Growth of 22.59% CAGR in Global High Voltage Electric Heater Market Size & Share Calculated to Reach USD 7.12 Billion by 2027: Polaris Market Research
The high voltage electric heater is directly dependent on the sale of electric vehicles across the globe. To increase the adoption of thermal management in the passenger cars and other electric vehicles is to increase the number of charging stations. One approach is to install private charging points in buildings, condominium, public places, and driveways, which is already started in developed nations.
According to the research report,The High Voltage Electric Heater Market size was valued at USD 1.40 Billion in 2019 and is anticipated to reach USD 7.12 Billion by 2027, to grow at a CAGR of 22.59% during the forecast period.
Charging infrastructure is mostly depending on local issues, such as national policy frameworks, regulations, deployments, fund mobilizations, public and private investments, and human resource to maintain that system in place. Government fiscal policies in the form of tax reliefs, fund allocation, and financial incentives, significantly boost up the adoption of electric vehicles.
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What Does the Report Include?
- Status of the High Voltage Electric Heater Market in world view.
- Top companies operating in the market.
- Import-Export policies regarding the products/services in the High Voltage Electric Heater Market.
- Research and development activities.
- Major research agenda in industry segments.
- Segmentation according to application, type, and geography.
- Comparative study of the domestic and international prices of the products and services and related price fluctuations.
- Worldwide High Voltage Electric Heater Market’s driving forces and roadblocks
Automotive OEMs are investing in high potential heaters for electric vehicles. Though the size of the High Potential EV market is not yet large, OEMs are using the dynamic conditions, which are mainly driven by the political agenda. For example, in the current market environment of France, players making use of government financial incentives to bolster EV sales.
Therefore, OEMs will have advantage of first mover to increase their market share in the concerned market. High velocity is a key success factor for significant growth of High Voltage Electric Heater, which leads to investment in sales staff training, charging infrastructure and EV after-sales management, which leads the demand for High Voltage Electric Heater.
Market participants such as BorgWarner Inc., Eberspacher Gruppe GmbH, Mahle GmbH, Woory Corporation, DBK David + Baader GmbH, Tutco Inc., LG Electronics Inc., Webasto SE, and Mitsubishi Heavy Industries Ltd. are some of the key players operating in the global market.
The companies are focusing on innovative thermal management systems to get recognition in the booming market. In line with this, the U.S based BorgWarner Inc., provider of thermal management in electric vehicles, in March 2020, announced to launch coolant heaters in India. This has two versions single plate and dual plate. Single plate is responsible for thermal management in both battery and cabin, while dual plate performs both tasks simultaneously, along-with more surface heat transfer. Both battery and cabin heaters offer power in the range of 3 to 9 KW for the input voltages of between 250 and 500 V with alternative 800 V for fast charging.
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Impact of COVID-19 on this Market:
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