The compressor is the central processing unit that controls the cooling, heating, ventilation, and air conditioning systems. The heating, ventilation, and air conditioning system is designed to meet the environmental requirements of occupant comfort and process. A built-in motor is included with electric compressors. Even when the engine of the vehicle is turned off, the built-in motor can continue to function, resulting in increased fuel efficiency and continuous usage of the air conditioner to maintain a comfortable cabin temperature. The function of an electric compressor in an electric vehicle is much significant than that of a traditional compressor in an internal combustion engine (ICE) vehicle. In an electric vehicle, the compressor is responsible for the cooling of the complete cabin as well as the battery pack. It protects the battery from overheating and subsequently the vehicle from breaking down.
COVID-19 Impact Analysis
- The COVID-19 pandemic put a halt on the global economy with the automotive sector suffering the huge impact. The pandemic compelled people to stay home due to which automotive sales of original equipment manufacturers (OEMs) and aftermarket were disrupted, along with supply chain loss of automotive parts and overall industry shortage. It is expected that the industry would need four years minimum to completely recover and resume normal business practices. Such predictions are creating many challenges for stakeholders in the automotive AC compressor market. The automotive heating, ventilation, and air conditioning (HVAC) compressor market is fragmented, and vendors are using numerous development strategies to compete. DENSO Corp, ESTRA Automotive Systems Co. Ltd is dominating the global market.
Top Impacting Factors
Increase in vehicle production, increase in demand for thermal system, and automatic climate control features in automobile drive the growth of the market.
High maintenance cost hinders the growth of the market.
Rise in disposable income coupled with standard of living act as an opportunity for the market investments.
The Global Automotive Electric Compressor Market Trends are as Follows:
Increase in Vehicle Production
- Original equipment manufacturers in developing regions such as China, India, and Japan, are adapting to their manufacturing and supply chains, and product range to shifting regional and segment patterns of supply and demand. Furthermore, the development in urbanization along with an increase in population boosts the demand for vehicles among consumers. For instance, North America is the home for the largest vehicle producers in the world, including General Motors and Ford, which account for 25% of the global vehicle production. Moreover, the emergence of global potential automobile manufacturers including General Motors and Volkswagen AG concentrating their plants in China through joint ventures with local manufacturers is expected to enhance the electric compressor demand and drive the growth of the automotive electric compressor market globally.
High Maintenance Cost
- Automotive electric compressor unit is expensive to incorporate and even more expensive to repair in case of a failure. The installation of an electric compressor unit in a vehicle raises in the overall vehicle cost. An automobile electric compressor unit consists of a compressor, condensers, evaporators, and other components., Regular maintenance is necessary to keep these components in good operating condition, which is significantly expensive. The compressor is the most expensive component in the systems and requires optimum refrigerant and lubrication levels to avoid the risk of premature compression failure. Thus, the high maintenance cost of the overall components of the electric compressor system is anticipated to hinder the growth of the global automotive electric compressor market.
Key Benefits of the Report:
- This study presents the analytical depiction of the global automotive electric compressor market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with challenges of the global automotive electric compressor market.
- The current market is quantitatively analyzed to highlight the growth scenario of the global automotive electric compressor market.
- The report provides a detailed global automotive electric compressor market analysis based on competitive intensity and the competition that will take shape in coming years.
Questions Answered in the Global Automotive Electric Compressor Market Research Report:
- Who are the leading market players active in the global automotive electric compressor market?
- What would be the detailed impact of COVID-19 on the market?
- What are the current trends that would influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the global automotive electric compressor market?
- What are the future projections that would help in taking further strategic steps?
Automotive Electric Compressor Market Report Highlights
By Vehicle Type
Key Market Players
Hanon Systems (Hahn & Co. Auto Holdings Co., Ltd.),, Mahle GmbH (Mahle Stiftung GmbH),, Sanden Holdings Corporation, Brose Fahrzeugteile SE & Co. KG,, Panasonic Corporation,, Toyota Industries Corporation,, Valeo SA, Aptiv PLC,, BorgWarner, Inc.,, Denso Corporation,