Electric Vehicle HVAC Market Size Expected to Reach $11.7 Billion with a CAGR of 10% by 2032

electric vehicle HVAC market size is estimated to reach $11.7 billion by 2032, growing at a CAGR of 10% from 2023 to 2032.

PORTLAND, OREGON, UNITED STATES, November 1, 2023 /EINPresswire.com/ -- According to a new report published by Allied Market Research, titled, “Electric Vehicle HVAC Market," The electric vehicle HVAC market size was valued at $4.6 billion in 2022, and is estimated to reach $11.7 billion by 2032, growing at a CAGR of 10% from 2023 to 2032.

𝙂𝙚𝙩 𝙞𝙣𝙨𝙞𝙙𝙚 𝙎𝙘𝙤𝙤𝙥 𝙤𝙛 𝙩𝙝𝙚 𝙧𝙚𝙥𝙤𝙧𝙩, 𝙧𝙚𝙦𝙪𝙚𝙨𝙩 𝙛𝙤𝙧 𝙨𝙖𝙢𝙥𝙡𝙚:- https://www.alliedmarketresearch.com/request-sample/75092

𝗠𝗮𝗿𝗸𝗲𝘁 𝗦𝗶𝘇𝗲 𝗮𝗻𝗱 𝗙𝗼𝗿𝗲𝗰𝗮𝘀𝘁

The Electric Vehicle HVAC Industry is expected to experience significant growth during the forecast period. Consumers across the world are increasingly turning toward electric vehicles as a cleaner and more efficient alternative to gasoline powered vehicles. Electric vehicles are gradually turning into a viable option for consumers on account of expanding network of charging infrastructure, high fuel prices, and introduction of supportive policies and subsidies. Leading manufacturers are introducing technologically advanced HVAC systems for electric vehicles to offer enhanced and comfortable cabin environment for occupants.

Several countries around the world have introduced and implemented strict emission regulations to boost the adoption of electric vehicles. Supportive government policies and subsidies on purchase of electric vehicles also support the market growth. For instance, the Indian government has implemented Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles (FAME) scheme and Production Linked Incentive Scheme (PLI) for faster adoption of EVs in the country. The FY 2023-24 Budget Estimates include allocation of INR 51.72 billion towards its FAME-II scheme. Of the 36 states and Union Territories in the country, 26 have released EV policies over the last 5 years, with 16 of them being released between 2020 and 2022. This, in turn, boosts the demand for efficient and effective HVAC systems specifically designed for electric vehicles.

Moreover, advancements in technology and connectivity are opening opportunities in the EV HVAC market. Integration of smart controls, sensors, and predictive algorithms allows for more precise temperature management and energy optimization. Additionally, connected features enable users to remotely control and monitor their vehicle's HVAC system, enhancing convenience and comfort. Greater focus on air quality management inside vehicles has encouraged market players to launch advanced products with high-quality air filtration and purification mechanisms in the market.

𝗥𝗲𝗴𝗶𝗼𝗻𝗮𝗹 𝗢𝘂𝘁𝗹𝗼𝗼𝗸

On the basis of region, the global electric vehicle HVAC market is segmented into North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific dominated the global electric vehicle HVAC market in 2022. Partnerships and collaborations among EV manufacturers in the region is fueling the market growth. Indian automobile manufacturers such as Mahindra & Mahindra and Tata Motors among others have begun domestic production of electric vehicles. Several international companies are also entering these countries. Several state governments in these countries have also introduced supportive policies and programs to incentivize EV manufacturing to achieve their set targets. Availability of raw material, cheap labor cost, and increase in disposable income have a major impact on the electric vehicle HVAC system market.

𝙈𝙖𝙠𝙚 𝙖 𝙋𝙪𝙧𝙘𝙝𝙖𝙨𝙚 𝙄𝙣𝙦𝙪𝙞𝙧𝙮: - https://www.alliedmarketresearch.com/purchase-enquiry/75092

𝗧𝗵𝗲 𝗞𝗲𝘆 𝗣𝗹𝗮𝘆𝗲𝗿𝘀

Sanden Corporation
Hanon Systems Corporation
Denso Corporation
Valeo S.A.
Mahle GMBH
Brose Fahrzeugteile SE and CO. KG
Panasonic Corporation
Johnson Electric Holdings Limited
Marelli Holdings Co., Ltd
Toyota Industries Corporation

Electric vehicle financing is gradually picking pace in Asia-Pacific. The increase in adoption of electric vehicles is building confidence amongst financers to offer competitive finance options. The emergence of disruptive EV and fintech startups is also expected to accelerate the adoption of digital lending solutions for EV users. The government of countries in Asia-Pacific is also introducing initiatives to encourage increased participation by lenders.

Increase in disposable income in the Asian countries boost electric vehicle sales in this region. The manufacturers of automotive HVAC equipment focus on developing newer products to meet changes in consumer demands in this region. Automobile manufacturers are actively involved in the process of developing newer products to meet the consumer demands in this region.

𝗔𝗻𝗮𝗹𝘆𝘀𝘁 𝗥𝗲𝘃𝗶𝗲𝘄

By vehicle type, the passenger vehicle segment dominated the global electric vehicle HVAC market in 2022, in terms of revenue, and is expected to lead the market throughout the forecast period. By technology, the BEV segment accounted for a major share in 2022. In 2022, Asia-Pacific was the highest revenue contributor, followed by Europe.

COVID-19 Impact Analysis

The outbreak of COVID-19 led to reduced demand for electric vehicle HVAC due to nationwide lockdowns, restriction on mobility, and slowdown in shipments due to temporary closures of manufacturing facilities. However, post-pandemic, increase in demand for electric vehicles has been observed. Leading manufacturers are now focusing on the development of advanced HVAC systems to cater to increase in market demand.

𝙏𝙤 𝙋𝙪𝙧𝙘𝙝𝙖𝙨𝙚 𝙩𝙝𝙞𝙨 𝙋𝙧𝙚𝙢𝙞𝙪𝙢 𝙍𝙚𝙥𝙤𝙧𝙩: https://www.alliedmarketresearch.com/electric-vehicle-hvac-market/purchase-options

KEY FINDINGS OF THE STUDY

By technology, the BEV vehicle segment is anticipated to exhibit significant growth in the future.
By vehicle type, the commercial vehicle segment is anticipated to exhibit significant growth in the future.
By component, the condenser segment is anticipated to exhibit significant growth in the future.
By region, Europe is anticipated to register the highest CAGR during the forecast period.

Key players operating in the global electric vehicle HVAC market include Sanden Corporation, Hanon Systems Corporation, Denso Corporation, Valeo S.A., Mahle GMBH, Brose Fahrzeugteile SE and CO. KG, Panasonic Corporation, Johnson Electric Holdings Limited, Marelli Holdings Co., Ltd, and Toyota Industries Corporation.

𝐒𝐢𝐦𝐢𝐥𝐚𝐫 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐖𝐞 𝐇𝐚𝐯𝐞 𝐨𝐧 𝐀𝐮𝐭𝐨𝐦𝐨𝐭𝐢𝐯𝐞 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲:

Automotive E-Commerce Market : https://www.alliedmarketresearch.com/automotive-e-commerce-market-A08491

Automotive Steer-By-Wire System Market : https://www.alliedmarketresearch.com/automotive-steer-by-wire-system-market-A51249

Automotive Software Market : https://www.alliedmarketresearch.com/automotive-software-market

David Correa
Allied Analytics LLP
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