Automotive Electric HVAC Compressor Market is forecasted to grow at a CAGR of 22% from 2021 to 2028 Covering Covid-19 Impact: Acumen Research and Consulting
Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled: “Automotive Electric HVAC Compressor Market by Vehicle Type, by Product Type, by Powertrain Type, and by Geography – Global Industry Analysis, Market Size, Opportunity and Forecast 2021 – 2028”
LOS ANGELES, July 26, 2021 (GLOBE NEWSWIRE) — Global Automotive Electric HVAC Compressor Market: is expected to top US$9,258.3 million in 2020, growing at a CAGR of 22% from 2021 to 2028.
HVAC systems are most commonly used in vehicles, industrial, commercial, residential and institutional buildings. The compressor is the brain behind the cooling, heating, ventilation and air conditioning systems. The heating, ventilation and air conditioning system is designed to meet the environmental requirements of occupant comfort and a process. Electric compressors come with a built-in motor. Even when the vehicle’s engine is turned off, the built-in engine can continue to run, resulting in lower fuel consumption and continuous air conditioning operation for a suitable cabin temperature. The purpose of an electric compressor in an electric vehicle is much more important than that of a traditional compressor in an ICE vehicle. In an electric vehicle, the compressor is responsible for cooling both the complete cabin and the battery pack. It protects the battery from overheating and then the vehicle from failure.
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Therefore, an electric HVAC compressor serves as a necessary component for the general functioning of an electric vehicle, without which the commute will be miserable. There is a growth in electronically controlled AC compressors, which integrate the operation of the vehicle’s HVAC systems remotely rather than relying entirely on the engine. This allows the passenger to remotely control the HVAC before getting into the vehicle and set the desired temperature. The demand for such HVAC compressors is expected to increase in the near future. Moreover, due to global warming, the normal ambient temperature has risen significantly over the past 2 decades. This has led to the demand for an efficient in-vehicle HVAC system to maintain a comfortable interior temperature while commuting. However, the design, manufacture and assembly of such advanced electric compressors require highly automated R&D, precision in machine tools and high investment which can make the final product significantly expensive.
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The COVID-19 pandemic had brought the entire global business to a standstill, which has taken a huge blow to the automotive sector. The pandemic forced people to stay at home, disrupting OEM and aftermarket car sales, along with the loss of auto parts in the supply chain and the general shortage in the industry. The industry is expected to take a minimum of four years to fully recover and operate under normal business practices. Such forecasts create many challenges for stakeholders in the automotive ac compressor market. The automotive heating, ventilation and air conditioning (HVAC) compressor market has been shattered and the suppliers are adopting various growth strategies to compete in the market. DENSO Corp, ESTRA Automotive Systems Co. Ltd dominates the world market.
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Key industry developments:
In February 2021, MAHLE GmbH acquired the air conditioning activities of Keihin Corporation in Japan, Thailand and the United States. The MAHLE Group has combined four production sites and one development center.
In December 2017, Hanon Systems signed an investment agreement with the Dalian Municipal Government in China to expand its auto compressor business to drive business expansion in the country.
In August 2019, Marelli, a subsidiary of Calsonic Kansei, partnered with Shanghai Highly Group, a Chinese compressor manufacturer. JCH (Johnson Controls-Hitachi Air Conditioning) and the senior group have formed a joint venture, which will give Marelli better access to the Chinese market and strengthen its business.
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