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The High Voltage Electric Heater Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s High Voltage Electric Heater Global Market Report 2024, The high voltage electric heater market size has grown exponentially in recent years. It will grow from $2.12 billion in 2023 to $2.6 billion in 2024 at a compound annual growth rate (CAGR) of 22.5%. The growth in the historic period can be attributed to rising demand for energy-efficient solutions, industrialization and urbanization, infrastructure development, electrification of transport, renewable energy integration.
The high voltage electric heater market size is expected to see exponential growth in the next few years. It will grow to $5.73 billion in 2028 at a compound annual growth rate (CAGR) of 21.8%. The growth in the forecast period can be attributed to global shift towards electric vehicles, digitalization and IoT integration, electrification of agriculture, focus on sustainability, rise in consumer electronics. Major trends in the forecast period include decentralized energy solutions, carbon-neutral heating solutions, electric heater as a service (EHaaS), energy harvesting technologies, 3D printing in manufacturing.
The increasing demand for electric vehicles is driving the growth of the high voltage electric heater market. Electric vehicles, also known as battery electric vehicles (BEVs), are powered by an electric motor rather than an internal combustion engine. The increasing fuel prices and pollution has led to increased demand for electric vehicles. The electric vehicle employs high voltage electric heaters to produce heat from DC electric power with minimal losses. For instance, according to a study released by the European Automobile Manufacturers Association in April 2022, 79.1 million automobiles were produced globally in 2021, rising 1.3% from the previous year. Additionally, according to the Global EV Outlook 2021, consumers spent USD 120 billion on electric vehicle purchases in 2020, a 50% increase over 2019. Therefore, the increasing demand for electric vehicle packaging is expected to propel the growth of the high voltage electric heater market.
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The high voltage electric heater market covered in this report is segmented –
1) By Type: Air Heaters, Coolant Heaters
2) By Heating Potential : Up to 4 KW, 4-7 KW, Above 7 KW
3) By Vehicle: Passenger Cars, LCVs, HCVs
4) By Vehicle Technology: Battery Electric Vehicles, Plug-in Hybrid Electric Vehicles, Hybrid Electric Vehicles
Major companies operating in the high-voltage electric heater market are focused on developing new innovations, such as the e-product, to strengthen their position in the market. The e-product in Cadillac, Michigan, refers to a new high-voltage coolant heater (HVCH) that BorgWarner Thermal Systems is set to launch at its existing facility in Cadillac, Michigan. For instance, in November 2021, BorgWarner Inc., a US-based innovative and sustainable mobility solutions company for the vehicle market, launched a new high-voltage coolant heater (HVCH) that will be used to manage cabin and battery temperatures, critical for vehicle efficiency in hybrid and pure electric vehicles.
The high voltage electric heater market report table of contents includes:
1. Executive Summary
2.High Voltage Electric Heater Market Characteristics
3.High Voltage Electric Heater Market Trends And Strategies
4.High Voltage Electric Heater Market analysis
5.High Voltage Electric Heater Market Size And Growth
6.High Voltage Electric Heater Segmentation
7. High Voltage Electric Heater Regional And Country Analysis
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27. High Voltage Electric Heater Competitive Landscape And Company Profiles
28. High Voltage Electric Heater Key Mergers And Acquisitions
29. High Voltage Electric Heater Future Outlook and Potential Analysis
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