The global electric vehicle HVAC market is experiencing growth due to factors such as an increase in demand for electric vehicles and growth in demand for thermal system & automatic climate control features in automobile.
PORTLAND, Ore., July 17, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Electric Vehicle HVAC Market by Technology (BEV and PHEV), Vehicle Type (Passenger Vehicle and Commercial Vehicle), and Component (Compressor, Condenser, Heater Core, Evaporator, and Others): Global Opportunity Analysis and Industry Forecast, 2022-2032". According to the report, the global electric vehicle HVAC industry generated $4.6 billion in 2022, and is anticipated to generate $11.7 billion by 2032, witnessing a CAGR of 10.0% from 2023 to 2032.
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Prime determinants of growth
The major factors impacting the growth of the electric vehicle HVAC market include an increase in demand for thermal system and automatic climate control features in automobiles, rise in demand for safety & comfort in vehicles, and increase in vehicle production. In addition, the market growth is affected by the high maintenance cost and environmental effects of refrigerants used in HVAC system. Furthermore, adoption of eco-friendly refrigerants, and production of cost-effective HVAC systems are expected to offer lucrative opportunities for the electric vehicle HVAC market during the forecast period.
Report coverage & details:
Report Coverage | Details |
Forecast Period | 2023–2032 |
Base Year | 2022 |
Market Size in 2022 | $4.6 billion |
Market Size in 2032 | $11.7 billion |
CAGR | 10.0 % |
No. of Pages in Report | 248 |
Segments covered | Technology, Vehicle Type, Component, and Region |
Drivers | Increase in demand for thermal system and automatic climate control features in automobile Rise in safety and comfort due to adoption of HVAC systems Increase in vehicle production |
Opportunities | Adoption of eco-friendly refrigerants Production of cost-effective HVAC systems |
Restraints | High maintenance cost Environmental effects of refrigerants used in HVAC system |
COVID-19 Scenario
- The pandemic reduced the demand for electric vehicle HVAC systems due to nation-wide lockdown, halt in manufacturing activities, and trade restrictions.
- Post-pandemic, there has been a resurgence in demand for electric vehicles, owing to greater adoption of clean energy sources, emission restrictions, and supportive government policies, thereby driving the demand for electric vehicle HVAC systems.
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The BEV segment to maintain its leadership status during the forecast period
Based on technology, the BEV (Battery Electric Vehicle) segment held the highest market share in 2022, accounting for more than two-thirds of the global electric vehicle HVAC market revenue and is estimated to maintain its leadership status during the forecast period, owing to increase in demand for pure electric vehicles. The segment is also expected to register the highest CAGR of 10.7% from 2023 to 2032. Efficient HVAC systems that minimize energy consumption while providing comfort are crucial for extending the driving range of BEVs. Optimized HVAC technologies can help alleviate range anxiety, a significant concern for potential BEV buyers. Furthermore, Stringent emission standards and supportive policies promoting electric vehicle adoption drive the demand for BEVs. Governments worldwide provide incentives for eco-friendly vehicles, creating a favorable market for BEV HVAC systems.
The passenger vehicle segment to maintain its leadership status during the forecast period
Based on vehicle type, the passenger vehicle segment held the highest market share in 2022, accounting for around four-fifths of the global electric vehicle HVAC market revenue and is estimated to maintain its leadership status during the forecast period. The passenger car segment includes vehicles such as small cars, hatchbacks, sedan & luxury sedan, and others for transporting people. Major global players are concentrating on passenger cars as well as luxurious cars such as SUVs. The rise in disposable income of consumers, and production & sale of four-wheeler vehicles are the factors responsible for the adoption of HVAC system equipped in electric passenger cars. However, the commercial vehicle segment is projected to manifest the highest CAGR of 12.6% from 2023 to 2032 owing to rise in demand from commercial fleets.
The condenser segment to maintain its leadership status during the forecast period
Based on component, the condenser segment held the highest market share in 2022, accounting for more than one-thirds of the global electric vehicle HVAC market revenue and is estimated to maintain its leadership status during the forecast period. The same segment is also projected to manifest the highest CAGR of 11.2% from 2023 to 2032. The growth of condensers in the automotive industry, particularly in electric vehicles (EVs), is experiencing a significant upward trajectory. Condensers are vital components of the HVAC systems in EVs, responsible for removing heat from the refrigerant and dissipating it into the surrounding air. As the demand for EVs continues to rise, driven by environmental concerns and government regulations, the need for efficient and high-performance condensers is increasing.
Asia-Pacific to maintain its dominance by 2032
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for around two-fifths of the global electric vehicle HVAC market revenue. China is a prominent market for electric vehicle HVAC systems due to its rapidly improving electric vehicle infrastructure and supportive government policies. Moreover, Europe is expected to witness the fastest CAGR of 10.9% from 2023 to 2032 owing to introduction of regulations to support the development of electric vehicles.
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Leading Market Players: -
- Sanden Corporation
- Hanon Systems Corporation
- Denso Corporation
- Valeo S.A.
- Mahle GMBH
- Brose Fahrzeugteile SE and CO. KG
- Panasonic Corporation
- Johnson Electric Holdings Limited
- Marelli Holdings Co., Ltd
- Toyota Industries Corporation
The report provides a detailed analysis of these key players of the global electric vehicle HVAC market. These players have adopted strategies such as new product launches to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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