The global automotive e-compressor market is anticipated to generate revenues of USD 1,730.7 million in 2023. The market is anticipated to increase at a CAGR of 11.3% and reach USD 5,048.5 million by 2033.
Due to the increasing need for electric vehicles and the expanding popularity of electrically powered air conditioning systems, demand for automotive e-compressors is at an all-time high. The industry is going to be significantly influenced by growing HVAC system demand and popularity. These trends are long-term effects on the global market, such as:
Rising Demand for HVAC Systems
Popularity of Electric Vehicles
Eco-friendly Option
| Attributes | Details |
|---|---|
| Expected Market CAGR (2023 to 2033) | 11.3% |
| Expected Market Size (2023) | USD 1,730.7 million |
| Expected Market Size (2033) | USD 5,048.5 million |
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Automotive E-compressor Demand Analysis (2018 to 2022)
From 2018 to 2022, the market developed at a sizable CAGR of 7.3%. In 2018, it was valued at USD 1,224.72 million, and in 2022, that value had increased to USD 1,623.5 million.
The adoption of e-compressors has been driven by strict regulations on vehicle efficiency and emissions. Many nations have launched programs to lower greenhouse gas emissions over the years.
Countries that adhere to standards similar to European standards include China and India. Moreover, India already complies with BS-IV standards and intends to introduce BS VI rules by the end of 2020. These regulations make a path to follow for industry leaders, which provides them with scope for future innovations.
Future Scope for Automotive E-compressor Demand (2023 to 2033)
Automotive e-compressor manufacturers have a key role to play in the market growth. To enable energy savings, automobile e-compressor businesses are creating small components. So, to prolong the life of lithium-ion batteries, car makers prefer such characteristics.
Also, industry participants are improving their production techniques so that air conditioning continues to operate even when an electric or hybrid car's engine is off or idling. Automotive electric compressors' autonomous functioning encourages the purchase of electric automobiles. Lastly, while retaining the same cooling capacity, the makers are creating ways that produce less noise.
These considerations make the global market grow at a rate of 2.91x between 2023 to 2033, and likely to reach a valuation of USD 5,048.5 million.
| Countries | Market Share (2023) |
|---|---|
| United States | 13.5% |
| Germany | 7.6% |
| Japan | 9.2% |
| Australia | 0.2% |
In 2023, the United Nations is likely to control the market. The market has both opportunities and challenges throughout the forecast period. This is in line with the ongoing transition to electric vehicles. The need for e-compressors, which are utilized in the air conditioning systems of these vehicles, is anticipated to increase as more people move to EVs.
Government initiatives to lower greenhouse gas emissions and encourage the usage of EVs potentially aid in the expansion of the United States automotive e-compressor sector.
The global sector has a lot of potential for the German market. Market share is predicted to be 7.6% in 2023, and by 2033, it is projected to have a CAGR of 26.3%. Market expansion is accelerated as Germany's HEV (Hybrid Electric Vehicles) industry grows swiftly. Public-private investment initiatives are becoming more widespread and creating new market opportunities.
Europe is expected to increase significantly during the forecast period. Germany has always been a key producer of automobiles and other vehicles. The industry is expanding quickly as a result of the existence of well-known automakers, increased desire for electric vehicles, and rising expenses.
The automotive e-compressor in the Germany market is predicted to expand due to the presence of key OEMs and tier-1 suppliers there. Modern research and development facilities are expected to increase the market's income streams.
| Country | Market CAGR (2023 to 2033) |
|---|---|
| China Market CAGR (2023 to 2033) | 12.2% |
| India Market CAGR (2023 to 2033) | 11.5% |
In the global automotive e-compressor sector, passenger automobiles are anticipated to hold the leading share of 62% in 2023. Prominent elements driving this segment's expansion include:
In the market, the Light Commercial Vehicle (LCV) category is expected to expand significantly. The key factors driving this market's expansion are successful government initiatives that encourage the use of electric vehicles for sustainable development.
Variable e-compressors are made to change the amount of refrigerant delivered in response to the vehicle's cooling requirements. Due to their ability to increase energy efficiency and lighten the load on a vehicle's battery, these compressors are becoming common in electric and hybrid vehicles.
As the manufacturing of electric and hybrid vehicles develops and consumer demand for these vehicles increases, the variable e-compressors are anticipated to expand. Also, the displacement e-compressors market is anticipated to expand further, especially as more people in emerging nations buy cars with air conditioning.
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Startups are still more agile and little on the market, yet they have a big future:
| Start-ups | Developments |
|---|---|
| Cooltech Application | This French company has created an innovative magnetic refrigeration technology that does not require compressors, making it more environmentally and energy-friendly. |
| Dearman | This United Kingdom-based business has created an engine that runs on liquid nitrogen and can be used to power refrigeration systems instead of conventional compressors. |
| Akasol | This German business focuses on creating high-performance battery systems, including e-compressor systems, for electric and hybrid automobiles. |
Technology development and environmental concerns shape the market's competitive environment, where businesses strive for trustworthy and effective methods. As a result of the fierce competition in this sector, numerous technologies and developments have been made that are advantageous to both consumers and automakers.
The global automotive e-compressors sector is projected to experience increased competition as more local competitors start to emerge. To reduce carbon emissions in response to the rising pollution levels around the world, automobiles must be environmentally friendly and fuel-efficient.
Recent Development:
The automotive e-compressor market size is valued at USD 1,730.7 million in 2023.
The automotive e-compressor market is projected to thrive at an 11.3% CAGR through 2033.
The automotive e-compressor market is anticipated to surpass USD 5,048.5 million by 2033.
The passenger cars segment leads, holding 62% of the market share in 2023.
China’s automotive e-compressor market is projected to rise at 12.2% CAGR by 2033.
| Market CAGR (2023 to 2033) | 8.2% |
|---|---|
| Market Size (2023) | USD 3.12 billion |
| Market Size (2033) | USD 6.86 billion |
| Market Valuation (2023) | USD 9.6 billion |
|---|---|
| Market Valuation (2033) | USD 14.1 billion |
| Market CAGR (2023 to 2033) | 3.9% |
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