The global electric vehicle heat pump system market is set for
explosive growth, with projections indicating a surge to
$1,924.69 million by 2031. This
remarkable expansion, driven by the increasing demand for
energy-efficient heating systems to expand driving range.
NEW
YORK, Nov. 5, 2024 /PRNewswire/ -- According to
a new comprehensive report from The Insight Partners, the global
Electric Vehicle Heat Pump Systems Market is observing significant
growth owing to growing number of electric vehicle (EV) sales and
sustainable and eco-friendly options in the transportation sector.
For Detailed Market Insights, Visit:
https://www.theinsightpartners.com/reports/electric-vehicle-heat-pump-systems-market
The report runs an in-depth analysis of market trends, key
players, and future opportunities. In general, the electric vehicle
heat pump systems market can be used for wide range of electric
vehicles such as BEV, HEV, and PHEV that are expected to register
strength during the coming years.
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Developments in The Electric Vehicle Heat Pump Systems Market,
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Market Overview and Growth Trajectory:
Electric Vehicle Heat Pump Systems Market
Growth: According to an exhaustive report by The Insight
Partners, the Electric Vehicle Heat Pump Systems Market is
experiencing significant growth, driven by government initiatives
toward vehicle electrification. The market, valued at $437.94 million in 2023, is expected to grow at a
Compound Annual Growth Rate (CAGR) of 20.3% during 2023–2031.
The global electric vehicle heat pump systems market is
observing substantial growth and is expected to maintain its upward
trajectory in the foreseeable future. This growth can be accredited
to numerous factors. One of the factors is rising demand for
energy-efficient heating systems to expand driving range. Popular
electric vehicles (EVs) largely use lithium-ion batteries to power
their electric motors. These types of batteries have an ideal
operating temperature range that appears to be anywhere between
50°F and 110°F. the amount of energy extracted from batteries to
heat a resistor and then blow air through it to keep the interior
of the vehicle warm is resulted in deterioration of the battery.
Hence, the heat pumps are important in providing heating to the
battery. Heat pumps warm the interior of the car more efficiently
than simply drawing energy from the batteries. Heat pump systems
are not range extenders in themselves but rather a tool that allows
electric vehicles to be more efficient and not lose as many ranges
in subzero temperatures.
Government Initiatives: Governments of different
economies are focusing on reducing carbon emissions to protect the
environment from pollution. Among many initiatives to protect the
environment, many countries are experiencing a surge in the
adoption of electric vehicles, which do not emit harmful gases. To
reduce the toxic impact of greenhouse gas emissions from fossil
fuel-based vehicles, the Government of India has implemented several measures at the
state and national levels. The government is encouraging the
installation of electric vehicle charging stations by offering
capital grants under Phase II of the FAME India program and
government policies.
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Heat Pump Systems Market Trends:
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Strategic Developments: The increasing adoption of
heat pump systems in electric vehicles is owing to associated
benefits, including high performance, great efficiency, wide
battery range, and low charging time, among others. Such a rise in
the adoption of heat pump systems paves the way for the key
companies operating in the EV heat pump systems market to expand
their product offerings and presence worldwide. A few of the key
strategic initiatives or developments in the electric vehicle heat
pump systems market are mentioned below:
- In May 2023, Hanon Systems Corp., a South Korean thermal
management system provider, announced its plan to invest
US$ 40 million to establish a heat
pump systems plant in Georgia, the
US; the plant is expected to start production by 2024.
- In June 2023,
the Rheinmetall, a German defense company & automotive
supplier, presented or introduced a new modular heat pump system
for plug-and-play EVs. Through this product development,
Rheinmetall strengthened its heat pump system product offering in
the electric vehicle industry.
- In April 2022, General Motors
introduced its plan to add a heat pump system to its Ultium
electric vehicle platform. This Ultium platform is the primary
electric vehicle architecture for models such as the GMC Hummer EV
and Chevy Silverado EV. This will strengthen the position of the
company in the market.
