The Latin America, Middle East and Africa Electric Vehicle HVAC Market would witness market growth of 13.3% CAGR during the forecast period (2023-2030).
Government policies and subsidies on the purchase of electric vehicles also contribute to market expansion. In addition, technological and connectivity advancements are creating opportunities in the market. Integrating intelligent controls, sensors, and predictive algorithms improves temperature control and energy optimization. In addition, connected features enable consumers to enhance comfort and convenience. Greater emphasis on air quality management within vehicles has prompted market participants to introduce innovative products with superior air filtration and purification mechanisms.
As the proportion of EVs in total sales increases, most automakers will seek to mitigate the lower profitability of electric cars by expediting cost/workforce reductions and implementing a more streamlined purchasing process. Therefore, EV HVAC suppliers will need to concentrate on developing cost-effective HVAC systems for EVs. Suppliers must also consider that the battery cells of BEVs are growing in size, necessitating an upgrade to the thermal management of the batteries; consequently, the importance of a silent HVAC system increases.
According to the ICCT, in 2020, new car sales in Latin American nations accounted for 7% of all global sales. This area has one of the fastest rates of motorization expansion worldwide. Well-to-wheel CO2 emissions are anticipated to grow 30% over 2020 levels by 2050 under the Baseline scenario, assuming no additional ZEV regulations beyond 2020. Regulations for the usage of electric vehicles are expected to be published by the Saudi Arabian Standards Organization (SASO). The Road Transport Authority (RTA) of the United Arab Emirates has developed charging stations and released advisory messages. The growing sales of EVs in the region offer growth prospects to the regional market.
The Brazil market dominated the LAMEA Electric Vehicle HVAC Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $191.9 Million by 2030. The Argentina market is estimated to grow at a CAGR of 13.9% during (2023 - 2030). Additionally, The UAE market would exhibit a CAGR of 12.7% during (2023 - 2030).
Based on Technology, the market is segmented into BEV, and PHEV. Based on Component, the market is segmented into Condenser, Compressor, Heater Core, Evaporator, and Others. Based on Vehicle Type, the market is segmented into Passenger Vehicle, and Commercial Vehicle. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Worldwide Electric Vehicle HVAC Market is Projected to reach USD 9.3 Billion by 2030, at a CAGR of 10.1%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Valeo SA, Hanon Systems (Hahn & Co. Auto Holdings Co., Ltd.), Toyota Industries Corporation, Mahle GmbH (Mahle Stiftung GmbH), Panasonic Holdings Corporation, Johnson Electric Holdings Limited, Sanden Corporation (Hisense Home Appliances Group Co., Ltd), Marelli Holdings Co., Ltd., Denso Corporation, and Brose Fahrzeugteile SE & Co. KG
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