Asia Pacific Electric Vehicle Heat Pump Systems Market Forecast to 2031 - Regional Analysis - by Propulsion Type (BEV, HEV, and PHEV), Component (Evaporator, Condenser, Compressors, and Others), and Vehicle Type (Passenger Vehicle and Commercial Vehicle)

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; it is estimated to register a CAGR of 22.6% from 2023 to 2031.

Key Strategic Development in EV Heat Pump Systems Fuels Asia Pacific Electric Vehicle Heat Pump Systems Market

The increasing adoption of heat pump systems in electric vehicles is owing to associated benefits, including high performance, great efficiency, wide battery range, and low charging time, among others. Such a rise in the adoption of heat pump systems paves the way for the key companies operating in the EV heat pump systems market to expand their product offerings and presence worldwide. As heat pumps become a crucial part of electric vehicles, their role in the HVAC industry will gain traction, creating an opportunity to improve the mileage of electric vehicles. The HVAC business value chain for electric vehicles is closely related to the automotive industry, thermal management components, and refrigerants, among others. In addition, the rise in research & development initiatives toward the development of effective thermal management systems through partnerships, collaboration, and joint ventures is expected to create opportunities for the key companies operating in the EV heat pump systems market during the forecast period. A few of the key strategic initiatives or developments in the electric vehicle heat pump systems market are mentioned below:

In May 2023, Hanon Systems Corp., a South Korean thermal management system provider, announced its plan to invest US$ 40 million to establish a heat pump systems plant in Georgia, the US; the plant is expected to start production by 2024.

In April 2022, General Motors introduced its plan to add a heat pump system to its Ultium electric vehicle platform. This Ultium platform is the primary electric vehicle architecture for models such as the GMC Hummer EV and Chevy Silverado EV. This will strengthen the position of the company in the market.

In March 2023, Mitsubishi Heavy Industries Thermal Systems, Ltd. developed a new electric-driven transport refrigeration unit exclusively for electric vehicles, the TEJ35AM, which is equipped with a heat-pump heating function. These units can operate with an electric vehicle's power supply and provide high-efficiency operation with carbon emission reductions.

In July 2023, ZF Friedrichshafen AG introduced a new concept passenger electric vehicle with a thermal management system for the electric drive motor and passenger compartment. It includes an 800V propane (R290)-based heat pump.

Such key strategic developments in the electric vehicle heat pump systems market are expected to create opportunities for the key players operating in the market during the forecast period.

Asia Pacific Electric Vehicle Heat Pump Systems Market Overview

The year 2022 marked a significant year for electric car sales in emerging markets, particularly India, Thailand, and Indonesia. Collectively, sales of electric cars were more than triple compared to 2021, reaching a remarkable 80,000 units. Thailand emerged as the front runner, where the number of EVs sold in 2023 was 78,314 as compared to 9,729 in 2022. India and Indonesia also showed notable progress, with countries averaging around 1.5% of their total vehicle sales being electric cars over the same period. India has seen a notable uptick in the manufacturing of EVs and components. This growth has been enabled by the government's visionary US$ 3.2 billion stimulus program, which has successfully attracted significant investments totaling US$ 8.3 billion. These investments have accelerated the development of electric mobility and made India a major economy in the global EV landscape. Thailand and Indonesia have also proactively strengthened their policy support frameworks for EVs. These initiatives enhance the adoption of electric cars within their borders and serve as valuable case studies for other emerging economies looking to promote electric mobility and reduce carbon emissions. The experiences of these nations provide valuable insights and strategies for achieving sustainable and environmentally friendly transportation solutions in the evolving automotive landscape. Therefore, the growing economies are expected to provide promising opportunities for the electric vehicle heat pump systems market from 2023 to 2031.

Asia Pacific Electric Vehicle Heat Pump Systems Market Revenue and Forecast to 2031 (US$ Million)

Asia Pacific Electric Vehicle Heat Pump Systems Market Segmentation

The Asia Pacific electric vehicle heat pump systems market is categorized into propulsion type, component, vehicle type, and country.

Based on propulsion type, the Asia Pacific electric vehicle heat pump systems market is categorized into BEV, HEV, and PHEV. The BEV segment held the largest market share in 2023.

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 the largest market share in 2023.

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 a larger market share in 2023.

By country, the Asia Pacific electric vehicle heat pump systems market is segmented into Australia, China, Japan, India, South Korea, and the Rest of Asia Pacific. China dominated the Asia Pacific electric vehicle heat pump systems market share in 2023.

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. are some of the leading companies operating in the Asia Pacific electric vehicle heat pump systems market.

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