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HVAC stands for heating, ventilation, and air conditioning. It is meant to ensure proper ventilation and air conditioning within a vehicle. The primary purpose of the HVAC system is to provide comfortable air condition inside the vehicle. HVAC has become an essential part of a vehicle that offers various comfort features to consumers that helps to influence their buying preferences. HVAC offers a variety of thermal control features like automatic temperature control, fan speed, and fogging sensors, amongst others. The air conditioner is a vital component in a vehicle that consists of a compressor, suction, and circulation pump. The compressor pulls in the refrigerant from the low-pressure side and is compressed to raise the pressure and temperature of the refrigerant. The electric compressor is run by battery, and the controller controls the speed of the motor to the control energy efficiency of an air-conditioning system
Key Market Driver -
increasing demand for eco-friendly hvac units is expected to drive the market.
Key Market Restraint -
High cost of maintenance of the electric vehicle HVAC is expected to hamper the growth of the market.
In recent years automotive HVAC has gained a lot of importance owing to the rising demand for comfort traveling by the end-users. Increasing investment in R&D by the key players to manufacture advanced automotive air conditioning systems at affordable prices is expected to propel the growth of the electric vehicle HVAC system. Rising installation of advanced electronics and automated climate control are all segments of the vehicle is likely to boost the market. Many cab service providers worldwide have made it mandatory to run the air conditioner continuously to give better comfort to the consumers. But the high maintenance cost of HVAC is anticipated to hinder the growth of the electric vehicle HVAC market.
Some of the major companies that are present in the Electric Vehicle HVAC market include Sanden Corporation, Hanon Systems, Brose Fahrzeugteile GmbH & Co. Kg, Hefei Carnot Automotive Air Conditioning Co., Ltd, Mahle Behr GmbH, Valeo S.A., Denso Corporation, Panasonic Corporation, Calsonic Kansei Corporation, Valeo, Toyota Industries Corporation and Delphi Plc, among the other players.
The global electric vehicle HVAC market has been segmented into technology type, electric compressor type, vehicle type, and region. By electric compressor type, the global market is segmented into the electric compressor (independent and non-independent), hybrid drive compressor. The electric Compressor segment is expected to dominate the market as its nature to provide better cooling capacity and better comfort than a hybrid drive compressor. By vehicle type, the electric vehicle HVAC market is segmented into passenger cars and commercial vehicles. Passenger car segment is expected to dominate the market owing to rising demand for electric vehicles, and electric compressor is majorly installed in passenger vehicles.
Geographically, the Electric Vehicle HVAC market is segmented into North America, Europe, Asia Pacific, and the rest of the world. Asia Pacific is expected to dominate the market owing to the presence of major automotive companies, large production, and increasing demand for electric vehicles in countries like India, China, and South Korea. North America is expected to experience good growth during the forecast period owing to improving macroeconomic conditions and increasing vehicle production.
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Improving living standards and growing inclination towards comfort driving and luxury vehicle are projected to propel the growth of the market. Europe is also expected to be the most significant player in the market during the forecast period owing to stringent govt norms to curb emission levels in this region.
By Technology Type
By Electric Compressor Type
By Vehicle Type
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