Growing Adoption of Electric Vehicles: Electric vehicles
are gaining significant traction as a viable alternative to
traditional gasoline-powered cars. Considering climate change
concerns and the need to minimize greenhouse gas emissions,
electric vehicles offer a clean and sustainable means of
transportation. As a result, electric vehicles play a crucial role
in energy transition, supporting the switch to renewable and
sustainable energy sources. Governments are taking various
initiatives to fulfill the energy transition goals of economies
across the globe. In March 2024, as
per the US Environmental Protection Agency (EPA) and President
Biden's goal, 35% of the total new vehicles sold in the US must be
electric vehicles by 2032. In addition, in October 2022, the European Union set the goal of
ensuring the registration of new cars and vans in Europe will be emission-free by 2035, which is
expected to support the region's goal of becoming climate-neutral
by 2050. As per the new European legislation, the total electric
vehicle fleet in the region is projected to reach 40 million units
by 2030 from more than 8 million units in 2023.
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Vehicle Heat Pump Systems Market Size and Growth
Report (2023-2031) at:
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Geographical Insights: In 2023, Europe led the market with a substantial
revenue share, followed by North
America and Europe.
Asia Pacific is expected to
register the highest CAGR during the forecast period.
Electric Vehicle Heat Pump Systems Market Segmentation,
Applications, Geographical Insights:
- Based on propulsion type, the market is divided into BEV,
HEV, and PHEV. The BEV segment held the largest share of the
electric vehicle heat pump systems market in 2023.
- Based on Component, the market is bifurcated into evaporator,
compressors, condenser and others. The compressor segment held the
largest share of the electric vehicle heat pump systems market in
2023.
- Based on vehicle type, the market is categorized into passenger
vehicles and commercial vehicles. The passenger vehicle segment
held the largest share of the electric vehicle heat pump systems
market in 2023.
- The Electric Vehicle Heat Pump Systems market is segmented into
five major regions: North America,
Europe, APAC, Middle East and Africa, and South and Central America.
Key Players and Competitive Landscape:
The Electric Vehicle Heat Pump Systems Market is characterized
by the presence of several major players, including:
- Denso Corporation
- Titanx Engine Cooling
- Modine Manufacturing Company
- Sanden Corporation
- Highly Marelli
- Hanon Systems
- MAHLE GmbH
- Valeo
These companies are adopting strategies such as new product
launches, joint ventures, and geographical expansion to maintain
their competitive edge in the market.
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Electric Vehicle Heat Pump Systems Market Recent Developments
and Innovations:
- "The technology group Rheinmetall is expanding its
electromobility business into new areas of application as planned,
with two new independent orders for its innovative plug-and-play
heat pump solution."
- "Mitsubishi Heavy Industries Thermal Systems, Ltd. (MHI Thermal
Systems), a part of Mitsubishi Heavy Industries (MHI) Group, has
developed a new electric-driven transport refrigeration unit
exclusively for electric vehicles (EVs), the TEJ35AM, which is
equipped with a heat-pump heating function."
- "Valeo secured a record order again, signing a contract with
Stellantis in the thermal comfort field for electric cars. The
Group has supplied the automaker with a heat pump solution since
2019 and will provide a new generation of the technology for its
next electric platform."
- "Highly Marelli Holdings Co., Limited (Highly Marelli) and
APM Automotive Holdings Berhad (APM) announced the signing of their
agreement to establish a joint venture, PT. Highly Marelli APM
Indonesia (hereinafter "JV")."
