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 Drive train Type And By Geography - Global Industry Analysis, Market Size, Opportunities and Forecast 2021 - 2028”
LOS ANGELES, July 26, 2021 (GLOBE NEWSWIRE) -- Global Automotive Electric HVAC Compressor Market is expected to be above US$ 9,258.3 Mn in 2020, growing at a CAGR of 22% from 2021 to 2028.
HVAC systems are mostly used in vehicles, industrial, commercial buildings, 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 attain the environmental requirements of the comfort of occupants and a process. A built-in motor is included with electric compressors. Even when the vehicle's engine is turned off, the built-in motor can continue to run, providing for higher fuel efficiency and ongoing use of the air conditioner for a suitable cabin temperature. The purpose of an electric compressor in an electric vehicle is much significant than that of a traditional compressor in an ICE vehicle. In an electric vehicle, the compressor is responsible for the cooling of the complete cabin as well as the battery pack. It protects the battery from overheating and subsequently the vehicle from breaking down.
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Hence, an electric HVAC compressor serves as a necessary component for the overall functioning of an electric vehicle without which commute will be miserable. There is a growth in the electronic controlled AC compressors, which integrates the operation of the vehicle’s HVAC systems remotely rather than completely depending on the engine. This lets the passenger remotely operate the HVAC before entering the vehicle and set the preferred temperature. The demand for such HVAC compressors is projected to increase in the near future. Moreover, due to global warming, the normal environmental temperature has gone up significantly during the last 2 decades. This has led to a demand for an efficient HVAC system in the vehicle to maintain a comfortable interior environmental temperature during the commute. However, the design, manufacturing and assembly of such advanced electric compressors need highly automated R&D, precision in machine tools and high investment which can make the end product considerably expensive.
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The COVID-19 pandemic had bought the entire world business to a shutdown of which the automotive sector has taken a huge blow. The pandemic forced people to stay home due to which automotive sales of OEM and aftermarket were disrupted, along with supply chain loss of automotive parts and overall industry shortfall. It is expected that the industry will be taking as long as four years minimum to fully recover and run as per normal business practices. Such predictions are creating many challenges for stakeholders in the automotive AC compressor market. The automotive heating, ventilation, and air conditioning (HVAC) compressor market are shattered and the vendors are deploying various growth strategies to compete in the market. DENSO Corp, ESTRA Automotive Systems Co. Ltd is dominating the global market.
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Key industry developments:
In February 2021, MAHLE GmbH acquired Keihin Corporation's air conditioning business in Japan, Thailand, and the United States. The MAHLE Group has combined four production sites and one development centre.
In 2017 December, Hanon Systems signed an investment agreement with the Dalian municipal government in China to expand its automotive compressor operations to boost business extension in the country.
In August 2019, Marelli a Calsonic Kansei subsidiary, partnered with Shanghai Highly Group, a Chinese compressor manufacturer. JCH (Johnson Controls-Hitachi Air Conditioning) and the high group have formed a joint venture, Marelli will be able to have better access to the Chinese market as a result of this, and its business will be strengthened.
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