The automotive e-compressor market is predicted to be worth US$ 2 billion in 2023 and rise to US$ 5 Billion by 2033. The global industry was expanding at a CAGR of 7.3% from 2018 to 2022.
The demand for automotive e-compressor is driven by the increased popularity of vehicle electrification or hybridization during the projected period. However, one of the key restraints for the global market is the high installation and maintenance cost of these devices, as well as their complexity in repair and maintenance.
The market growth is also being constrained by consumers’ lack of understanding of how hybrid and electric vehicles are serviced and charged.
To encourage users to switch to electric vehicles, the government offers several incentives and subsidies. During the forecast period, there is likely to be a substantial demand for electric vehicles because of this. Due to technological developments, many electric automobiles are being produced and sold, which presents additional possibilities for market expansion.
Key Takeaways:
- By 2033, the automotive e-compressor market in the United Kingdom is likely to expand, with a CAGR of 7.6%.
- In 2023, the United States is expected to dominate the automotive e-compressor sector, with a share of 13.5%.
- The automotive e-compressor market was significantly expanding, with a size of US$ 1,623.5 Million in 2022.
- By 2033, the automotive e-compressor market in China is likely to expand, with a CAGR of 12.2%.
- In 2023, Germany is likely to expand in the automotive e-compressor business, with an expected share of 7.6%.
- The market is expected to grow at a US$ 2,386.20 Million valuation by 2026, with a rising number of electric vehicles.
- By 2033, India is projected to expand significantly in the automotive e-compressor market, with a share of 11.5%.
- Japan’s automotive e-compressor industry share is likely to expand significantly, with a 9.2% share in 2023.
- In 2023, passenger cars are expected to dominate the market with a share of 62%. It is anticipated to control the market by 2033 in terms of application.
- Based on the product type, the passenger cars segment is likely to dominate the market by 2033.
Approaches by Key Players:
The key players in the global automotive e-compressor sector are growing their market share through merger and acquisition activity or the construction of new facilities. As many local rivals begin to emerge, the global market is anticipated to witness high rivalry.
Key Players:
Denso Corporation, Hanon Systems, Valeo, Mahle GmbH, Sanden Holdings Corporation, Mitsubishi Heavy Industries, Hitachi Automotive Systems, LG Electronics, Panasonic Corporation, and Calsonic Kansei Corporation.
Recent Developments:
- Denso Company introduced an e-compressor for electric vehicles in 2019. For use in electric vehicles, the business has created an electric scroll compressor that is a highly efficient, miniature compressor. The company’s position in the automotive e-compressor industry has been bolstered by the introduction of this device.
- On March 22, 2021, Toyota Industries and ANA worked together to test an advanced autonomous tow tractor. Toyota Industries is set to introduce a newly developed autonomous tow tractor with enhanced location monitoring capabilities that enable smooth operations between inside and outdoor environments.
