Automotive Electric HVAC Compressor Market Size, Share & Trends Analysis Report By Cooling Capacity, By Vehicle Type, By Drivetrain, By Region And Segment Forecasts, 2021
Automotive Electric HVAC Compressor Market Size, Share and Trends Analysis Report by Refrigeration Capacity (less than 20 CC, 20-40 CC, 40-60 CC), by Vehicle Type, by Powertrain, by Region and Segment Forecasts, 2021 – 2028
New York, Aug. 06, 2021 (GLOBE NEWSWIRE) — Reportlinker.com announces the publication of the report “Automotive Electric HVAC Compressor Market Size, Share & Trends Analysis Report By Cooling Capacity, By Vehicle Type, By Drivetrain, By Region And Segment forecasts, 2021 – 2028” – https://www.reportlinker.com/p06106859/?utm_source=GNW
Automotive Electric HVAC Compressors Market Growth and Trends
According to a study, the global automotive electric HVAC compressor market is expected to reach $38.31 billion by 2028, growing at a CAGR of 20.7% between 2021 and 2028. An electric compressor offers several advantages over a conventional compressor such as lower energy consumption, compact size, controlled speed and quiet operation. In addition, unlike a conventional compressor, which is driven by a belt, an electric compressor is independent of the vehicle engine. An electric compressor gets its energy from a separate electric motor, which is driven by an inverter. Such an arrangement ensures that the cooling operation of the vehicle continues even when the vehicle is turned off. The electric compressor also requires less power to drive as a result of this arrangement, leaving the vehicle’s performance unaffected and ensuring cleaner operations thanks to the low oil transfer.
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 cabin and battery pack.
An electric compressor protects the battery from overheating and then the vehicle from breakdown. Therefore, an electric HVAC compressor serves as an essential component to the overall operation of an electric vehicle.
Rising fuel prices coupled with growing awareness of environmental protection has led to the adoption of electric vehicles and subsequently the demand for electric HVAC compressors.
However, the high initial and maintenance costs of electric HVAC compressors are expected to slow the growth of the market. The installation of electric HVAC compressors requires heavy electrical wiring, which increases the overall cost of the system.
Repair and maintenance of electric compressors is also a complex task requiring a high level of expertise, increasing the overall cost. In addition, the demand for electric compressors is completely dependent on the demand for electric vehicles.
However, electric vehicle sales are already facing a double blow from the fear of higher price and range associated with electric vehicles. Nevertheless, technological advancements, the subsequent launch of new products and the continued installation of electric chargers and charging stations are expected to encourage consumers to opt for electric vehicles, which will increase the demand for electric HVAC compressors over the forecast period.
Highlights of the Automotive Electric HVAC Compressor Market Report:
• The 20-40 CC segment dominated the market in 2020 with a revenue share of 48.3% and is expected to continue to lead over the forecast period. The growth can be attributed to the fact that compressors with a cooling capacity of 20-40 CC are usually installed in small and medium-sized vehicles, which have a high acceptance rate
• The passenger car segment is expected to register the highest CAGR of over 20% over the forecast period. The growth can be attributed to the growing adoption of electric passenger cars for personal use, as well as by businesses and government and defense agencies
• The battery electric vehicle segment is expected to register the highest CAGR over the forecast period. The growth can be attributed to the increasing demand for electric vehicles in line with the ongoing roll-out of charging infrastructure and the rapid availability of skilled technicians to service electric vehicles
• The Asia-Pacific regional market is expected to grow significantly over the forecast period in line with the increasing adoption of electric vehicles in China and other developing countries in the Asia-Pacific region
Read the full report: https://www.reportlinker.com/p06106859/?utm_source=GNW
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