At 22.6% CAGR, Asia Pacific Electric Vehicle Heat Pump Systems Market is Projected to be Worth US$ 493.49 million by 2031, says Business Market Insights

According to Business Market Insights' research, the Asia Pacific electric vehicle heat pump systems market was valued at US$ 96.49 million in 2023 and is expected to reach US$ 493.49 million by 2031, registering a CAGR of 22.6% from 2023 to 2031. Government initiatives toward vehicle electrification and role of electric vehicles in energy transition are among the critical factors attributed to drive the Asia Pacific electric vehicle heat pump systems market growth.

The transportation industry is one of the main contributors to air pollution. Governments of different economies are focusing on reducing carbon emissions to protect the environment from pollution. Among many initiatives to protect the environment, many countries are experiencing a surge in the adoption of electric vehicles, which do not emit harmful gases. To reduce the toxic impact of greenhouse gas emissions from fossil fuel-based vehicles, the Government of India has implemented several measures at the state and national levels. The government is encouraging the installation of electric vehicle charging stations by offering capital grants under Phase II of the FAME India program and government policies. Further, the government has introduced several incentives, including PLI SCHEME, FAME-II, battery replacement policy, tax concessions for electric vehicles, and special zones for electric mobility. China has extended its tax exemption policy for new energy vehicles until 2027 to promote the electric vehicle industry. Therefore, increasing government focus and support toward vehicle electrification drives the electric vehicle heat pump systems market.

On the contrary, the high initial cost of heat pump systems hampers the growth of Asia Pacific electric vehicle heat pump systems market.

Based on propulsion type, the Asia Pacific electric vehicle heat pump systems market is categorized into BEV, HEV, and PHEV. The BEV segment held 64.3% market share in 2023, amassing US$ 62.04 million. It is projected to garner US$ 328.81 million by 2031 to register 23.2% CAGR during 2023-2031.

In terms of component, the Asia Pacific electric vehicle heat pump systems market is categorized into evaporator, condenser, compressors, and others. The compressors segment held 46.7% share of Asia Pacific electric vehicle heat pump systems market in 2023, amassing US$ 45.09 million. It is anticipated to garner US$ 241.22 million by 2031 to expand at 23.3% CAGR during 2023-2031.

By vehicle type, the Asia Pacific electric vehicle heat pump systems market is bifurcated into passenger vehicle and commercial vehicle. The passenger vehicle segment held 88.0% share of Asia Pacific electric vehicle heat pump systems market in 2023, amassing US$ 84.88 million. It is projected to garner US$ 423.59 million by 2031 to expand at 22.3% CAGR from 2023 to 2031.

Based on country, the Asia Pacific electric vehicle heat pump systems market is categorized into Australia, China, Japan, India, South Korea, and the Rest of Asia Pacific. Our regional analysis states that China captured 78.1% share of Asia Pacific electric vehicle heat pump systems market in 2023. It was assessed at US$ 75.36 million in 2023 and is likely to hit US$ 398.99 million by 2031, registering a CAGR of 23.2% during 2023-2031.

Key players operating in the Asia Pacific electric vehicle heat pump systems market are Denso Corp, Modine Manufacturing Co, Hanon Systems, Mahle GmbH, Rheinmetall AG, Valeo SE, Mitsubishi Heavy Industries Ltd, TitanX Holding AB, SANDEN Corp, and Highly Marelli Holdings Co., Ltd., among others.

• In September 2022, Highly Marelli Holdings Co., Limited (Highly Marelli) and APM Automotive Holdings Berhad (APM) announced the signing of their agreement to establish a joint venture, PT. Highly Marelli APM Indonesia (hereinafter "JV"). The new JV will provide customers in Indonesia with HVAC units. The signing ceremony was held online on August 25, with leaders from both parties attending from China, Japan, Malaysia and Indonesia.
• In October 2022, Valeo secured a record order again, signing a contract with Stellantis in the thermal comfort field for electric cars. The Group has supplied the automaker with a heat pump solution since 2019 and will provide a new generation of technology for its next electric platform. More compact and easy to integrate, the latest heat pump will offer the best power and cooling efficiency on the market, enabling fast battery charging and ensuring passenger thermal comfort.
  
  

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