The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

The automotive electric HVAC compressor market has experienced exponential growth, with a trajectory set for further expansion:

• Current Market Dynamics: The market size surged from $13.52 billion in 2023 to $16.69 billion in 2024, reflecting a remarkable Compound Annual Growth Rate (CAGR) of 23.4%.
• Historical Growth Drivers: The surge in the historic period can be attributed to environmental regulations, fuel efficiency standards, consumer demand for comfort, globalization of automotive manufacturing, and improved energy management.

Anticipating Exponential Growth in the Next Decade

The automotive electric HVAC compressor market is poised for even more remarkable growth in the coming years:

• Projected Growth: The market is expected to reach $36.99 billion by 2028, showcasing a robust CAGR of 22.0%.
• Key Growth Factors: The forecasted growth is propelled by the electrification of vehicles, the rise of autonomous vehicles, increased vehicle connectivity, enhanced energy efficiency, consumer demand for advanced features, and sustainability initiatives.

Electric Vehicles Fueling Market Expansion

The surge in electric vehicle (EV) adoption is a significant catalyst for the growth of the automotive electric HVAC compressor market:

• EV Adoption on the Rise: Electric vehicles, powered by one or more electric motors, are gaining traction globally.
• Expanded Role of Compressors: Electric HVAC compressors are essential not only for cooling the cabin but also for managing the heat generated by onboard electronics.
• Global Sales: In the first half of 2022, around 4.3 million new battery-powered electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs) were sold globally, signaling a substantial increase from previous years.

Innovative Products Drive Market Trends

Innovation emerges as a prominent trend shaping the automotive electric HVAC compressor market:

• Product Innovations: Major companies are focusing on launching innovative products to meet evolving consumer demands.
• Embraco’s Offering: Brazil-based Embraco launched a new compressor platform for refrigerators, introducing ES and FMS compressors to meet diverse market needs.

Strategic Acquisitions Pave the Way for Market Expansion

Strategic acquisitions play a pivotal role in expanding market presence and capabilities:

• Hisense Group’s Move: In June 2021, Hisense Group acquired Sanden Corporation for $195.6 million, signaling an expansion into the automotive compressor markets.
• Market Entry: Sanden Corporation, a Japan-based company, specializes in manufacturing automotive electrical equipment, contributing to Hisense Group’s foray into this critical market.

Market Segmentation: Understanding the Dynamics

The automotive electric HVAC compressor market is segmented based on various factors:

1. Product Type: Scroll, Screw, Swash, Wobble
2. Vehicle Type: Passenger Vehicle, Light Commercial Vehicle (LCV), Heavy Commercial Vehicle (HCV), Buses and Coaches
3. Cooling Capacity: Less Than 20 CC, 20-40 CC, 40-60 CC, More Than 60 CC
4. Drivetrain: Plug-In Hybrid Electric Vehicles (PHEV), Battery Electric Vehicles (BEV), Hybrid Electric Vehicles (HEV)

Conclusion: Asia-Pacific Takes the Lead

In 2023, Asia-Pacific emerged as the largest region in the automotive electric HVAC compressor market:

• Regional Dominance: Asia-Pacific’s prominence underscores its contribution to the industry’s growth and development.
• Future Trends: As the market advances, integration with thermal management systems, smart climate control, cabin air quality sensors, and advanced refrigerant technologies are poised to become major trends.

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The Automotive Electric HVAC Compressor Global Market Report 2024  provides an overview of the automotive electric HVAC compressor market for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The automotive electric HVAC compressor market forecast analyzes automotive electric HVAC compressor market size, automotive electric HVAC compressor market share, leading competitor and their market positions.

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