The market for electric vehicle heat pump systems is anticipated to grow significantly, with projections indicating it will reach approximately US$ 1,924.69 million by the year 2031, up from US$ 437.94 million in 2023. This growth represents a compound annual growth rate (CAGR) of 20.3% from 2023 to 2031. A crucial trend driving this market is the increasing importance of electric vehicles in the broader context of energy transition.
Key participants in the global electric vehicle heat pump systems market include suppliers of raw materials, manufacturers of EV heat pump systems, and the end users of these systems.
The availability of numerous raw material suppliers allows companies in the electric vehicle heat pump sector to choose the most appropriate partners. This accessibility significantly strengthens the supply chain for electric vehicle heat pump systems. Once raw materials are procured, manufacturers can produce substantial quantities of heat pump systems with varying capacities, thereby fulfilling diverse customer requirements. Notable companies in this market include Continental AG, Rheinmetall, Mitsubishi Heavy Industries, Daikin Industries Ltd, Danfoss A/S, Emerson Electric, Johnson Controls International Plc, Valeo, Robert Bosch GmbH, Siemens AG, and Carrier. For example, in 2023, Rheinmetall launched a comprehensive thermal management product package designed as a plug-and-play solution for electric vehicles. This new heat pump features an innovative coolant system that enhances vehicle range and material longevity while improving passenger comfort. The product was specifically engineered to provide precise climate control within the passenger cabin and to intelligently manage battery conditioning in electric vehicles.
The year 2022 was pivotal for electric vehicle sales in emerging markets, particularly in countries like India, Thailand, and Indonesia. Together, these nations saw electric vehicle sales more than triple compared to 2021, totaling an impressive 80,000 units. Thailand led the charge, with 78,314 EVs sold in 2023, a significant increase from just 9,729 in 2022. India and Indonesia also made notable strides, with electric vehicles constituting approximately 1.5% of total vehicle sales in these countries during the same timeframe.
India has experienced a remarkable increase in the production of electric vehicles and their components, driven by a forward-thinking US$ 3.2 billion stimulus initiative from the government. This program has successfully attracted investments amounting to US$ 8.3 billion, which has accelerated the growth of electric mobility and positioned India as a key player in the global electric vehicle market. Similarly, Thailand and Indonesia have actively enhanced their policy frameworks to support electric vehicles. These efforts not only promote the adoption of electric cars domestically but also serve as exemplary models for other emerging economies aiming to foster electric mobility and lower carbon emissions. The experiences of these countries offer valuable lessons and strategies for achieving sustainable and eco-friendly transportation solutions in the changing automotive landscape. Consequently, these growing economies are expected to present significant opportunities for the electric vehicle heat pump systems market from 2023 through 2031.
In addition to the aforementioned companies, the electric vehicle heat pump systems market report also highlights key players such as Airbus SE, The Boeing Company, Ball Corporation, Korea Aerospace Industries Ltd, Lockheed Martin Corporation, Maxar Technologies Inc, Northrop Grumman Corporation, Thales Group, Israel Aerospace Industries Ltd, and OHB SE. Companies within this market are primarily focused on enhancing their products and services by incorporating advanced features and technologies into their offerings.