New York, US, Oct. 24, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR)," Automotive E Compressor Market Research Report: By Product, By Drivetrain By Vehicle Type and Region - Forecast till 2027”, The global market will reach USD 24.2 billion at a whopping 30% CAGR by 2027.
Automotive E Compressor Market Analysis
Because of the global increase in pollution, there has been a considerable growth in demand for fuel-efficient and environmentally friendly solutions. As a result, consumers and automotive manufacturers are implementing fuel-efficient and environmentally friendly alternatives. This will boost the market over the forecast period.
Market Opportunities
Favorable Government Policies to Promote EVs to offer Robust Opportunities
Favorable government policies to promote EVs will offer robust opportunities for the market over the forecast period.
Key Players
Eminent industry players profiled in the automotive e compressor market report include,
- Denso Corporation
- Hanon Systems
- MAHLE GmbH
- Mitsubishi Heavy Industries Ltd.
- Robert Bosch GmbH
- Sanden Corporation
- SCHOTT AG
- Toyota Industries Corporation
- Valeo S.A.
- and WABCO.
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Automotive E Compressor Market Restraints and Challenges
Lack of Professionals in Automobile Firms to act as Market Restraint
The lack of professionals in the auto firms, the need for heavy maintenance of such systems, rising complexity in repair, high overall system cost, and less knowledge amid consumers regarding the charging operations & servicing of EVs and hybrid cars may act as market restraints over the forecast period.
Automotive E Compressor Market COVID-19 Analysis
The increasing spread of the coronavirus has a severe impact on the global automobile e-compressor market. E-compressors are powered via a separate electric motor, which in fact reduces engine workload and, thus, vehicle emissions. Business stoppage, strict lockdowns, travel and transportation bans, and disrupted supply chains have all hampered the growth of the global automotive e-compressor market. Businesses are recovering from losses through a strategic approach, and market contributors are focusing on inventive solutions to stay afloat.
Report Scope:
| Report Metrics | Details |
| Market Size by 2030 | 2027: USD 24.2 billion |
| CAGR during 2022-2030 | 30% |
| Base Year | 2020 |
| Forecast | 2021-2027 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Key Market Opportunities | New product launches and R&D Amongst major key Players |
| Key Market Drivers | The growing preference for e-compressors Technological developments in the vehicle Favorable government policies promoting EVs are boosting sales and production of EVs |
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Automotive E Compressor Market Segmentation
The global automotive e compressor market has been bifurcated based on product, drivetrain, and vehicle type.
By product, scroll will lead the market over the forecast period. A scroll e-compressor is a type of electric compressor seen in autos. This positive expulsion compressor also compresses the injected gas or fluid using two scrolls. This factor contributes to the segment's growth.
By drivetrain, BEV will dominate the market over the forecast period.
By vehicle type, passenger cars will spearhead the market over the forecast period. The significant position held by the passenger vehicle segment can be attributed to an increase in disposable income & a young population globally.
Automotive E Compressor Market Regional Analysis
APAC to Head Automotive E Compressor Market
Factors such as the increasing presence of industry players in the region are driving the Asia Pacific automotive e-compressor market. Other drivers include economic expansion, expanding car manufacturers, greater disposable income, and a global movement toward vehicle electrification. Because of increased customer demand in Asia Pacific, manufacturers in the automotive industry are focusing on product innovation. The increased demand for passenger automobiles in Asia Pacific is one element driving to the region's market growth. Furthermore, technological improvements have resulted in the creation of energy-efficient EVs, which is expected to propel the worldwide automotive e-compressor market in the coming years. Increased hybrid car sales in China and Japan are creating new prospects for manufacturers.
The Asia Pacific automotive e-compressor market was dominated by the region. Asia Pacific is home to developed countries with advanced research and development facilities for automobile e-compressors. China controls the Asia Pacific vehicle e-compressor market. China is a global automotive powerhouse. High production rates coupled with sales of hybrid vehicles in Japan and electric vehicles in China drive the region's market. Initiatives from various governments in the region are also expected to boost the industry.
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Increased passenger car sales in China, India, Japan, and South Korea are also driving the industry. Surge in sales of passenger vehicles as well as commercial vehicles in ASEAN countries have been increasing rapidly in recent years which are expected to enhance the Asia Pacific automotive e-compressor market over the forecast period. The region's automotive e-compressor market is likely to benefit from rising passenger car demand. Furthermore, the region's growth is fueled by an increasing demand for hybrid powertrain systems in vehicles, increased manufacturing of new autos, and upgrades and modifications to current vehicles.
Europe to Have Admirable Growth in Automotive E Compressor Market
Europe has long been a major producer of automobiles and vehicles. The presence of prominent automobile manufacturers, expanding R&D expenditure, and rising demand for e-vehicles are driving the expansion of this market. During the forecast period of 2022-2027, Germany is predicted to hold the highest share of the worldwide automotive e-compressor market. The HEV sector in Germany is quickly expanding, therefore public-private investment initiatives are becoming more common. Europe is predicted to have the fastest CAGR of 30.06% during the forecast period. This increase can be ascribed to severe emission rules, which force manufacturers to build eco-friendly vehicles with reduced size and weight at a low cost.
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Furthermore, important automotive firms in Germany and the United Kingdom will most likely boost market growth during the forecast time. This can be ascribed to the presence of key automotive market players in this region, which is expected to enhance the European automotive e-compressor market. Because of the presence of many car OEMs in the region, Europe received the second-highest revenue share in 2020. Furthermore, due to the EU's tough greenhouse gas pollution laws, acceptance of electric vehicles is growing significantly across Europe.
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