Automotive E Compressor Market Projected to Reach USD 36.22 Billion, at a 34.12% CAGR by 2030 – Report by Market Research Future (MRFR)
Growing Market for Automotive Electric Compressors Advancements in E-Mobility and Increasing Demand for Energy-efficient Cooling Solutions in Vehicles
New York, US, June 22, 2023 (GLOBE NEWSWIRE) — According to a Comprehensive Research Report by Market Research Future (MRFR), “Automotive E Compressor Market Information by Product, Drivetrain, Vehicle Type, and Region – Forecast till 2030”, Automotive E Compressor Market could thrive at a rate of 34.12% between 2022 and 2030. The market size will be reaching around USD 36.22 Billion by the end of the year 2030.
Automotive E Compressor Market Synopsis
An automotive E compressor, also known as an electric compressor, is a component used in electric and hybrid vehicles for air conditioning systems. Unlike traditional belt-driven compressors that rely on engine power, E compressors are powered by electric motors, making them more energy-efficient and environmentally friendly. These compressors play a crucial role in providing comfortable and efficient cooling for the vehicle’s interior.
Automotive E compressors are primarily used in electric vehicles (EVs) and hybrid electric vehicles (HEVs) for their air conditioning systems. They work in conjunction with the vehicle’s electric powertrain and battery pack to deliver efficient cooling and heating performance. These compressors ensure optimum comfort for passengers while reducing energy consumption and emissions. Automotive E compressors also contribute to the extended range of electric vehicles by eliminating the need for the engine to run solely for air conditioning purposes.
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Competitive Landscape:
The affluent companies in the Automotive E Compressor industry include
- Denso Corporation
- Hanon Systems
- MAHLE GmbH
- Mitsubishi Heavy Industries Ltd
- Robert Bosch
- Sanden Corporation
- SCHOTT
- Toyota Industries Corporation
- Valeo
- WABCO
- Among others.
November 2021
Hanon Methods celebrated the opening of a new manufacturing facility in Korea dedicated to the assembly of components for environmentally friendly vehicles.
Automotive E Compressor Market USP Covered:
Market Drivers:
The key factors driving the growth of the Automotive E Compressor Market include the increasing adoption of electric and hybrid vehicles, stringent emission regulations, and the focus on energy-efficient solutions. The rising demand for electric and hybrid vehicles, driven by environmental concerns and government incentives, directly boosts the market for automotive E compressors. Additionally, stringent emission standards imposed by regulatory bodies worldwide require automakers to adopt eco-friendly technologies like electric compressors to reduce vehicle emissions. Furthermore, the growing emphasis on energy efficiency and sustainability in the automotive sector fuels the demand for efficient air conditioning systems powered by E compressors.
Market Restraints:
The Automotive E Compressor Market faces certain restraints that may hinder its growth. One significant challenge is the high initial cost of electric compressors compared to conventional belt-driven compressors. The cost of research, development, and production of E compressors can be substantial, impacting their affordability and adoption rates. Additionally, the limited charging infrastructure for electric vehicles and the relatively higher cost of electric vehicles compared to conventional vehicles may pose barriers to market growth. However, ongoing advancements in technology and economies of scale are expected to address these challenges over time.
Report Scope:
| Report Metrics | Details |
| Market Size 2030 | 2030: USD 36.2 Billion |
| CAGR during 2022-2030 | 34.12% CAGR |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product, Drivetrain, Vehicle Type, and Region |
| Key Market Opportunities | New product launches and R&D Amongst major key Players |
| Key Market Dynamics | The growing preference for e-compressors Technological developments in the vehicle Favorable government policies promoting EVs are boosting sales and production of EVs |
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Automotive E Compressor Market COVID 19 Analysis
The COVID-19 pandemic had a significant impact on the Automotive E Compressor Market. The global automotive industry faced production disruptions, supply chain challenges, and reduced consumer demand due to lockdown measures and economic uncertainties. The pandemic led to a temporary slowdown in electric vehicle sales, affecting the demand for automotive E compressors. However, as economies recover and the automotive industry rebounds, the market is expected to regain momentum. The post-COVID scenario presents opportunities for market players as governments worldwide focus on stimulating the electric vehicle market through favorable policies and incentives.
Market Segmentation
Market By Product
By Product, the segment includes Scroll, Screw, Swash, Wobble, and Others.
Market By Drivetrain
By Drivetrain, the segment includes BEV, HEV, and PHEV.
Market By Vehicle Type
By Vehicle Type, the segment includes Passenger Cars, LCVs, and HCV.
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Automotive E Compressor Market Regional Insights
North America holds a significant market share in the Automotive E Compressor Market, primarily due to the increasing adoption of electric vehicles in the region. The United States, in particular, has witnessed a surge in the demand for electric vehicles, with major automotive manufacturers introducing electric models to meet the growing consumer interest in sustainable transportation. The presence of established electric vehicle manufacturers and a well-developed charging infrastructure further contribute to North America’s prominence in the market.
Europe, on the other hand, is at the forefront of electric mobility and plays a pivotal role in driving the demand for automotive E compressors. The region has implemented stringent emission regulations to combat climate change and reduce air pollution. These regulations have compelled automakers to focus on electric vehicle development, leading to a substantial market for Automotive E Compressors. Additionally, governments in European countries offer strong support and incentives for electric vehicle adoption, further bolstering the market.
Asia Pacific showcases rapid growth in the Automotive E Compressor Market, primarily driven by countries such as China, Japan, and South Korea. These countries are witnessing a significant increase in the demand for electric vehicles due to factors like rising environmental awareness, government initiatives promoting clean transportation, and incentives for electric vehicle adoption.
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