Automotive Electric HVAC Compressor Market Size, Share and Trend Analysis Report by Cooling Capacity (less than 20 CC, 20-40 CC, 40-60 CC), by vehicle type, by powertrain , by Region and Segment Forecast, 2021-2028
New York, Aug 06, 2021 (GLOBE NEWSWIRE) – Reportlinker.com Announces the Publication of the “Automotive Electric HVAC Compressors Market Size, Share and Trend Analysis Report by Cooling Capacity, by Type of Vehicle, By Powertrain, By Region and Segment Forecast, 2021 – 2028 “- https://www.reportlinker.com/p06106859/?utm_source=GNW
Automotive Electric HVAC Compressor Market Growth and Trends
The global automotive electric HVAC compressor market size is expected to reach $ 38.31 billion by 2028, registering a CAGR of 20.7% from 2021 to 2028, according to a study. An electric compressor offers several advantages over a conventional compressor, such as reduced energy consumption, compact size, controlled rotational speed and quiet operation. In addition, unlike a conventional compressor, which is belt driven, an electric compressor is independent of the vehicle engine. An electric compressor gets its energy from a separate electric motor, which is powered using an inverter. Such an arrangement ensures that the vehicle cooling operation continues even when the vehicle is turned off. The electric compressor also requires less power to drive due to this arrangement, thus leaving vehicle performance unchanged and ensuring cleaner operations due to low oil entrainment.
The function of an electric compressor in an electric vehicle is much more important than that of a conventional compressor in an ICE vehicle. In an electric vehicle, the compressor is responsible for cooling the entire passenger compartment as well as the battery.
The electric compressor protects the battery from overheating and, consequently, the vehicle from failure. Therefore, an electric HVAC compressor serves as an essential component in the overall operation of an electric vehicle.
Rising fuel prices coupled with growing awareness of environmental protection have led to the adoption of electric vehicles and hence the demand for electric HVAC compressors.
However, the upfront costs and high maintenance costs associated with electric HVAC compressors are expected to hold back the growth of the market. Installing electric HVAC compressors involves heavy-duty electrical wiring, which increases the overall cost of the system.
The repair and maintenance of electric compressors is also a complex task requiring a high level of expertise, thus increasing the overall cost. In addition, the demand for electric compressors is based entirely on the demand for electric vehicles.
However, electric vehicle sales are already facing a double whammy of price and higher range anxiety associated with electric vehicles. Nevertheless, technological advancements, the subsequent launch of new products and the continued installation of electric chargers and recharging stations are expected to encourage consumers to opt for electric vehicles, thus driving the demand for electric HVAC compressors during the period. forecast.
Highlights of Automotive Electric HVAC Compressors Market Report
â¢ The 20-40 CC segment dominated the market in 2020 with a revenue share of 48.3% and is expected to continue to dominate during the forecast period. The growth can be attributed to the fact that compressors with a cooling capacity of 20 to 40 CC are usually installed in small and medium-sized vehicles, which have a high adoption rate.
â¢ The passenger vehicle segment is expected to register the highest CAGR of over 20% during the forecast period. The growth can be attributed to the increasing adoption of electric passenger vehicles for personal use as well as by businesses and government and defense agencies.
â¢ The battery electric vehicle segment is expected to register the highest CAGR during the forecast period. The growth can be attributed to the growing demand for electric vehicles in line with the continued deployment of charging infrastructure and the rapid availability of qualified technicians to service electric vehicles.
â¢ The Asia-Pacific regional market is expected to experience significant growth during the forecast period, in line with the increasing adoption of electric vehicles in China and other developing countries in the Asia-Pacific region.
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