Electric Vehicle Heat Pump Systems Market Drivers,
Challenges, Future Outlook and Opportunities:
The European Union has taken substantial measures to lower
carbon emissions from the automotive sector. In March 2023, new CO2 standards were adopted for
cars and vans, targeting the mandate of ~55% reduction in emissions
for new cars and ~50% reduction for new vans by 2030 compared to
2021 levels; the EU further aims to achieve ~100% reduction for
these vehicle categories by 2035. Its Net Zero Industry Act aims to
have ~90% of the EU's annual battery demand met by EU battery
manufacturers. This includes achieving a manufacturing capacity of
at least 550 GWh by 2030. While Europe accounts for ~25% of the global EV
production, it has limited its involvement in the EV supply chain
to ~20%, except for cobalt processing. Further, the
well-established EV business, coupled with ambitious regulatory
initiatives, fuels the growth of the electric vehicle market in
Europe, which is anticipated to
fuel the electric vehicle heat pump systems market growth in the
region.
The EV sales in Europe are
witnessing a rise in the number of new registrations of EVs across
the region. Charging infrastructure is another major factor that is
expected to benefit Europe's EV
sales. According to the Association des Constructeurs Européens
d'Automobiles (ACEA), Europe is
anticipated to reach the proposed ~55% CO2 reduction for passenger
cars by 2030. Moreover, up to ~279,000 and ~56,000 charging points
will be required for trucks and buses, respectively, by 2030. This
data shows that the probable establishment of a robust charging
infrastructure is anticipated to offer lucrative opportunities for
the Europe electric vehicle
market, which contributes to the growing electric vehicle heat pump
systems market size.
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The favorable government policies, legislations, incentives,
funding, research, and taxation are contributing to the higher
adoption of EVs and PHEVs. To pioneer emission reduction efforts
through transportation, the majority of the Danish Parliament
members passed an agreement for the green transition of road
transport. According to the agreement, the government is planning
to incorporate ~775,000 electric cars into the automotive ecosystem
of Denmark by 2030. Thus, these
favorable government policies are driving EV sales, which
positively influences the electric vehicle heat pump systems market
in Europe. The presence of
well-established automotive players such as Volvo, Volkswagen, Kia,
Toyota, BMW, Audi, Mercedes, Skoda, Renault, and Nissan contribute
to the growth of the automotive sector in Sweden, which fuels the electric vehicle heat
pump systems market growth in Europe.
Electric vehicles rely on renewable energy sources such as wind,
solar, and hydropower to recharge their batteries. In addition,
electric vehicles can contribute to the development of renewable
energy sources. With the help of renewable power to charge electric
vehicles, there will be a reduction in dependence on conventional
fuels as well as carbon footprints in the coming years, along with
a rise in investment in renewable energy infrastructure.
Electric vehicles play a major role in the energy transition as
they can also serve as energy storage devices. When connected to
the grid, electric vehicle batteries can store surplus energy from
renewable sources during low demand. This energy can then be used
to power homes and businesses during high demand. This process,
known as vehicle-to-grid (V2G) technology, helps balance the
electric grid and reduces the need for energy storage
infrastructure.
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The rising adoption of sustainable power sources and growing
climate-neutral goals by economies across the globe are expected to
support the future energy transition, which is expected to be the
key electric vehicle heat pump systems market trend from 2023 to
2031.
Conclusion:
The increasing sales of battery EVs in the passenger cars
segment is one of the prime driving factors for the global electric
vehicle heat pump system market. New electric car registrations
reached 14 million globally in 2023, accounting for their total
number on the roads to ~40 million. Electric car sales in 2023 were
~3.5 million higher than in 2022, which is an ~35% year-on-year
increase. The growing proliferation of electric commercial vehicles
for logistics and transportation is also having a positive impact
on the demand for EV heat pump systems globally. In addition, the
increasing utilization of hybrid EVs for utility-scale applications
is expected to create significant opportunities for the electric
vehicle heat pump system market during the forecast period.
With projected growth to $1,924.69
million by 2031, the Electric Vehicle Heat Pump Systems
Market represents a significant opportunity for component
providers, system technology integrators, investors, system
manufacturers, and industry stakeholders. By staying abreast of
market trends, embracing innovation, and focusing on quality and
performance, companies can position themselves for success in this
dynamic and evolving market landscape.
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