Electric Vehicle HVAC Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Electric Vehicle HVAC Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of the Electric Vehicle HVAC Market

The Electric Vehicle HVAC market size was valued at USD 6.51 billion in 2023, and the market is now projected to grow from USD 7.90 billion in 2024 to USD 24.84 billion by 2032, exhibiting a CAGR of 15.4% during the forecast period of 2023-2030.

The COVID-19 pandemic sent shockwaves through most industries. However, the Electric Vehicle HVAC market growth remained resilient during this period. The pandemic brought on lockdowns in early 2020, and the resumption of production at a reduced capability brought about a remarkable drop in global vehicle income. In the first few months of 2020, the electric vehicle HVAC market faced difficulties because of strict lockdown measures and transportation regulations. In addition, the delivery chain related to electric-powered vehicles changed affected because of exchange boundaries. The manufacturing facilities of electric cars and their related components, inclusive of HVAC structures, internationally had been slowed down because of hard work unavailability and raw fabric procurement troubles. All those above referred to elements collectively extensively bogged down the market’s growth for the duration of 2020.

The growing adoption of electric cars globally is at once proportional to the demand for electric automobile HVAC structures. As clients and governments are trying to lessen reliance on fossil fuels and mitigate the impacts on the surroundings, the call for electric vehicles will increase year after year. HVAC systems are vital components of electrical motors, ensuring occupant comfort and comfort. Technological innovation and integration for electric-powered motors force the demand for EVs within the Electric Vehicle HVAC market share. Electric motors are technologically advanced, with regenerative braking, Advanced Driver Assistance Systems (ADAS), and connectivity.

Additionally, manufacturers were focusing on improving the performance of electric vehicle HVAC structures to extend the vehicle's range. This consists of advancements in warmth pump technology, higher insulation, and sensible thermal control structures. Heat pumps were gaining traction in EVs as they're extra power-efficient as compared to standard resistive heating systems. The heat pump can draw warmth from the surrounding air or from various vehicle components, which include the battery or motor to heat the cabin.

Comprehensive Analysis of Electric Vehicle HVAC Market

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Regionally, Asia Pacific ruled the global market, with China accounting for the primary electric-powered car HVAC market percentage. APAC countries, in particular China, are the main production hubs for both electric cars and their additives. These nations have established a sturdy delivery chain and production infrastructure, making it fee-effective to produce HVAC components and other EV additives.

The top players in the market play a crucial role in the industry, assuring industrial prospectus growth and setting market standards. These players include DENSO CORPORATION (Japan) and Valeo SA (France), SANDEN CORPORATION (Japan), MAHLE GmbH (Germany), TOYOTA INDUSTRIES CORPORATION (Japan), Mitsubishi Heavy Industries, Ltd (Japan), Hanon Systems (Korea), Highly Marelli (Tokyo); these market players provide a level-playing competitive landscape.

In February 2024, Hanon Systems announced its new engineering middle in Palmela, Portugal. The centre is positioned within the organisation’s compressor production campus in Palmela, which has been operational on the grounds since 1998 inside the Setúbal District, approximately 25 kilometres (sixteen miles) south of Lisbon, Portugal’s capital metropolis. The Palmela plant is the organisation’s European flagship for electric scroll compressors, which are essential components of heat pump structures.

Segmentation Table

Global Electric Vehicle HVAC Market Scope

Study Period 2019-2032

Base Year 2023

Forecast Period 2024-2032

Growth Rate CAGR of 15.4% from 2024-2032

Historical Period 2019-2022

Unit Value (USD Billion)

Segmentation By vehicle type, technology, component, propulsion type and Region

By vehicle type

Passenger Car

Commercial Vehicle

By technology

Automatic

Manual

By component

Compressor

Condenser

Evaporator

Receiver Dryer

Expansion Valve

Others

By propulsion type

BEV

HV

By Region

North America (By Vehicle Type, Technology, Component, and Propulsion Type)

U.S. (By Vehicle Type)

Canada (By Vehicle Type)

Mexico (By Vehicle Type)

Europe (By Vehicle Type, Technology, Component, and Propulsion Type)

U.K. (By Vehicle Type)

Germany (By Vehicle Type)

France (By Vehicle Type)

Rest of Europe (By Vehicle Type)

Asia Pacific (By Vehicle Type, Technology, Component, and Propulsion Type)

China (By Vehicle Type)

Japan (By Vehicle Type)

India (By Vehicle Type)

South Korea (By Vehicle Type )

Rest of Asia Pacific ( By Vehicle Type )

Rest of the World (By Vehicle Type, Technology, Component, and Propulsion Type )
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