, and Africa (MEA) |
| Base Year | 2023 |
| Historical Year | 2018 to 2022 |
| Forecast Year | 2024 - 2032 |
| Customization Scope | Avail customized purchase options to meet your exact research needs. Request For Customization |
Automotive Electric HVAC Compressor Market: Regional Landscape
Asia Pacific Market Share To Witness Massive Surge Over 2024-2032
The growth of automotive electric HVAC compressor industry in APAC over anticipated timespan is due to large-scale acceptance of electric vehicles in countries such as China and India. In addition to this, presence of robust transportation infrastructure and electric vehicle charging workstations in countries of Asia Pacific will create new growth opportunities for regional industry over the assessment period. With reputed EV producers found in countries like Japan and South Korea along with steep increase in electric vehicle sales, the demand for electric HVAC compressors is anticipated to gain momentum across vehicle manufacturing sector in sub-continent. This, in turn, will boost regional market trends.
Automotive Electric HVAC Compressor Market: Competitive Landscape
Key players profiled in report include:
- Denso Corporation
- Valeo S.A.
- Hanon Systems
- Toyota Industries Corporation
- MAHLE GmbH
- Highly Marelli Holdings Co., Ltd.
- SANDEN Holdings Corporation
The global Automotive Electric HVAC Compressor Market is segmented as follows:
By Vehicle Type
- Passenger Vehicles
- Buses & Coaches
- Light Commercial Vehicles
- Heavy Commercial Vehicles
By Capacity
- Less Than 20CC
- 20CC-40CC
- 40CC-60CC
- More Than 60CC
By Drivetrain
- Plug-in Hybrid Electric Vehicles
- Hybrid Electric Vehicles
- Battery Electric Vehicles
By Region
- North America
- The U.S.
- Canada
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
Table Of Content
Methodology
FrequentlyAsked Questions
Surge in demand for light automotive along with globalization & urbanization in developing countries will drive market growth over forecast period. Furthermore, massive increase in manufacture of commercial & passenger vehicles will create lucrative avenues for automotive electric HVAC compressor industry over assessment timespan. In addition to this, increase in number of electric and premium automotive will embellish automotive electric HVAC compressor industry expansion during projected timeline.
According to Zion Market Research, the global Automotive Electric HVAC Compressor Market was worth USD 15.18 Billion in 2023. The market is forecast to reach USD 85.65 Billion by 2032, growing at a compound annual growth rate (CAGR) of 21.2% during the forecast period 2024-2032.
Asia Pacific will contribute lucratively towards the global market size over the estimated timeline. The regional market surge is due to large-scale acceptance of electric vehicles in countries such as China and India. In addition to this, presence of robust transportation infrastructure and electric vehicle charging workstations in countries of Asia Pacific will create new growth opportunities for regional industry over the assessment period. With reputed EV producers found in countries like Japan and South Korea along with steep increase in electric vehicle sales, the demand for electric HVAC compressors is anticipated to gain momentum across vehicle manufacturing sector in sub-continent. This, in turn, will boost regional market trends.
The key market participants include Denso Corporation, Valeo S.A., Hanon Systems, Toyota Industries Corporation, MAHLE GmbH, Highly Marelli Holdings Co., Ltd., and SANDEN Holdings Corporation.
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