Global High Voltage Electric Heater Market: Overview
High voltage electric heaters are used worldwide to provide internal heating to vehicle interiors in electrically operated vehicles. It is pertinent to note here that electric vehicles are the future of transportation. The emission of carbon dioxide and other pollutants from automobiles is one of the main concerns of environmental organizations and government agencies. Hence, various governments have planned to phase out gasoline or diesel-fueled vehicles and have set up plans for deployment of electric vehicles. Growing adoption worldwide is due to create new opportunities for players operating in global High Voltage Electric Heaters Market in the near future. In its upcoming marker report, Transparency Market Research notes that a steady growth rate would be charted by global high voltage electric heater market over the forecast period of 2020 to 2030 owing to myriad factors – prominent among which are delineated below.
Global High Voltage Electric Heater Market: Notable Developments
Players in the global high voltage electric heater market adopt various strategies to increase market penetration and to expand reach. These measures are leading to some notable developments in the competitive landscape.
In 2019, BorgWarner and Webasto expanded their production facilities in India and Mexico to capture higher market share. It is pertinent to note here that in 2018, BorgWarner and Eberspaecher started a new facility to cater to the rising demand for electric vehicle products in China. This has largely consolidated the market position of the company.
The fragmented vendor landscape of High Voltage Electric Heaters Market has a number of notable players marking the playfield. Some of the prominent ones are:
- BorgWarner Inc.
- Eberspächer Gruppe GmbH & Co. KG
- Webasto SE
- Woory Corporation
- Mahle Gmbh
- DBK Group (DBK David + Baader GmbH)
- Tutco Inc.
- LG Electronics
- Mitsubishi Heavy Industries Ltd.
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Global High Voltage Electric Heater Market: Key Trends and Drivers
- 2.2 million plug-in electric light vehicles (PEV) were sold across the globe in the year f 2019. This number is anticipated to grow owing to technological advancement and governments and manufacturers dabbling with setting up and improvement of supporting infrastructure. This is set to drive demand in high voltage electric heater market over the forecast period.
- Countries such as Norway, Netherlands, UK, Denmark, France, Canada, Mexico, among others have implemented various incentives to attract consumers to purchase electric vehicles. These have resulted in swift growth of electric vehicles globally. Also, to further accelerate the growth of electric vehicles many countries have planned to ban or phase out the use of IC (Internal Combustion) engine vehicles in the next 10-15 years.
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Global High Voltage Electric Heater Market: Regional Analysis
Asia Pacific is set to record notable growth in the market over the forecast period owing to increasing sales of electric vehicles and higher adoption rates of green technologies in countries, such as South Korea, India, and China.
On the other hand, the European and North American regions will account for significant share of market owing to an increase in adoption of electric vehicles in these regions – led by improving infrastructure and presence of strong players. Beside, stringent emission control regulations are set to contribute to growth in these regional markets. In Europe, it is expected that the Netherlands will climb to the top in electric vehicle markets due to a combination of regulations and incentive changes.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.