Pune, Maharashtra -- (SBWIRE) -- 02/05/2019 -- Key Insights - High Voltage Electric Heaters Market
Top Players in the High Voltage Electric Heaters Market Account for Over 80% of Revenue Share
The high voltage electric heaters market remain concentrated among the leading players accounting for more than 80% of revenue share. Product innovation, providing safety features and easy installation are some of the key strategies adopted by major players in the high voltage electric heaters market.
Companies are also investing in new technologies and opening new production centers in various regional markets to meet the growing demand for technically advanced components for electric and hybrid vehicles. Acquisitions and partnerships are in the market is on a rise in high voltage electric heaters market with companies aiming to strengthen their position in the global market.
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Booming Electric Vehicle Market Driving Demand for High Voltage Electric Heaters
The sales of electric cars across the globe is growing. According to the report by International Energy Agency (IEA), sales of electric vehicles worldwide exceeded 1 million units in 2017, China accounted for more than half of the global sales of electric cars. Meanwhile, the US is the second largest electric cars market.
Minimizing the impact from heating, ventilation and air-conditioning system on the driving range of electric vehicles is one of the biggest challenges. Hence, manufacturers in the high voltage electric heaters market are constantly developing new products to increase efficiency of modern vehicles.
Stringent regulations are also being introduced in various countries on Carbon dioxide (CO2) emission. These standards and policies are driving the demand for high voltage electric heaters for hybrid and electric vehicles in various countries. Manufacturers in the high voltage electric heaters market are focusing on developing lightweight high voltage electric heaters limiting the waste heat and providing noiseless and rapid warming in the vehicle cabin.
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High Voltage PTC Heaters Gaining Traction in Electric Vehicles
The automobile industry is rapidly replacing internal combustion engine vehicles with eco-friendly electric vehicles. To boost electric vehicle use and reduce battery power consumption, manufacturers in high voltage electric heaters market are developing highly efficient heating system for electric vehicles.
Stringent Regulations on CO2 Emission Resulting in Shift to Electric Cars
A typical passenger vehicle emits around 4.6 metric tons of carbon dioxide every year, according to the Environmental Protection Agency (EPA). Various regulatory bodies across the globe are introducing mandatory emission reduction targets for cars. This is resulting in the increasing adoption of electric vehicles worldwide.
The demand for innovative vehicle efficiency technologies and designs is gaining traction in the regional markets. Hence, electric car manufacturers are integrating high voltage electric heaters in cars to provide better performance and speed. The manufacturers in the high voltage electric heaters market are also developing innovative products and technologies for electric passenger vehicles resulting in zero CO2 emission.
Insufficiency of waste heat produced by power engine in electric cars for heating purpose. The demand in the high voltage electric heaters market providing required heating capacity has increased.
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Competitive Landscape
The report on the high voltage electric heaters market provide insights and detailed profiles of all the leading market players. The study also focuses business strategies being adopted by both established and emerging players in the high voltage electric heaters market. The report also provides details on new developments, key financials, product portfolio, business strategies, and mergers and acquisitions in the high voltage electric heaters market.
Companies in the market are focusing on worldwide expansion through partnerships, opening new facilities, and mergers and acquisitions. For instance, Mitsubishi is planning to build a parts industry and supply chain in Vietnam. The company is also planning to develop a second plant in Vietnam by 2020 with the capacity of around 30,000 to 50,000 vehicles per year.
BorgWarner opened new production plant in China to support growing demand from hybrid, electric vehicles and combustion. The plant will produce drive motors, and EV and HEV products.
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About the Report
The report focuses on the all the important factors influencing the high voltage electric heaters market growth. The report also offers valuable insights on the market along with the historical data and forecast. The study also includes market dynamics such as latest trends, opportunities, driving factors, and challenges in the high voltage electric heaters market.
The report on the high voltage electric heaters market also offers an overview of the market including a brief description on the current scenario in the high voltage electric heaters market, along with the region-wise and segment-wise analysis.
Market Segmentation
The high voltage electric heaters market is segmented on the basis of product type, vehicle technology, vehicle type, and maximum heating performance. The key segments in the report on high voltage electric heaters market are further bifurcated into sub-segments to provide better understanding of the market.
By vehicle type, the high voltage electric heaters market is segmented into HCV, LCV, and Passenger Cars. On the basis of maximum heating performance, the market is segmented into Up to 4 kW, 4-7 kW, and Above 7 kW.
Additional Questions Answered
The report on the high voltage electric heaters market also provides answers to some additional questions.
What is the revenue share of high voltage air heaters in the high voltage electric heaters market?
Which is the most lucrative country in the high voltage electric heaters market?
Which vehicle technology will account for the largest share in the high voltage electric heaters market?
Which type of vehicle will emerge as the largest user of high voltage electric heaters?
Research Methodology
The research methodology forms the base of the key insights and forecast provided on the high voltage electric heaters market. Both primary and secondary research was done to provide essential information and data on the high voltage electric heaters market. Important numbers in form of value, volume, CAGR, year-on-year growth and factors playing important role in the market are obtained through interviews conducted with high voltage electric heaters market experts and valid data sources.
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