Automotive E-Compressor Market worth $18.9 billion by 2033 Globally, at a CAGR of 12.5%, says MarketsandMarkets™

Chicago, May 13, 2024 (GLOBE NEWSWIRE) — 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% during the forecast period, as per the recent study by MarketsandMarkets™. Proactive government measures to reduce illegal waste disposal, technological advancements in waste processing and recycling, and the rising generation of e-waste globally is leading to increase in Waste Management Market.

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List of Key Players in Automotive E-Compressor Market:

  • Hanon Systems (South Korea)
  • MAHLE GmbH (Germany)
  • VALEO (France)
  • Sanden Corporation (Japan)

Drivers, Opportunities and Challenges in Waste Management Market:

  1. Drivers: Rising global demand for electric vehicles
  2. Restraint: Lack of sufficient EV charging infrastructure in developing economies
  3. Opportunities: Advancements in e-compressor technology
  4. Challenges: High initial cost of e-compressors compared to conventional belt-driven compressors

Key Findings of the Study:

  1. The Small Capacity Compressor segment, by compressor type, holds the largest market share.
  2. The Light Commercial vehicles are the fastest-growing segment in vehicle type for the automotive e-compressor market.
  3. Europe holds the second largest market share for the e-compressor market.

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The increasing adoption of electric vehicles (EVs) worldwide along with expansion of charging infrastructure for electric vehicles is accelerating the adoption of electric compressors. As governments and private companies invest in building out charging networks and increasing charging accessibility, the range anxiety associated with EVs is diminishing, leading to greater consumer confidence and uptake of electric vehicles. With more EVs on the road, the demand for electric compressors is expected to continue growing, driving further innovation and market expansion in the automotive climate control sector.

Furthermore, technological advancements are driving innovation in electric compressor design and functionality. Manufacturers are investing in research and development to improve the performance, reliability, and cost-effectiveness of electric compressors, leading to the development of new features such as variable-speed drives, smart controls, and integrated thermal management systems.

Large capacity compressors are the fastest growing segment in e-compressor market. Large capacity compressors are used in applications requiring high-performance cooling systems, such as LCVs and HCVs. Several companies are actively embracing large capacity electric compressors to meet the increasing demand for efficient and powerful cooling solutions. These compressors are designed to provide sufficient cooling capacity to maintain comfortable cabin temperatures, even in extreme weather conditions, while also optimizing energy efficiency to maximize driving range. By integrating large capacity electric compressors into its vehicles, the OEM can deliver superior climate control performance without compromising on sustainability or driving experience. Electric HCVs such as trucks and buses are witnessing strong growth and have huge potential making the large capacity compressors growth promising.

HCV is the second fastest growing vehicle type segment in the e-compressor market. Heavy commercial vehicles (HCVs)includes: medium & heavy trucks and buses & coaches. Electric HCVs offer a promising avenue for reducing greenhouse gas emissions and improving air quality, particularly in densely populated urban areas where pollution from diesel-powered vehicles is a significant concern. By providing efficient and reliable climate control systems, e-compressors contribute to the overall appeal and viability of electric HCVs, making them more competitive with traditional diesel vehicles.

Advancements in battery technology, charging infrastructure, and vehicle design are enhancing the feasibility and performance of electric HCVs, further driving the adoption of e-compressors in the commercial transportation sector. Regulatory mandates and industry standards aimed at reducing greenhouse gas emissions are also driving the adoption of electric HCVs equipped with efficient climate control systems. Governments worldwide are implementing stricter emissions regulations and incentives to encourage the transition to cleaner and more sustainable transportation solutions. Electric HCV manufacturers are under pressure to comply with these regulations while meeting customer demands for comfortable and environmentally friendly vehicles.

Asia Pacific is dominating market in the automotive e-compressor industry.

Asia Pacific covers China, Japan, South Korea, and India for market analysis. Rapid urbanization and industrialization lead to a surge in automotive production and sales in the region. As Asia Pacific countries experience economic growth and improved living standards, the demand for electric vehicles equipped with climate control systems is increasing. This growing consumer demand, coupled with government initiatives to reduce emissions and promote clean transportation, is fuelling the adoption of e-compressors in the region. Asia Pacific is also home to several leading automotive manufacturers & suppliers and has a robust ecosystem of technology companies specializing in electric vehicles. These companies are investing in research and development to innovate and improve e-compressor technologies, driving down costs and enhancing performance.

The governments of emerging economies have further recognized the growth potential of the electric vehicle market and, hence, have taken several initiatives to attract OEMs to manufacture electric vehicles in Asia Pacific. For instance, China, the e-mobility leader in the region, had set a target of over 20% EV sales by 2025, which it had already achieved in 2022. Similarly, South Korea, Japan, and India have announced plans to shift to electric vehicles in the coming years. India plans to have 30% of its passenger car sales to be electric by 2030. South Korea and Japan also aim to be among the world’s top five electric vehicle producers by 2030. These factors will positively impact the Asia Pacific automotive e-compressor market.

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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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