Dublin, Sept. 08, 2023 (GLOBE NEWSWIRE) -- The "Global Automotive Electric HVAC Compressor Market, By Component, By Cooling Capacity, By Voltage Range, By Vehicle Type, By Drive Train, By Sales Channel, Estimation & Forecast, 2018-2031" report has been added to ResearchAndMarkets.com's offering.
The global automotive electric HVAC compressor market, valued at USD 10.51 billion in 2022, is projected to witness substantial growth, reaching USD 58.32 billion by 2031, at a robust CAGR of 21.33% during the forecast period.
This growth is attributed to the surge in electric vehicle (EV) adoption and the rising demand for efficient HVAC systems. Electric HVAC compressors, featuring energy efficiency and compact size, are gaining popularity in EVs, replacing traditional belt-driven compressors. Technological advancements are further driving market expansion.
Key Growth Drivers:
- Enhancing Efficiency and Comfort: The increasing automation trend in the restaurant industry, along with the focus on improving operational efficiency to reduce labor costs and enhance customer experiences, is propelling the adoption of Kitchen Display Systems (KDS). These systems, encompassing hardware and software, are essential for large enterprises and SMEs to streamline kitchen operations effectively.
- Rising Demand in Hospitality: The growth of the automotive electric HVAC compressor market is attributed to the expanding automation in restaurants and the growing emphasis on efficiency enhancement, aiming to reduce labor costs and improve customer experiences. The adoption of KDS in the hospitality sector is on the rise, fueling market growth.
Segmentation Insights:
- Type: The market is segmented by type into hardware and software. Among these, the hardware segment is expected to witness a CAGR of 7.03% due to technological advancements.
- Application: The application segment comprises large enterprises and SMEs. Large enterprises dominated the market in 2022, holding over 70% market share.
- Sales Channel: Sales channels include direct and distribution channels. The direct channel is projected to surpass USD 152 million by 2027 in terms of revenue.
Regional Overview:
- North America: The North American market is projected to reach USD 188.82 million by 2027, driven by the growth of connected EVs, government initiatives, and increasing self-diabetes management awareness.
- Asia Pacific: With a CAGR of 7.08%, Asia Pacific is the fastest-growing region, witnessing a surge in demand due to the region's population, growing E-Commerce industry, and manufacturing capabilities.
Competitive Landscape:
The automotive electric HVAC compressor market is highly competitive, with major players like Advantech Co., Ltd., Epson America, Inc., Lightspeed, Loyverse, Oracle, QSR Automations, Inc., Square, Inc., Toast, Inc., TouchBistro Inc., and Upserve, Inc., collectively holding about 60% of the market share.
Key Insights and Questions Addressed:
- The report provides detailed market segmentation analysis, insights into growth influencers, and the competitive landscape.
- What are the key trends and growth prospects for the KDS market until 2030?
- How will increasing automation and the drive to enhance efficiency influence market growth?
- Which region will exhibit the highest growth rate in the coming years?
- How will the high maintenance cost of the system impact the global KDS market?
- What strategies are key market players adopting to ensure sustained growth?
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 535 |
| Forecast Period | 2022 - 2031 |
| Estimated Market Value (USD) in 2022 | $10.51 Billion |
| Forecasted Market Value (USD) by 2031 | $58.32 Billion |
| Compound Annual Growth Rate | 21.3% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/4a5vn4
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