The global electric vehicle HVAC market size is projected to reach USD 2,144.4 million by 2027, exhibiting a CAGR of 15.6% during the forecast period. This information is shared by Fortune Business Insights™ in its report, titled “Electric Vehicle HVAC Market, 2020-2027”. As per the report, the value of the market stood at USD 840.4 million in 2019.
A List of Renowned Electric Vehicle HVAC
Manufacturers Present in This Market:
- Sanden Holdings Corporation (Gunma, Japan)
- Hanon Systems (Daejeon, South Korea)
- Denso Corporation (Munich, Germany)
- Valeo S.A. (Chennai, India)
- MAHLE GmbH (Stuttgart, Germany)
- Brose Fahrzeugteile SE & Co. KG (Coburg, Germany)
- Panasonic Corporation (Osaka, Japan)
- Marelli Holdings Co., Ltd. (Corbetta, Italy)
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The report
provides actionable insights into the factors driving and restraining the
market, along with a detailed examination of all market segments. Moreover, the
report contains a granular study of the regional dynamics shaping the market.
In addition, a thorough evaluation of the key market players and their dominant
strategies has also been incorporated in the report.
DRIVERS & RESTRAINTS-
Escalating Demand for Electric Vehicles
Worldwide to Accelerate Market Growth
Electric
vehicles (EVs) are playing an instrumental role in aiding the transition
towards sustainable, zero-emission mobility. The assured cost-effectiveness and
fuel-efficiency of these vehicles have incentivized their adoption among
consumers, leading to an astronomical rise in the demand for EVs worldwide.
According to the International Energy Agency (IEA), electric car sales stood at
2.1 million in 2019, increasing the global EV stock to 7.2 million and
surpassing the levels attained in 2018. Moreover, electric cars accounted for
2.6% of global car sales, further deepening their presence in the automotive
sector. Electric vehicle HVAC systems will, thus, benefit from the soaring EV
sales as these systems are critical in providing clean ventilation to vehicle
occupants.
Read a Detailed Summary of This Report:
COVID-19 IMPACT-
The COVID-19
pandemic outbreak has caused massive upheavals in the automotive industry, with
large carmakers, such as Volkswagen and Fiat, closing down some of their
plants. Moreover, the economic fallout of the pandemic, underpinned by
lockdowns, social distancing, supply chain disruptions, and falling incomes,
led to an unprecedented slump in the demand for vehicles. As a result, the
electric vehicle HVAC market growth was impacted, registering a -7.6% CAGR in 2020. However, EV sales
have remained resilient, even amid the pandemic, as per the analysis released
by the IEA, which will stabilize the market’s growth trajectory in 2021 through
2027.
REGIONAL INSIGHTS-
Asia Pacific to Exhibit Spectacular Growth;
Europe to Emerge as an EV Investment Hub
Asia Pacific
is expected to showcase exponential growth and dominate the electric vehicle
HVAC market share during the forecast period. The primary reason attributable
to the region’s incredible performance is the massive EV deployment and
enormous EV sales, especially in China. In 2019, the Asia Pacific market size
stood at USD 381.4 million.
Europe is
envisaged to create highly lucrative investment opportunities for market
players, backed by stringent regulations governing emission norms and policies
favoring the adoption of EVs. In North America, the uptake of electric vehicle
HVAC systems will be driven by attractive tax incentives on EVs and other
supportive policies.
COMPETITIVE LANDSCAPE-
Increasing Investments in Product Development
to Characterize Market Competition
The
principal focus area for key players in this market is product development,
which is enabling them to strengthen their market position and broaden their
business horizons. Furthermore, the development of path-breaking electric
vehicle HVAC solutions is also allowing companies to build a robust product
portfolio and expand their market footprint.
AN INDUSTRY DEVELOPMENT:
- July
2020: MAHLE released an inventive condenser for hybrid vehicles and EVs that
facilitates accelerated battery charging. Offering a considerably higher power
density than its current system, the new condenser ensures optimal cooling of
the battery during fast-charging and protection against damage.
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