Automotive E-Compressor Market Size Worth $110.03 Billion by 2030: The Brainy Insights
NEWARK, N.J., July 25, 2022 /PRNewswire/ -- As per the report published by The Brainy Insights, the global automotive e-compressor market is expected to grow from USD 15.14 billion in 2021 to USD 110.03 billion by 2030, at a CAGR of 24.65% during the forecast period 2022-2030.
The lucrative presence of industry contributors all over the globe and raised usage of automatic air conditioning methods in vehicles are anticipated to expand the demand for the automotive e-compressor market during the projection period. In addition, the ever-increasing competition among industry players, favorable government policies boosting electric vehicles, and technological expansions in vehicles propel the market growth during the forecast period. The increasing acceptance of environmentally friendly vehicles is another factor in market growth during the forecast period. The rising focus on lowering the energy output and weight compared to traditional IC engine-driven compressors is helping to drive market growth. Furthermore, automotive e-compressors are less influential than conventional compressors, which is the restraining factor of market growth. Moreover, less knowledge among the consumers about the servicing & charging operations of hybrid vehicles and electric vehicles is also helping to restrain the market growth. The production & sales of electric cars are rising due to technological advancements and are another market growth opportunity.
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Competitive Strategy
To enhance their market position in the global automotive e-compressor market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
- For example, in November 2021, the Hanon methods inaugurated a new production site to assemble elements for eco-friendly cars in Korea.
- For example, in March 2021, the building of the 5th production plant of Hanon Systems began in Korea.
Market Growth & Trends
The growth of the automotive e-compressor market is driven by a rising focus on lowering weight and raising concerns about decreasing vehicle emissions. Additionally, the autonomous operation of automotive electric compressors is the trend of the market's growth. Moreover, automotive e-compressor enterprises are developing compact elements to permit energy savings. Thus, automotive companies prefer such attributes to expand the life of lithium-ion batteries. Additionally, the industry players are enhancing their production in methods that can continue A/C running even when the electric or hybrid car engine is switched off or idle. The independent operation of automotive electric compressors stimulates sales of electric vehicles. Also, the manufacturers are developing fewer noise methods while maintaining the same cooling capacity.
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Key Findings
- In 2021, the OEM sales channel segment dominated the market with the largest market share of 55.13% and market revenue of 8.34 billion.
The sales channel segment is divided into aftermarket and OEM. In 2021, the OEM sales channel segment dominated the market with the largest market share of 55.13% and market revenue of 8.34 billion. This growth is attributed to the rising production of e-vehicle & hybrid vehicles.
- In 2021, the scroll product segment dominated the market with the largest market share of 24.19% and market revenue of 3.66 billion.
The product segment is divided into wobble, screw, scroll, swash, and others. In 2021, the scroll product segment dominated the market with the largest market share of 24.19% and market revenue of 3.66 billion. An automotive scroll e-compressor is a kind of electric compressor utilized in automobiles. Also, this positive expulsion compressor uses two scrolls to compress the pumped gas or fluid. This factor helps to drive the segment's growth.
- In 2021, the hybrid electric vehicles (HEV) type segment dominated the market with the largest market share of 58.12% and market revenue of 8.80 billion.
The type segment is divided into hybrid electric vehicles (HEV) and electric vehicles (EV). In 2021, the hybrid electric vehicles (HEV) type segment dominated the market with the largest market share of 58.12% and market revenue of 8.80 billion. This growth is attributed to executing profitable government enterprises that boost electric vehicles' adoption for sustainable development.
- In 2021, the passenger vehicle type segment dominated the market with the largest market share of 43.17% and market revenue of 6.53 billion.
The vehicle type segment is divided into medium & heavy commercial vehicles, passenger vehicles, and light commercial vehicles. In 2021, the passenger vehicle type segment dominated the market with the largest market share of 43.17% and a market revenue of 6.53 billion. This growth is attributed to the increasing disposable income of the urban population, coupled with more profitable deals & options.
- In 2021, the less than 20 CC segment dominated the market with the largest market share of 43.21% and market revenue of 6.54 billion.
The cooling capacity segment is divided into more than 60 CC, 20 to 40 CC, 20 to 40 CC, and less than 20 CC. In 2021, the less than 20 CC segment dominated the market with the largest market share of 43.21% and market revenue of 6.54 billion. This growth is attributed to the increasing popularity of smaller vehicles.
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Regional Segment Analysis of the Automotive E-Compressor Market:
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and the Rest of South America)
- The Middle East and Africa (UAE, South Africa, Rest of MEA)
Asia-Pacific region occurred as the largest market for the global automotive e-compressor market, with a market share of 45.16% and a market value of around 6.83 billion in 2021. Asia-Pacific currently dominates the automotive e-compressor market due to the increasing population and growing per capita income. Furthermore, Europe is expected to show the fastest CAGR of 30.06% over the projection period. This growth is attributed to the stringent emission standards that are forcing manufacturers to develop eco-friendly vehicles with decreased size and weight at a minimal price. Moreover, prominent automotive enterprises in Germany and the United Kingdom will probably support the market's growth during the projection period.
Key players operating in the global automotive e-compressor market are:
- Mahle Behr GmbH
- Denso Corporation
- Toyota Industries Corporation
- Valeo S.A.
- Mitsubishi Heavy Industries Automotive Thermal Systems Co., Ltd
- Robert Bosch GmbH
- Sanden Corporation
- Hanon Systems
- SCHOTT AG
- Marelli
This study forecasts revenue at global, regional, and country levels from 2019 to 2030. The Brainy Insights has segmented the global automotive e-compressor market based on below mentioned segments:
Global Automotive E-Compressor Market by Sales Channel:
- Aftermarket
- OEM
Global Automotive E-Compressor Market by Product:
- Wobble
- Screw
- Scroll
- Swash
- Others
Global Automotive E-Compressor Market by Type:
- Hybrid Electric Vehicles (HEV)
- Electric Vehicles (EV)
- Global Automotive E-Compressor Market by Vehicle Type:
- Medium & Heavy Commercial Vehicles
- Passenger Vehicle
- Light Commercial Vehicles
Global Automotive E-Compressor Market by Cooling Capacity:
- More than 60 CC
- 20 to 40 CC
- Less than 20 CC
About the report:
The global automotive e-compressor market is analysed based on value (USD Billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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