Nov 29, 2019
High Voltage Electric Heaters Market to Grow Ten Fold by the Year 2029, Reveals Fact.MR
by Team Fact.MR
Rising environmental concerns and emission regulations have led to a paradigm shift in the automobile industry from internal combustion (IC) engine driven vehicles to the adoption of ecofriendly electric and hybrid vehicles. At present, the penetration of electric and hybrid vehicles is about 5% of the overall automobile sales, but it is estimated that in next 10 years the demand for electric and hybrid vehicles will grow at a significant pace and will have a prominent share in the global automobile sales.
In electric vehicles, very low quantity of waste heat is produced which is not sufficient for heating requirements, hence, high voltage electric heaters are used as a prime source of heating in electric and hybrid vehicles. The rapid growth of electric and hybrid vehicles will boost the market for high voltage electric heaters reveals Fact.MR in a recently published report. The report estimates that the market will experience a ten-fold increase to reach a market value of ~US$ 9 Bn by 2029.
Key Takeaways of the Global High Voltage Electric Heater Market
- According to Fact.MR, hybrid electric vehicles (HEV) accounted for more than two-third market share in 2018 in the overall electric vehicles sales which makes it the most prominent vehicle technology. The dominance of HEV in the electric vehicle market makes them the most attractive market for high voltage electric heater
- Passenger cars account for more than three-fourth of the high voltage electric heaters market
- Air heaters as widely used products, account for more than 55% of the global market share
- FacT.MR opines that demand for 4-7 kW high voltage electric heaters would increase as much as 11X over the next decade owing to efficient heating and lower power consumption from the battery
- China will remain the prominent country throughout the forecast period, accounting for more than 35% of the global share in the high voltage electric heater market
“Catalytic converters completely integrated into the water heater, eliminating CO and HC emissions and heating battery to help with rapid regeneration of performance would gain preference over conventional heaters. These would inadvertently also increase range of electric and hybrid vehicles, especially in colder regions.” says a Fact.MR analyst.
Market Players Pivot Strategies of Expansion, China’s Potential Remains Unrivalled
The report reveals some of the prominent market players, including BorgWarner, Eberspaecher, Webasto, Woory Corp., DBK Group, LG Electronics, and Mahle GmbH among others. The companies are focusing more on starting new manufacturing facilities along with launching new products to cater to the demand from end users. The trend that has been observed is that prominent players are expanding their production capabilities in China. China being the prominent market for electric and hybrid vehicles is attracting players in opening new or expanding existing facilities.
- In 2018, BorgWarner started a new production facility in Ningbo, China to meet growing demand for emissions and thermal management products including high voltage heaters.
- Eberspaecher had opened new manufacturing facility in Tianjin, China for electric vehicle heaters in 2018. The prime focus of this facility was to produce high voltage heaters for electric and hybrid vehicles
- In 2018, BorgWarner launched high voltage coolant heater to cater to the demand for thermal management products from electric and hybrid vehicles.
Find More Valuable Insights on High Voltage Electric Heater Market
Fact.MR, in its new offering, provides an unbiased analysis of the global high voltage electric heater market, presenting historical demand data (2014-2018) and forecast statistics for the period, 2019-2029. The study divulges compelling insights on the high voltage electric heater market on the basis of product type (air heater and coolant heater), vehicle technology (hybrid electric vehicles, plug-in hybrid electric vehicles, and battery electric vehicles), maximum heating performance (up to 4 kW, 4-7 kW, and above 7 kW), and vehicle type (passenger cars, light commercial vehicles, and heavy commercial vehicles) across seven major regions.
>>> To get more information on high voltage electric heaters market, visit- https://www.factmr.com/report/1027/high-voltage-electric-heater-market
About the Automotive Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned industrial goods team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million plus data points, the team has analyzed industrial goods industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.