At 19.4% CAGR, North America Electric Vehicle Heat Pump Systems Market is Projected to be Worth US$ 611.28 million by 2031, says Business Market Insights

According to Business Market Insights' research, the North America electric vehicle heat pump systems market was valued at US$ 147.67 million in 2023 and is expected to reach US$ 611.28 million by 2031, registering a CAGR of 19.4% from 2023 to 2031. Role of electric vehicles in energy transition and government initiatives toward vehicle electrification are among the critical factors attributed to drive the North America electric vehicle heat pump systems market growth.

Electric vehicles are gaining significant traction as a viable alternative to traditional gasoline-powered cars. Considering climate change concerns and the need to minimize greenhouse gas emissions, electric vehicles offer a clean and sustainable means of transportation. As a result, electric vehicles play a crucial role in energy transition, supporting the switch to renewable and sustainable energy sources. Electric vehicles rely on renewable energy sources such as wind, solar, and hydropower to recharge their batteries. In addition, electric vehicles can contribute to the development of renewable energy sources. With the help of renewable power to charge electric vehicles, there will be a reduction in dependence on conventional fuels as well as carbon footprints in the coming years, along with a rise in investment in renewable energy infrastructure. Electric vehicles play a major role in energy transition as they can also serve as energy storage devices. When connected to the grid, electric vehicle batteries can store surplus energy from renewable sources during low demand. This energy can then be used to power homes and businesses during high demand. This process, known as vehicle-to-grid (V2G) technology, helps balance the electric grid and reduces the need for energy storage infrastructure. Governments are taking various initiatives to fulfill the energy transition goals of economies across the globe. Therefore, the rising adoption of sustainable power sources and growing climate-neutral goals by economies across the globe are expected to support the future energy transition, which is expected to be the key trend in the electric vehicle heat pump systems market from 2023 to 2031.

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

Based on propulsion type, the North America electric vehicle heat pump systems market is categorized into BEV, HEV, and PHEV. The BEV segment held 63.3% market share in 2023, amassing US$ 93.42 million. It is projected to garner US$ 402.20 million by 2031 to register 20.0% CAGR during 2023-2031.

In terms of component, the North America electric vehicle heat pump systems market is categorized into evaporator, condenser, compressors, and others. The compressors segment held 46.2% share of North America electric vehicle heat pump systems market in 2023, amassing US$ 68.25 million. It is anticipated to garner US$ 301.32 million by 2031 to expand at 20.4% CAGR during 2023-2031.

By vehicle type, the North America electric vehicle heat pump systems market is bifurcated into passenger vehicle and commercial vehicle. The passenger vehicle segment held 95.4% share of North America electric vehicle heat pump systems market in 2023, amassing US$ 140.83 million. It is projected to garner US$ 577.54 million by 2031 to expand at 19.3% CAGR from 2023 to 2031.

Based on country, the North America electric vehicle heat pump systems market is categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 79.0% share of North America electric vehicle heat pump systems market in 2023. It was assessed at US$ 116.64 million in 2023 and is likely to hit US$ 490.98 million by 2031, registering a CAGR of 19.7% during 2023-2031.

Key players operating in the North America 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 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.
• In March 2023, Mitsubishi Heavy Industries Thermal Systems, Ltd. (MHI Thermal Systems), a part of Mitsubishi Heavy Industries (MHI) Group, has developed a new electric-driven transport refrigeration unit exclusively for electric vehicles (EVs), the TEJ35AM, which is equipped with a heat-pump heating function. Sales of the new unit will be launched for use in production model EV trucks made by domestic automakers. In contrast to conventional systems in which the transport refrigeration unit is powered by the vehicle's engine or a dedicated refrigerator engine, the TEJ35AM features an electric drive system that enables operation driven by electric power from the EV alone.

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