The automotive and aerospace industry has experienced increasing demand in developing countries such as China. Furthermore, mounting demand for customized products as per application requirement by numerous OEMs will drive the demand for high voltage electric heaters in the coming years. Advancements in the automotive industry and development of numerous concepts such as smart cars, connected cars, and electric cars will drive the high voltage electric heater market.
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Mounting demand for electric vehicles and increasing concerns regarding the environment with respect to the emission of gases will facilitate the growth of the global high voltage electric heater market, which is set to expand eight times its current size over the next ten years.
Key Takeaways from Global High Voltage Electric Heater Market Study
- The air heaters segment is estimated to account for 55% of the market revenue share by 2024-end, and is expected to gain 110 BPS in its market share by 2030 over 2024.
- The BEV vehicle technology segment is expected to register a CAGR of 25% over the forecast period, to be valued at US$ 3.5 Bn by 2030-end.
- The passenger cars segment is projected to expand 8X over the forecast period, while the LCVs segment is projected to grow 9X in the same period.
- By maximum heating capacity, the largest share will be contributed by the 4-7 kW electric heaters segment in the years to come. This segment is expected to represent US$ 900 Mn of the market in 2024, and reach US$ 6.0 Bn in 2030, representing a CAGR of 24% over the forecast period.
- In terms of geographical demand, the market for high voltage electric heaters for automobiles is estimated to account for 40% of the market revenue share by 2024-end, and is expected to gain 400 BPS in its market share by 2030 over 2024.
- The U.S. high voltage electric heater market is projected to expand 8X over the course of the forecast period, while the Japan market is projected to grow 6X over the same period.
- Disruptions at production plants related to the consumer electronics and automotive industry due to the COVID-19 pandemic has decreased the demand for high voltage electric heaters.
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“Advancements in the automotive industry and mounting concerns towards gas emissions from vehicles are set to boost the demand for high voltage electric heaters, especially air heaters,” says a Fact.MR analyst.
Key Players to Focus on Product Innovation and Regional Expansion
Prominent players in the high voltage electric heater market include BorgWarner Inc., Eberspächer Gruppe GmbH & Co. KG, Webasto SE, Mahle GmbH, Worry Corporation, On Semiconductor, DBK David + Baader GmbH, LG Electronics Inc., and Mitsubishi Heavy Industries Ltd. These key players are adopting aggressive growth strategies for establishing their presence in regional and well as the global market. They are also focusing on product innovation and capacity expansion to meet the increasing demand for associated application usage.
More Valuable Insights on High Voltage Electric Heater Market
Fact.MR, in its new offering, presents an unbiased analysis of the global high voltage electric heater market, presenting historical demand data (2015-2019) and forecast statistics for the period of 2024-2030. The study delivers essential insights on the high voltage electric heater market on the basis of type (air heaters and coolant heaters), vehicle technology (BEV, PHEV, and HEV), vehicle (passenger cars, LCVs, and HCVs), and maximum heating capacity (up to 4kW, 4-7 kW, and above 7kW), across seven major regions.
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