The Automotive E-Compressor Market is being driven by Increasing adoption of automotive electric HVAC compressors
The Automotive E-Compressor Market is expected to grow at a CAGR of 71.1% during 2023 and 2029. During this period, the market is also expected to show a growth of USD 150163.7 million. The global automotive e-compressor market is characterized by a high degree of fragmentation, with key players including DENSO, Sanden, MAHLE, Toyota, Hanon Systems, and Valeo dominating the landscape. Competition in this market is intense, with vendors continually seeking to expand their customer base through various strategic initiatives. Notable developments include Hanon Systems' announcement in October 2024 to construct a new USD155 million facility in Woodbridge, Ontario, producing e-compressors for electric vehicles, generating around 300 new jobs. Market players are employing strategies such as collaborations, product innovations, mergers and acquisitions, joint ventures, and partnerships to gain a competitive edge.
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Which Factors Are Causing a Surge in Market Growth?
The market is segmented based on Application (Passenger cars, Commercial vehicles) Geography (APAC, North America, Europe, South America, Middle East and Africa).
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
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Key Features in Automotive E-Compressor Market Research Report
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The Automotive E-compressor market is experiencing significant growth due to the increasing adoption of Electric Vehicles (EVs) and Hybrid Vehicles. E-compressors, which are electric motor-driven compressors, play a crucial role in the HVAC Systems of these vehicles, ensuring cleaner air through Air Conditioning systems. With lower oil carryover and minimal emissions, these compressors contribute to better cabin air quality and reduced pollution. Automotive manufacturers are focusing on fuel-efficient and low-emission solutions, making electric HVAC compressors a preferred choice. The electrical system, including storage battery, generator, starting motor, lighting system, ignition system, climate control, sensors, electronic control unit, and others, are integral to the proper functioning of these compressors. The electrification of climate control systems in ICE vehicles is also driving the market for E-compressors.
The global automotive components and equipment market encompasses businesses producing parts and accessories for various vehicle types, including electric vehicles (EVs), hybrid vehicles (HVs), passenger cars (PCs), commercial vehicles (CVs), heavy-duty vehicles, off-road vehicles, motorcycles, scooters, quad bikes, and three-wheelers. According to Technavio, the market size is determined by the consolidated revenue generated by these manufacturers. Key growth drivers in the automotive components and equipment industry include the rise of electronic components in automobiles, surging sales of EVs and PCs, and the integration of advanced technologies such as electric HVAC compressors and autonomous functioning in vehicles. These advancements contribute to cleaner air, improved fuel efficiency, reduced pollution, and lower greenhouse gas emissions through the use of lithium-ion batteries and other energy-efficient solutions.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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