According to a new report, published by KBV research, The Global Electric Vehicle HVAC Market size is expected to reach $9.3 billion by 2030, rising at a market growth of 10.1% CAGR during the forecast period.
The PHEV segment is showcasing a CAGR of 11.6% during (2023 - 2030). The global automotive industry has witnessed a significant shift towards electrification, and PHEVs are gaining popularity as a transitional option for consumers who want to embrace electric mobility while retaining the convenience of an internal combustion engine for extended distances. The increasing prevalence of PHEVs correlates directly with the increased demand for EV HVAC systems.
The Condenser segment is leading the Global Electric Vehicle HVAC Market by Component in 2022; thereby, achieving a market value of $2.8 Billion by 2030. The expansion of condensers in the automotive industry, especially in electric vehicles (EVs), is on a steep ascent. EVs' HVAC systems require condensers, which remove heat from the refrigerant and release it into the ambient air. As the demand for electric vehicles (EVs), influenced by environmental concerns and government regulations, continues to rise, the demand for efficient and high-performance condensers grows.
The Commercial Vehicle segment is exhibiting a CAGR of 11.4% during (2023 - 2030). Electric commercial vehicles have witnessed considerable market opportunities and trends. Government initiatives and policies around the globe encourage the adoption of renewable energy vehicles, such as commercial EVs, thereby establishing a favorable market environment. Businesses are becoming increasingly aware of commercial EVs' cost savings and operational efficiency. EVs are financially attractive to fleet operators due to lower fuel and maintenance costs, resulting in long-term savings and enhanced operational efficiency.
The Asia Pacific region dominated the Global Electric Vehicle HVAC Market by Region in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $3,653.8 Million by 2030. The Europe region is poised to grow at a CAGR of 9.4% during (2023 - 2030). Additionally, The North America region would witness a CAGR of 9.6% during (2023 - 2030).
Full Report: https://www.kbvresearch.com/electric-vehicle-hvac-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Valeo SA, Hanon Systems (Hahn & Co. Auto Holdings Co., Ltd.), Toyota Industries Corporation, Mahle GmbH (Mahle Stiftung GmbH), Panasonic Holdings Corporation, Johnson Electric Holdings Limited, Sanden Corporation (Hisense Home Appliances Group Co., Ltd), Marelli Holdings Co., Ltd., Denso Corporation, and Brose Fahrzeugteile SE & Co. KG
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