Automotive E-Compressor Market worth USD 18.9 billion by 2033 - Exclusive Report by MarketsandMarketstm

CHICAGO, May 1, 2024 /PRNewswire/ -- Automotive E-Compressor Market is projected to reach USD 18.9 billion by 2033, from an estimated USD 6.6 billion in 2024, at a CAGR of 12.5%, according to a new report by MarketsandMarketstm. Increasing demand for electric vehicles is the major factor driving the e-compressor market. Electric compressors play a vital role in this transition by providing efficient climate control systems that contribute to the overall eco-friendliness of EVs. Consumers are placing a higher emphasis on the interior environment of their vehicles, and automakers are responding by integrating e-compressors to enhance the overall driving experience.

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Automotive E-Compressor Market Scope:

Passenger Cars dominates the market by vehicle type during the forecast period.

Passenger cars have emerged as the dominant force within the electric compressor market, spearheading the transition towards electrification in the automotive industry. This trend is underscored by several compelling factors that highlight the pivotal role of passenger vehicles in driving market growth and innovation. Firstly, the increasing consumer demand for electric vehicles has propelled with growing awareness of environmental issues and the desire for cleaner transportation options. This increase in demand has spurred OEMs to integrate electric compressors into their electric vehicle models, enhancing comfort and energy efficiency along with sustainability goals.

Secondly, advancements in electric compressor technology have made significant strides in improving performance, reliability, and cost-effectiveness, making them an attractive option for automakers seeking to differentiate their electric vehicle offerings. Innovations such as variable-speed compressors, advanced refrigerant systems, and integration with vehicle electrification platforms have enhanced the overall driving experience and extended the range of electric vehicles, further bolstering their appeal to consumers.

Moreover, regulatory incentives and mandates aimed at reducing greenhouse gas emissions and promoting electric vehicle adoption have further incentivized automakers to prioritize the integration of electric AC compressors into passenger cars. Government subsidies, tax credits, and emissions regulations have provided a favorable regulatory environment for electric vehicles, driving market growth and encouraging investment in electric compressor technology.

BEV is the second fastest-growing segment in the e-compressor industry.

The inflation in petroleum prices accelerates the shift toward electric vehicles as consumers seek alternatives that offer relief from volatile and expensive fuel costs. BEVs are gaining traction as they provide zero-emission driving and lower operational costs than petrol-powered vehicles. Previously, due to limited charging stations and the high cost of EV batteries, these vehicles had less demand. However, with the decreasing cost of EV batteries, increasing EV range, and a growing EV charging network worldwide, the demand for BEVs has risen significantly. Among the top-sold electric vehicles in the market in 2023, a majority are BEVs, leading to an increase in demand for e-compressors.

OEMs are increasingly investing in research and development to increase the efficiency of electric vehicles. For instance, Tesla and Chevrolet have invented long-range EV batteries. Several advancements in technology have further helped improve BEV sales. These vehicles are available in multiple segments, including sedan, SUV, and hatchback. OEMs are also launching new electric vehicles to cater to market demand. Tesla, Volkswagen AG, SAIC Motors, BYD, and Stellantis are the pure electric vehicle companies topping sales, while OEMs such as Nissan, Toyota, and GM are also offering tough competition to electric vehicle manufacturers.

Europe holds the second largest market share for the e-compressor market.

Europe covers France, Spain, Italy, Germany, and the UK for market analysis. With stringent emission regulations, the governments of the region are providing significant incentives to promote electric vehicles and subsidizing EV infrastructure. Consequently, there is a rising need for efficient and sustainable components in electric vehicles, including e-compressors, to meet regulatory requirements and consumer preferences for cleaner, greener vehicles. The region is also home to manufacturers such as Renault, Audi, BMW, and Mercedes. It has set an ambitious goal of reducing 80% C02 emissions by 2030?2035 and created a roadmap for this.

Additionally, Europe has an established automotive industry and strong manufacturing base, positioning the region as a hub for electric vehicle production and innovation. European suppliers, such as VALEO and MAHLE GmbH, are at the forefront of developing advanced e-compressor technologies to meet the evolving needs of the market. With a focus on efficiency, performance, and environmental sustainability, European e-compressor manufacturers are driving innovation in the automotive climate control sector, contributing to Europe's leadership in the global transition toward electrification and sustainable mobility.

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Key Market Players:

The major players in Automotive E-Compressor Companies include DENSO CORPORATION (Japan), Hanon Systems (South Korea), MAHLE GmbH (Germany), VALEO (France), and Sanden Corporation (Japan).

Recent Developments

• In Feb 2024, Hanon Systems announced the opening of a new engineering center located on the company's compressor manufacturing campus in Palmela, Portugal. The new center supports the Palmela plant, the company's European flagship for the electric scroll compressor. It is a two-story structure with around 2,488 square meters of space for existing and new test operations.
• In Jan 2024, Robert Bosch expanded its product offerings by introducing AC components to repair requirements. The expansion includes AC compressors and condensers for vehicles from different manufacturers in Europe.
• In Aug 2023, VALEO presented the REVO-E- HP R744 in Busworld 2023. It is a zero-emission HVAC unit designed for buses with alternative drives. The use of natural refrigerant R744 enables the HVAC system to be environmentally neutral for cooling the bus. The system has integrated the compressor, giving a compact design, low refrigerant charge, and low energy consumption.

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