The Asia Pacific regional market is expected to witness significant growth over the forecast period in line with the rising adoption of electric vehicles
The global automotive electric HVAC compressor market size is anticipated to reach USD 38.31 billion by 2028, registering a CAGR of 20.7 per cent from 2021 to 2028, according to a study conducted by Grand View Research, Inc.
An electric compressor, as per the report offers several benefits over a conventional compressor, such as lower energy consumption, compact size, controlled revolution speed, and noise-free operations. Also, unlike a conventional compressor, which is belt-driven, an electric compressor is independent of the vehicle engine.
“An electric compressor draws power from a separate electric motor, which is powered using an inverter. Such an arrangement ensures that the cooling operation of the vehicle continues even when the vehicle is turned off. The electric compressor also requires lesser power to drive as a result of this arrangement, thereby leaving the vehicle performance unaffected and ensuring cleaner operations due to low oil carryover,” read the report.
Growth in Asia Pacific region
The Asia Pacific regional market is expected to witness significant growth over the forecast period in line with the rising adoption of electric vehicles across China and other developing countries in the Asia Pacific region. The battery electric vehicle segment is expected to register the highest CAGR over the forecast period.
The growth can be attributed to the increasing demand for electric vehicles in line with the continued rollout of charging infrastructure and prompt availability of skilled technicians to service electric vehicles. The passenger vehicle segment is expected to register the highest CAGR of more than 20 per cent over the forecast period.
This growth can be attributed to the growing adoption of electric passenger vehicles for personal use as well as by corporates, and government and defense agencies.
The 20-40 CC segment dominated the market in 2020 with a revenue share of 48.3 per cent and is expected to continue leading over the forecast period. The growth can be attributed to the fact that compressors with a cooling capacity of 20-40 CC are usually installed in small and medium vehicles, which have a high adoption rate.
However, the high initial costs and maintenance costs associated with electric HVAC compressors are expected to restrain the growth of the market. The installation of electric HVAC compressors involves heavy-duty electric wiring, which increases the overall cost of the system.
Repairs and maintenance of electric compressors is also a complex task requiring a high level of expertise, thereby adding to the overall cost. Moreover, the demand for electric compressors relies entirely on the demand for electric vehicles.
