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The global High Voltage Electric Heaters market size was USD 1324.4 million in 2022. As per our research, the market is expected to reach USD 5125.5 million in 2028, exhibiting a CAGR of 25.3% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with High Voltage Electric heaters market experiencing Lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.
The high voltage electric heater market is made up of sales of electric compressors, heating core radiators, oil filled cores, and ceramic dry cores. The prices paid by the makers or producers of the products to other organisations (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers are referred to as 'factory gate' values in this market. The value of products in this market includes additional services supplied by the manufacturers of the items.
A high voltage electric heater is a mechanism that can tolerate high voltage, generate heat using electrical energy, and distribute it by convection and radiation. The high voltage electric heater is perfect for warming up plug-in hybrid and battery electric vehicles. It is used to generate heat from direct current electricity with low losses. Air heaters and coolant heaters are the two most common forms of high voltage electric heaters. Air heaters, such as space heaters and forced air devices, are used to heat air. Air heaters heat the air by propelling it beyond a heat source with the help of a fan or blower, while forced air products regulate and control the temperature of the air. Heating potentials of up to 4 kw, 4-7 kw, and greater than 7 kw are used in passenger vehicles, LCVs, and HCVs. High voltage electric heaters make use of a variety of vehicle technologies, such as battery electric vehicles, plug-in hybrid electric vehicles, and hybrid electric vehicles.
COVID-19 Impact: Lockdown Distorts the Market
The epidemic of COVID-19 has prompted governments all around the world to emphasise medical services. As a result, governments are redirecting the majority of their funds to the healthcare sector, undermining government expenditures and incentives for the hybrid and electric vehicle sectors. Furthermore, the nationwide lockout forced electric vehicle manufacturing plants to scale back their operations. The COVID-19 outbreak has slowed efforts and programmes aimed at developing high voltage electric heaters market. Furthermore, the outbreak has a positive impact on the business operations of the organization, which helps the market as a whole. This has an impact on the industry.
"Launch of new products and technological features to stimulate market expansion"
Technological progress is a significant trend that is gaining traction in the high voltage electric heater market. Major market players are creating sophisticated technologies that are environmentally friendly in order to maintain their position in the high voltage electric heater market. Environmentally friendly products and services, laws, rules, and policies claim to do little, no, or very little harm to ecosystems or the environment. For example, automotive manufacturers utilise eco-friendly heating solutions for e-mobility. Depending on the kind of vehicle, the firm customises electric high-voltage heaters or ethanol heaters, resulting in the most effective and sustainable solutions. Sales of electric compressors, heating core radiators, oil filled cores, and ceramic dry cores comprise the high voltage electric heater market. Values in this market are 'factory gate' values, which are the prices paid by the manufacturers or producers of the items to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. In this market, the value of products includes complementary services sold by the makers of the items. Thus, the process of developing new launches and technological features is a major trend that is creating opportunity for the industry to flourish. The market's overall expansion is primarily the result of these recent changes.
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- By Type
The market is divided into categories based on type, up to 4 KW, 4-7 KW, Above 7KW and others.
- By Application
The market is divided into BEV, HEV, PHEV and other categories based on application.
"Increased Technological Advancements that Boosts the Market"
New high voltage electric heaters production lines being established by top manufacturers to meet demand from hybrid and battery electric cars are anticipated to affect future demand and sales of high voltage electric heaters. In these facilities, the critical components utilised in electric heaters would be mass-produced. These automobile heating system installations will have a considerable impact on the development and sales of high voltage electric heaters in the next years. As the demand for EVs and HEVs grows, so does the interest in high voltage electric heaters. Improved technologies include better battery performance for hybrid electric vehicles, increased driver comfort through quick cabin heating, and increased thermal power density through compact module design. Consequently, during the predicted period, increased product dependence will support industry growth. As a result, the market will benefit from growth and increased technological advancements. It will help the automotive sector flourish and accelerate the High Voltage Electric Heaters market growth.
