The Europe Automotive Electric HVAC Compressor Market would witness market growth of 18.5% CAGR during the forecast period (2021-2027).
Multi-functionality features and lower energy consumption would specifically encourage electric vehicle OEMs to accept electric compressors on a wide scale. Though an electric compressor is a crucial element of an electric vehicle, the demand for electric compressors depends completely on the demand for electric vehicles. As such, any surge in the deployment of electric vehicles would directly translate into rising demand for electric compressors. The global COVID-19 pandemic has wreaked havoc on various industries and industry verticals and the automotive industry is no exception to that.
Manufacturing abilities are still underused due to the limitations and lockdowns norms imposed as part of the strategies to curb the spread of COVID-19 infection. Due to this, the overall automotive industry would showcase a gradual growth in the short term as manufacturers postpone short-term CAPEX to save cash while addressing the problems in the supply chain. Auto component makers would also prioritize the consolidation of current capacities instead of pursuing expansion plans. Such as short-term, “Cash Preserve” strategy being followed by component providers would challenge the further development of the market in the short term.
Displacement, performance, and voltage are crucial aspects that should be considered while choosing the accurate electric compressor for off-road vehicles. New regulations are encouraging numerous individuals to adopt electric and hybrid vehicles. It has been discovered that European nations would put a ban on diesel engines in the next few years. These trends would help the regional automotive electric HVAC compressor market to grow further.
Though the upfront cost of electric vehicles could be high, long-term funding in electric vehicles is displaying higher comfort, efficiency, and low total price of operation. Therefore, players operating in the regional market are augmenting their manufacturing capabilities for e-compressors that fulfil the suit electric and hybrid vehicles.
The Germany market dominated the Europe Automotive Electric HVAC Compressor Plug-in Hybrid Electric Vehicles (PHEV) Market by Country 2020, thereby, achieving a market value of $234.9 million by 2027. The UK market is exhibiting a CAGR of 19.7% during (2021 - 2027). Additionally, The France market is poised to witness a CAGR of 21.9% during (2021 - 2027).
Based on Vehicle Type, the market is segmented into Passenger Vehicle, Light Commercial Vehicle (LCV), Heavy Commercial Vehicle (HCV) and Others. Based on Drivetrain, the market is segmented into Hybrid Electric Vehicles (HEV), Plug-in Hybrid Electric Vehicles (PHEV) and Battery Electric Vehicles (BEV). Based on Cooling Capacity, the market is segmented into 20-40 CC, Less Than 20 CC, 40-60 CC and Others. Based on countries, the market is segmented into Germany, UK, France, Russia, Norway, Netherlands, and Rest of Europe.
Free Valuable Insights: The Global Automotive Electric HVAC Compressor Market Size will Hit $30.4 Billion by 2027, at a CAGR of 19.4%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Denso Corporation, Toyota Industries Corporation, Valeo SA, Aptiv PLC, Panasonic Corporation, Brose Fahrzeugteile SE & Co. KG, BorgWarner, Inc., Hanon Systems (Hahn & Co. Auto Holdings Co., Ltd.), Mahle GmbH (Mahle Stiftung GmbH), and Sanden Holdings Corporation.
By Vehicle Type
By Drivetrain
By Cooling Capacity
By Country
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