EVs Emerge as Bright Spot to Keep Economies Running during COVID-19 Pandemic
The automotive industry has been worst hit due to the COVID-19 pandemic. It is anticipated that the industry will be taking as long as four years minimum to fully recover and run as per normal business practices. Such predictions are creating challenges for stakeholders in the automotive AC compressor market.
Companies in the automotive AC compressor market are adopting the plug and play mode to adapt to slow growth in the overall industry. The volatile demand and supply has compelled car makers to increase their focus in electric vehicles (EVs), since consumers have become conscious about their spending and aiming for long-term investment to own various goods and commodities.
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Automatic Climate Control Decreases Load on AC Compressors, Betters Mileage
The automotive AC compressor market is slated to clock a sluggish CAGR of ~3% during the forecast period. This is evident since AC compressors are often prone to common symptoms such as high cabin temperature, loud noises, and leaking fluid, which might damage the car engine. Such issues could lead to increased insurance costs and inhibit growth of the overall market. Hence, manufacturers are increasing their production capabilities to incorporate automatic climate control feature in automotive AC compressors to decrease the load on the compressor.
Less operation of AC compressors with the help of automatic climate control plays an instrumental role to better the mileage of cars.
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Electric Compressors Help Reduce Temperature of Lithium-ion Batteries in EVs
The proliferation of electromobility is signaling that AC compressors are being operated electrically. SCHOTT, a company in the automotive AC compressor market, is taking advantage of this opportunity to develop optimum electric compressor feedthroughs for both high voltage and 48V operations. Manufacturers are increasing their production capabilities in copper conductors for high current and additional insulation by means of special synthetic elastomer meant for high voltage applications.
Apart from the U.S. and Europe, experts in the automotive AC compressor market are expecting high growth rates of electric compressors (e-compressors) in India. The issue of high temperature in lithium-ion batteries for EVs is being solved by battery-powered compressors.
E-compressors Offer Future Scope for Shorter Charging Times in EVs
Manufacturers in the automotive AC compressor market are boosting their production capabilities in e-compressors. Vehicle technology provider Mahle is investing in R&D for e-compressors that not only cool the vehicle cabin but also the battery used in vehicles. E-compressors are gaining importance if an AC system fails to function, the electric and hybrid vehicles cannot operate due to safety risk posed as a result of battery overheating.
Rising fuel prices in India is encouraging people to opt for electric and hybrid vehicles. Such trends are translating into business opportunities for companies in the automotive AC compressor market. Compressors are playing a crucial role in battery thermal management and extending range & maintenance of battery life, whilst increasing scope for shorter charging times in the future.
Get More Press Releases by TMR: https://www.globenewswire.com/news-release/2022/03/02/2395584/0/en/Autonomous-Car-Market-to-Cross-US-206-94-Bn-by-2031-Benefits-of-Superior-Safety-Features-in-Utility-Vehicles-to-Bolster-Sales-Revenues-Finds-TMR-Study.html
Anticipated Ban on Diesel Engines in Europe Gives Rise to E-compressor Production
Voltage, performance, and displacement are important factors to take into consideration while determining the correct electric compressor for off-road vehicles. Evolving regulations are driving many people to embrace electric and hybrid vehicles. It has been found that European countries are expected to impose a ban on diesel engines by 2025. Such trends are contributing toward the expansion of the Europe automotive AC compressor market in the EV segment.
Although the upfront cost of electric vehicles might be high, long-term investment in EVs show improved efficiency, comfort, and low total cost of operation. Hence, companies are bolstering their manufacturing capabilities for e-compressors that suit electric and hybrid vehicles.
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