New York, NY -- (SBWIRE) -- 12/10/2018 -- The global market for High Voltage Electric Heaters is anticipated to grow at a value CAGR of 23.2%, during the forecast period, to reach a market size of USD 5.5 Bn by 2028 from an estimated USD 688.5 Mn in 2018" according to a new Fact.MR study.
The increase in environmental concerns has led to a rise in the adoption of low polluting vehicles, such as electric and hybrid vehicles. The benefits offered by these vehicles are anticipated to grow the market considerably in the future, which leads the demand for high voltage electric heaters.
Adoption of Low Polluting Vehicles Drive the Global High Voltage Electric Heaters Market
The global High Voltage Electric Heaters market is expected to be mainly driven by increasing adoption of low polluting vehicles, which runs on the renewable & clean source of energy. Development in charging infrastructure is attributed to the growth of the global high voltage electric heaters market. In North America, Europe & developing economies of Asia Pacific, the adoption of electric vehicle is taking place at a faster rate and contributed to the growth of electric vehicle Segment. Demand for electric vehicles raises in developing economies, as the focus on charging infrastructure rising continuously.
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High Voltage Air Heater is Leading Product Type over Other High Voltage Electric Heaters
High Voltage Electric Heaters market is studied under product type, vehicle technology type, vehicle type & maximum heating performance.
On the basis of product type, High Voltage Air Heater segment has been estimated to account for a significant market share of around 45% for the year 2018, followed by High Voltage Battery Heaters. Market share for High Voltage Electric Heaters is more than 39% in 2028.
In terms of vehicle technology type, Hybrid Electric vehicle segment is estimated to lead the overall market whose CAGR has been projected around 18.8%. Hybrid Electric Vehicle segment holding around 62 % of overall market share in 2018.
On the basis of Vehicle type, passenger cars segment dominates over other vehicle type & holds around 88% market share in 2018 which is anticipated to around 85% in 2028.
In terms of maximum heating capacity, 4-7 kW segment dominates over other segments of High Voltage Electric Heaters & is anticipated to grow at a CAGR of 24.6% & holds around 70% market share in 2028. Another dominating segment is above 7 kW which is holding a significant market share of around 25% & expected to grow relatively at a moderate CAGR of 18.9% during the forecast period.
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Country wise, China is anticipated to dominate the global High Voltage Electric Heaters market throughout the forecast period. The region's market is expected to expand at a CAGR of 21.5% during the forecast period. The market of U.S. is anticipated to be another prominent region which is anticipated to grow with a higher CAGR of 22.9% during the forecast period. These two regions are expected to register a relatively high absolute dollar opportunity during the forecast period.
Leading Players in High Voltage Electric Heaters Market Focusing on Expansion Plans in Emerging Economies.
Global High Voltage Electric Heaters market is competitive in nature, mainly consist of European players, which holds a significant share of the global High Voltage Electric Heaters market. Fact.MR has profiled some of the most prominent market players dominates in the global High Voltage Electric Heaters market which are BorgWarner, Eberspacher, Webasto SE, Mahle Gmbh, Woory Corporation, DBK Group, Mitsubishi Heavy industry, LG Electronics, Tutco Inc. and many other prominent players. These market leaders, over the past few years, have been focusing on expanding their market presence in the Asia Pacific & other emerging economies. Moreover, strategies like expansion, product development are adopted by the High Voltage Electric Heaters to increase customer base and improve sales & distribution network are expected to continue over the forecast period.
Industry players, over the recent past, have been focusing on expansion plans and territory sales expansion in the Asia Pacific and other emerging markets to improvise High Voltage Electric Heaters market sales turnover. Moreover, organic growth and product development strategies adopted by High Voltage Electric Heaters manufacturers to improve sales & distribution network and enhance their operational efficiencies are expected to continue over the forecast period.
Report Overview at https://www.factmr.com/report/1027/high-voltage-electric-heater-market
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