The North America Electric Vehicle HVAC Market would witness market growth of 9.6% CAGR during the forecast period (2023-2030).
The heating, ventilation, and air conditioning system offers effective cabin comfort for the vehicle's passengers. With the current limitations on charging timeframes and battery capacity, there is a growing demand for energy-efficient HVAC solutions. Therefore, manufacturers are increasing their research and development (R&D) efforts to offer more optimized solutions that offer effective thermal management without substantially impacting the electric vehicle's range. Thus, these factors will impact the market's growth.
During the forecast period, the market is anticipated to experience significant growth. As a healthier and more efficient alternative to gasoline-powered vehicles, electric vehicles are gaining popularity among consumers. Due to an expanding network of charging infrastructure, rising petroleum prices, and the introduction of supportive policies and subsidies, electric vehicles are becoming an increasingly viable option for consumers. Major manufacturers are offering technologically advanced HVAC systems for electric vehicles to provide occupants with an improved and more comfortable cabin environment.
The United States is a popular market, and the nation is witnessing an upsurge toward adopting electric mobility. This is partly due to the many technological and electric vehicle manufacturers and startups operating throughout the country, such as Tesla, Lucid Motors, Rivian, General Motors, etc. In 2018, Mexico stated a 68 percent increase in EV and hybrid vehicle sales compared to 2017, attained over 17,800 units. In 2019, electric and hybrid vehicles from January to September totaled 955,393 units. The increasing adoption of electric vehicles throughout regional nations boosts the growth possibilities for the regional market.
The US market dominated the North America Electric Vehicle HVAC Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $1.8 billion by 2030. The Canada market is poised to grow at a CAGR of 12% during (2023 - 2030). Additionally, The Mexico market would witness a CAGR of 11.1% 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 U.S., Mexico, Canada, and Rest of North America.
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
By Technology
By Component
By Vehicle Type
By Country
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