NEW YORK — As per latest Fact.MR analysis, the global high voltage electric heater market is projected to register exponential growth over the assessment period of 2020 and 2030.
Burgeoning demand for electric vehicles, coupled with implementation of stringent carbon emission regulations is driving the high voltage electric heater market.
High voltage electric heaters are being increasingly employed in the electric and hybrid vehicles for providing internal heating to vehicle interiors. They have become an integral part of modern automotive.
Further, growing environmental concerns has led to a paradigm shift in the automobile industry, from conventional driven vehicles to the adoption of ecofriendly electric and hybrid ones. Hence, preference for electric vehicles is providing tailwinds to high voltage electric heater demand.
According to the International Energy Agency (IEA), global electric car stock reached 10 million in 2020, with battery electric vehicles (BEVs) accounting for two-thirds of the world’s electric car fleet.
Additionally, surging demand for customized products as per application requirement by numerous OEMs will continue to support the growth in high voltage electric heater market.
As per Fact.MR, passenger cars segment is anticipated to account for over 90% of the high voltage electric heater market share by 2030. This is attributed to the rising production of passenger vehicles across the globe.
Regionally, Asia will continue to lead the high voltage electric heater market due to increasing production of electric cars, implementation of stringent emission regulations, and growing preference for green technology.
“Amid rising demand for electric and hybrid vehicles, key players in the high voltage electric heater market are focusing on manufacturing cost-effective products with high performance and lightweight features to woo consumers and increase their revenues,” says a Fact.MR analyst
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Key Takeaways from High Voltage Electric Heater Market Survey
- China will continue its dominance in the high voltage electric heater market on account of rising electric vehicle production and increasing adoption of green technologies.
- The U.S. High Voltage Electric Heater market is poised to expand at a CAGR of 23%, creating an absolute $ opportunity of around US$ 1.5 Bn by 2030.
- With rising penetration of electric vehicle giants, India will emerge as a lucrative market for high voltage electric heaters over the forecast period.
- Based on type, coolant heaters segment is expected to create an absolute $ opportunity of US$ 4.4 Bn over 2020-2030.
- In terms of maximum heating capacity, the 4-7 kW segment is poised to experience a growth rate of 24% during 2020-2030.
Key Drivers
- Rising adoption of electric and hybrid vehicles is primarily driving the high voltage electric heater market.
- Favorable government support to curb carbon emission levels is positively impacting the market.
- Establishment of new manufacturing plants to cater to the surging demand from electric and hybrid vehicles will accelerate the growth of the over the assessment period.
Key Restraints
- High cost of electric and hybrid vehicles is restraining the growth in the market.
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Competitive Landscape
Leading players operating in the high voltage electric heater market are focusing on expanding their global presence by means of new product launches. Besides this, they have adopted various strategies such as mergers, partnerships and acquisitions to increase dominate the market.
- In August 2020, BorgWarner, a global leader in delivering innovative and sustainable mobility solutions for the vehicle market, entered into a partnership with ZEEKR Intelligent Technology Co., Ltd. BorgWarner plans to supply its advanced High-voltage Coolant Heater (HVCH) to ZEEKR’s new ZEEKR 001 electric sedan.
- In February 2020, Mahle introduced a new generation of high voltage PTC heaters for the growing fleet of electric vehicles. The new launch will help the company to expand its product portfolio.
- In November 2020, BorgWarner Thermal Systems was awarded a grant to grow its electric vehicle business and is set to launch a new high-voltage coolant heater (HVCH) at its existing facility in Cadillac, Michigan. BorgWarner Cadillac will manufacture advanced HVCH systems that will be used to manage cabin and battery temperatures, critical for vehicle efficiency in hybrid and pure electric vehicles.
Some of the prominent players operating in the high voltage electric heater market profiled by Fact.MR are:
- BorgWarner Inc.
- Eberspächer Gruppe GmbH & Co. KG
- Webasto SE
- Woory Corporation
- Mahle Gmbh
- DBK Group (DBK David + Baader GmbH)
- Tutco Inc.
- LG Electronics
- Mitsubishi Heavy Industries Ltd.
- DBK Group
- Smiths Group (Tutco)
- LG Electronics
More Insights on the Global High Voltage Electric Heater Sales Outlook
Fact MR provides an unbiased analysis of high voltage electric heater market, presenting historical demand data (2015-2019) and forecast statistics for the period from 2020-2030. The study divulges compelling insights on the global demand for high voltage electric heater with a detailed segmentation on the basis of:
Type
- Air Heaters
- Coolant Heaters
Vehicle Technology
- BEV
- PHEV
- HEV
Vehicle
- Passenger Cars
- LCVs
- HCVs
Maximum Heating Capacity
- Up to 4 kW
- 4-7 kW
- Above 7 kW
Region
- China
- France
- Germany
- Japan
- South Korea
- UK
- US
- Rest of the World
Key Questions Covered in the High Voltage Electric Heater Market Outlook Report
- The report offers insight into high voltage electric heater demand outlook for 2020-2030
- The market study also highlights projected sales growth for high voltage electric heater market between 2020 and 2030
- High voltage electric heater market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
- High voltage electric heater market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others
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