Global E-Compressor Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Type (Low Voltage, High Voltage), By Application (Battery Cooling, Air Conditioning System), By Vehicle Type (Motor Vehicles, Electric Vehicles), And By Geography - Forecasts From 2023 To 2028

In electric vehicles, e-compressors are at the center of thermal control. The vital component is essential for maintaining the drive’s temperature, which in turn affects the battery's lifespan, charging efficiency, and cruising range. Also, e-compressors are used in cars to support the HVAC system and maintain passenger comfort. The E-compressors are extremely beneficial for reducing vehicle emissions and the workload of the engine because a separate electric motor charges it. The critical component of the E-compressor that enhances how well the car's engine purifies the cabin air is its low carryover oil. A major factor propelling the global e-compressor market growth is the steady increase in the usage of EVs and hybrid vehicles during the forecasted period.

The growing automotive production will boost the market.

The e-compressor has many uses in the automobile sector and has a huge market growth due to its rising application in automotive air conditioning systems and battery cooling. The growing motor vehicle production will boost the market growth. According to the OICA data, the world’s motor vehicle production has increased from 77,650,152 units in 2020 to 85,016,728 units in 2022 which has shown an increased rate of 10% in production. As per the same source, the African motor vehicle production increase has been the highest all over the world from 776,247 units in 2020 to 1,022,783 in 2022, showing the highest increasing rate of production by 32%.  The rise in production of motor vehicles in the automotive sector is expected to boost the global e-compressor market growth during the forecasted period.

The rising government investments in electric vehicles will boost the market growth

An e-compressor is needed in electric vehicles as they lack an engine that requires a belt-driven drive system for the functioning of the compressor. Electric vehicles are gaining popularity as they are eco-friendly which is driving the attention of different governments to invest in the growing adoption of electric and hybrid vehicles. According to the White House fact sheet, in August 2021, a presidential order issued set a new goal for EV sales in the United States, calling for them to account for 50% of passenger vehicle sales by 2030. According to the Press Information Bureau, In December 2022, The FAME (Faster Adoption and Manufacturing of Electric Vehicles) India II Scheme has been established with a Rs 10,000 crore investment to promote demand for electric vehicles (EVs) by offering upfront subsidies and developing EV charging infrastructure. A million electric two-wheelers, 5 lakh electric three-wheelers, 55,000 electric vehicles, and 7,090 electric buses would also receive subsidies as part of FAME II. The FAME II has also allocated Rs 1000 crore for the provision of EV charging stations. This showcases that the rise of government investments in electric vehicles will drive the global e-compressor market growth.

During the forecast period, the Asia-Pacific region will dominate the market

The Asia-Pacific region is predicted to account for a significant market share of the e-compressor industry. The widespread use of e-compressors in the automotive sector, with rising automotive production, and increased electric vehicle adoption will boost the overall market growth. According to OCIA data in 2022, India’s motor vehicle production was 5 456 857 vehicles, an increase of 61% over the 3 381 819 units produced in 2020. According to the International Energy Agency, IEA data, the registration of battery electric vehicles in China increased from 931 thousand units in 2020 to 2734 thousand units in 2021 showing the electric vehicle market share increased from 5 % to 16 % in a year. The rising pace of vehicle manufacturing and increased electric vehicle registrations in the Asia-Pacific region will boost the e-compressor market growth during the forecasted period.

Market Key Developments.

• In March 2022, Aeristech awarded Sprintex a new contract to design its next-generation e-compressors. The ultra-high speed 4kW two-stage e-Compressor will have a high-pressure output capability for advanced fuel cell applications and run at 160,000 rpm.
• In December 2020, Vibracoustic introduced a novel new decoupling technology for e- compressors found in modern battery-electric and plug-in hybrid automobiles. The NVH difficulties faced by automotive engineers in balancing thermal management with excessive noise and vibration from excessively loaded e-compressors are addressed by the new technology.

Segmentation

• By Type
  • Low Voltage
  • High Voltage
• By Application
  • Battery Cooling
  • Air Conditioning System
• By Vehicle Type
  • Motor Vehicles
  • Electric Vehicles
    • Battery Electric Vehicles
    • Hybrid Electric Vehicles
    • Plug-In Hybrid Electric Vehicle
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    •  Brazil
    • Argentina
    • Others
  • Europe
    • Germany
    • UK
    • France
    • Spain
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • Others
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • India
    • Australia
    • Others