In 2022, the market for high voltage electric heaters will be worth US$ 1,545.2 million, and by the end of 2032, it is anticipated to grow at a CAGR of 22.5% to reach US$ 11,745.4 million. At the end of 2021, sales of high voltage electric heaters represented about 14% of the market worldwide.
The global high voltage electric heater market is primarily expected to be driven by the increasing adoption of low-emission vehicles powered by renewable and clean energy sources. The development of charging infrastructure is attributed to the growth of the global high voltage electric heater market.
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In North America, Europe & developing economies of Asia Pacific, the adoption of electric vehicles is taking place at a faster rate and increasing the penetration across the overall automotive industry. Demand for electric vehicles is moving hand in hand as the focus on charging infrastructure rises continuously owing to government initiatives and revenue opportunity.
The automotive and aerospace industries are in high demand in developing countries such as China. Moreover, increasing demand for customized products according to application requirements by numerous OEMs will increase the demand for high-voltage electric heaters in the coming years.
Advancements in the automotive sector and the development of numerous concepts such as connected cars, smart cars, and autonomous electric vehicles will drive market growth in the long run. Increasing demand for electric vehicles and growing environmental concerns related to gas emissions will boost the growth of the global high voltage electric heater market
Key Highlights
- The global high voltage electric heater market is projected to grow 7.6 X and reach US$ 11,745.4 million by 2032.
- The market witnessed 21.2% CAGR between 2017 and 2021.
- Under product type, air heater high voltage electric heater will dominate the market with a US$ 707.7 million valuations in 2022.
- China will dominate the global market with 45.2% revenue share in 2022.
- Together, Japan and South Korea countries are likely to represent 12.5% market share in 2022.
- Based on vehicle technology, demand for high voltage electric heaters is expected to increase due to HEV vehicle technology as it captured a market share of 63% in 2021.
Advancements in the electric vehicles and mounting concerns towards gas emissions supporting sales of high voltage electric heaters, says a Fact.MR analyst.
Market Development
The prominent market players are now emphasizing improving the design of products by the integration of technological advancements. The players are trying to create direct sales channel with the end users of the product to sell their products with very less margin loss.
Owing to the increasing use of high voltage electric heaters in the industries like pharmaceuticals, special chemicals, and others the manufacturers have a high opportunity in this market. Organic growth approach such as new product launch, geographical expansion for capturing significant market share.
Key Companies Profiled
- BorgWarner Inc
- Eberspächer Gruppe GmbH & Co. KG
- Webasto SE
- Mahle GmbH
- Woory Corporation
- DBK David + Baader GmbH
- Tutco Inc
- LG Electronics Inc.
- Mitsubishi Heavy Industries Ltd
Industry Research
- By Product Type:
- Air Heater
- Coolant Heater
- Battery Heater
- By Vehicle Technology:
- BEV
- PHEV
- HEV
- By Vehicle Type:
- Passenger Car
- LCV
- HCV
- By Maximum Heating Performance:
- Up to 4 kW
- 4-7 kW
- Above 7 kW
- By Region:
- China
- France
- Germany
- Japan
- South Korea
- UK
- U.S.
- Rest of World
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global high voltage electric heater market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights based on product type (Air heater, Coolant heater, Battery heater), vehicle technology (BEV, PHEV, HEV), vehicle type (passenger cars, LCV, HCV), maximum heating performance (Up to 4 kW, 4-7 kW, Above 7 kW), across major countries of the world.
Key Questions Covered in the High Voltage Electric Heater Market Report
- What will be the estimated size of the Market in 2023?
- At what rate will the global High Voltage Electric Heater sales grow until 2032?
- Which are the factors hampering the High Voltage Electric Heater demand?
- Which region will spearhead the growth in the global industry by 2032?
- Which are the factors driving sales in the High Voltage Electric Heater Market during the forecast period?
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