According to our latest study on "Electric Vehicle Heat Pump Systems Market Analysis and Forecast to 2031 - by Propulsion Type, Component, Vehicle Type, and Geography," the market was valued at US$ 437.94 million in 2023 and is projected to reach US$ 1,924.69 million by 2031; it is anticipated to record a CAGR of 20.3% from 2023 to 2031. The report includes growth prospects owing to the current electric vehicle heat pump systems market trends and their foreseeable impact during the forecast period.
Based on components, the electric vehicle heat pump systems market is segmented into outside heat exchangers, inside condensers, evaporators, compressors, and others. The growing government focus on vehicle electrification and rising demand for energy-efficient technologies for the automotive sector boost the growth of the market. In terms of propulsion type, the market is segmented into battery electric vehicles, hybrid electric vehicles, and plug-in hybrid cars. The mounting concern about environmental pollution and the increasing number of policies toward mitigating carbon emissions bolster the electric vehicles market globally. Based on vehicle type, the electric vehicle heat pump systems market is bifurcated into passenger vehicles and commercial vehicles.
Key Findings of Market Study:
The battery-electric vehicle (BEV) segment is experiencing remarkable growth. New electric car registrations reached 14 million worldwide 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, recording ~35% year-on-year increase. The growing sales of electric vehicles signify a substantial shift in consumer preferences toward sustainable and eco-friendly mobility solutions. As per the data reported by the European Union in June 2023, new registrations of BEVs reached 158,252 units, with a substantial 66.2% increase. The growing consumer preference for BEVs highlights that these vehicles are the third most popular choice among new car buyers, surpassing traditional diesel-powered vehicles for the first time. This change is indicative of a broader trend in the automotive industry, where environmental consciousness and a desire for cleaner transportation options are influencing consumer decisions. Owing to the infrastructure development, charging network improvements, and increasing awareness of environmental issues, the electric vehicle heat pump systems market for the BEV segment is poised for sustained and robust growth.
The expanding demand for battery electric vehicles is anticipated to fuel the application of heat pumps, which is projected to propel the growth of the market. For instance, in 2020, Kia Motors Corporation and Hyundai Motor Company collaborated and implemented heat pump systems in Hyundai and Kia's global electric vehicle (EV) lineup. Hyundai and Kia's heat pump primarily maximizes the distance that Hyundai and Kia EVs can run on a single charge, obtaining waste heat to warm the cabin. It also supports EV drivers to heat their car's cabin in cold weather without substantially impacting driving range.
Airbus SE, The Boeing Company, Ball Corporation, Korea Aerospace Industries Ltd, Lockheed Martin Corporation, Maxar Technologies Inc, Northrop Grumman Corporation, Thales Group, Israel Aerospace Industries Ltd, and OHB SE are among the key players covered in the electric vehicle heat pump systems market report. Companies in the market mainly focus on product and service enhancements by integrating advanced features and technologies into their offerings.
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