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Companies are also investing in new technologies and opening new production centers in various regional markets to meet the growing demand for technically advanced components for electric and hybrid vehicles. Acquisitions and partnerships are in the market is on a rise in high voltage electric heaters market with companies aiming to strengthen their position in the global market.
Booming Electric Vehicle Market Driving Demand for High Voltage Electric Heaters
The sales of electric cars across the globe is growing. According to the report by International Energy Agency (IEA), sales of electric vehicles worldwide exceeded 1 million units in 2017, China accounted for more than half of the global sales of electric cars. Meanwhile, the US is the second largest electric cars market.
Minimizing the impact from heating, ventilation and air-conditioning system on the driving range of electric vehicles is one of the biggest challenges. Hence, manufacturers in the high voltage electric heaters market are constantly developing new products to increase efficiency of modern vehicles.
Stringent regulations are also being introduced in various countries on Carbon dioxide (CO2) emission. These standards and policies are driving the demand for high voltage electric heaters for hybrid and electric vehicles in various countries. Manufacturers in the high voltage electric heaters market are focusing on developing lightweight high voltage electric heaters limiting the waste heat and providing noiseless and rapid warming in the vehicle cabin.
Stringent Regulations on CO2 Emission Resulting in Shift to Electric Cars
A typical passenger vehicle emits around 4.6 metric tons of carbon dioxide every year, according to the Environmental Protection Agency (EPA). Various regulatory bodies across the globe are introducing mandatory emission reduction targets for cars. This is resulting in the increasing adoption of electric vehicles worldwide.
The demand for innovative vehicle efficiency technologies and designs is gaining traction in the regional markets. Hence, electric car manufacturers are integrating high voltage electric heaters in cars to provide better performance and speed. The manufacturers in the high voltage electric heaters market are also developing innovative products and technologies for electric passenger vehicles resulting in zero CO2 emission.
Insufficiency of waste heat produced by power engine in electric cars for heating purpose. The demand in the high voltage electric heaters market providing required heating capacity has increased.
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The report on the high voltage electric heaters market provide insights and detailed profiles of all the leading market players. The study also focuses business strategies being adopted by both established and emerging players in the high voltage electric heaters market. The report also provides details on new developments, key financials, product portfolio, business strategies, and mergers and acquisitions in the high voltage electric heaters market.
Companies in the market are focusing on worldwide expansion through partnerships, opening new facilities, and mergers and acquisitions. For instance, Mitsubishi is planning to build a parts industry and supply chain in Vietnam. The company is also planning to develop a second plant in Vietnam by 2020 with the capacity of around 30,000 to 50,000 vehicles per year.
BorgWarner opened new production plant in China to support growing demand from hybrid, electric vehicles and combustion. The plant will produce drive motors, and EV and HEV products.
The research methodology forms the base of the key insights and forecast provided on the high voltage electric heaters market. Both primary and secondary research was done to provide essential information and data on the high voltage electric heaters market. Important numbers in form of value, volume, CAGR, year-on-year growth and factors playing important role in the market are obtained through interviews conducted with high voltage electric heaters market experts and valid data sources.
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Table of Content:
- Executive Summary
1.1. Market Overview
1.2. Opportunity Assessment
1.3. Wheel of Fortune
1.4. Fact.MR Analysis
- Market Introduction
2.1. Introduction & Definition
2.2. Market Taxonomy
- Global Electric Vehicle Market Outlook
3.1. OEM Announcement Related to Electric Car
3.2. Global Electric Vehicle Outlook
3.2.1. New Electric Car Sales (BEV & PHEV)
3.2.2. Electric Car Stock (BEV & PHEV)
3.3. Announced Country Target & Objectives for EV Deployment
3.4. ICE Vs EV Market Analysis & Forecast, 2018-2028 (For Passenger Cars & Commercial Vehicles)
3.5. Announced Sales Ban of ICE Vehicle
3.5.1. Announced Access Restriction Mandates in Local Jurisdiction
3.6. Electric Vehicle Index Development
3.7. Government Subsidies for EV Purchase
3.8. Support Policies for Electric Vehicle Market
3.8.1. National & Supra-National Measures
3.8.2. Fiscal Policies
3.8.3. Regulatory Policies
3.8.4. Local Policies
3.8.5. Initiative from Private Sector Stackholders.
- Market Dynamics & Key Indicator Assessment
4.1. Global High Voltage Electric Heaters Market Key Growth Drivers & Impact Analysis
4.2. Global High Voltage Electric Heaters Market Challenges & Impact analysis
4.3. Global High Voltage Electric Heaters Market Key Opportunities
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