"Growing Demand for electric car packaging to support market expansion"
The rising demand for electric cars is propelling the high voltage electric heater industry forward. An electric motor, rather than an internal combustion engine, powers electric cars, often known as battery electric vehicles (BEVs). Fuel price increases and pollution have fuelled demand for electric vehicles. High voltage electric heaters are used in the electric car to generate heat from DC electric power with minimal losses. As a result, rising demand for electric car packaging is likely to boost the high voltage electric heater market forward. Together, these elements are encouraging market expansion, which is raising business revenues. As a result, the market will grow thanks to the growing demand for electric car packaging.
"High Maintenance and high cost of the product Will Prevent Market Expansion"
In the event of a high temperature, these devices may provide varying levels of low humidity. Installation and maintenance of these devices is also a difficult process. When fitted in an automobile, appropriate ventilation must also be ensured. There are also some safety concerns with high voltage electric heaters. These problems discourage automobile makers from using such equipment, hampered the high voltage electric heaters industry. The worldwide high voltage electric heater market is hampered by several constraints, including a shortage of qualified personnel, high installation costs, and low efficiency, to name a few. This will be a significant impediment to market growth during the forecast period. This could be a significant issue limiting market growth. If this issue is resolved, the market will immediately begin to grow.
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"The Market is Globally Dominated by North America"
Since this area is the largest user of the product, the High Voltage Electric Heaters market in North America has profited from the region's expanding industrial development and several driving factors that have boosted the potential sectors. The increasing demand for products in the BEV, HEV, PHEV and other industries is one of the important factors driving the High Voltage Electric Heaters Market Share. Rapid urbanisation trends will further strengthen the market as a whole.
KEY INDUSTRY PLAYERS
"Leading Manufacturers to Boost Product Demand"
The analysis covers data on market participants and their positions within the industry. Through appropriate research, mergers, technological development, expanding production facilities, and collaboration, data is being gathered and made available. Information on manufacturers, regions, types, applications, sales channels, distributors, traders, dealers, research findings, and more is provided in the study on materials.
List of Market Players Profiled
- BorgWarner (U.S.)
- Webasto Group (Germany)
- HGTECH (U.S.)
- Eberspacher (Germany)
- Woory Corporation (South Korea)
- DBK Group (Germany)
- Mahle (Germany)
- LG (South Korea)
- Mitsubishi Heavy Industries (Japan)
The study goes into great detail about market segmentation by type and application. The study examines a broad range of participants, including existing and potential market leaders. A considerable market expansion is anticipated as a result of several important factors. In order to provide market insights, the research additionally analyses elements that are probably to boost High Voltage Electric Heaters Market share. The report makes forecasts for market expansion during the projected time period. The objective of the regional study is to explain why one region dominates the worldwide market. There are a lot of issues that have all been carefully considered that prevent the industry from growing. The research also contains a market strategic analysis. It includes thorough market information.
|Market Size Value In||US$ 1324.4 Million in 2022|
|Market Size Value By||US$ 5125.5 Million by 2028|
|Growth Rate||CAGR of 25.3% from 2022 to 2028|
|Historical Data Available||Yes|
|Segments Covered||Type and Application|
Frequently Asked Questions
What value is the High Voltage Electric Heaters market expected to touch by 2028?
Based on our research, the High Voltage Electric Heaters market is projected to touch USD 5125.5 million by 2028.
What CAGR is the High Voltage Electric Heaters market expected to exhibit by 2028?
The High Voltage Electric Heaters market is expected to exhibit a CAGR of 25.3% by 2028.
Which are the driving factors of the High Voltage Electric Heaters market?
Increasing adoption of advance technologies that gives the market extra boost & increasing demand for electric cars to encourage High Voltage Electric Heaters market expansion.
Which are the top companies operating in the High Voltage Electric Heaters market?
BorgWarner, Webasto Group, HGTECH, Eberspacher etc. are the top companies operating in the High Voltage Electric Heaters market.