How Has the High Voltage Electric Heater Market Size Evolved in Recent Years?
The high voltage electric heater market has seen considerable growth due to a variety of factors.
• In recent years, the market size for high voltage electric heaters has seen exponential growth. The market, which will be worth $2.58 billion in 2024, is forecasted to increase to $3.15 billion in 2025, reflecting a compound annual growth rate (CAGR) of 22.2%.
The considerable growth in the past can be credited to increased demand for energy-efficient solutions, the processes of industrialization and urbanization, infrastructure development, the electrification of transportation, and the integration of renewable energy.
What Are the Future Growth Projections for the High Voltage Electric Heater Market?
The high voltage electric heater market is expected to maintain its strong growth trajectory in upcoming years.
• Expectations are high for the expansion of the high voltage electric heater market in the upcoming years, with projections placing its worth at $6.96 billion in 2029, growing at a compound annual growth rate (CAGR) of 21.9%.
The predicted growth during this forecasted period is largely due to a worldwide shift towards electric vehicles, increased digitalization and IoT integration, electrification in agricultural sectors, a heightened focus on sustainability, and the growth of the consumer electronics market. Trends to look out for during this forecasted period include decentralized energy solutions, carbon-neutral heating solutions, the rise of electric heater as a service (EHaaS), advancements in energy harvesting technologies, and the utilization of 3D printing in manufacturing processes.
What Key Factors and Trends are Driving the Growth of the High Voltage Electric Heater Market?
The high voltage electric heater market is seeing substantial growth due to the escalating demand for electric vehicles. These vehicles, often referred to as battery electric vehicles (BEVs), rely on an electric motor for power as opposed to an internal combustion engine. Spike in fuel costs and environmental pollution have heightened the demand for electric vehicles. These vehicles use high voltage electric heaters to convert DC electric power to heat with minimal energy loss. For example, as per a report by the International Energy Agency (IEA) in 2023, electric car sales globally surpassed 10 million units in 2022, making up 14% of all new cars sold that year. In addition, the IEA anticipates that electric vehicle sales will progress further, predicting a rise to 14 million units by 2023, which translates to a year-on-year growth of 35%. Hence, the growing demand for electric vehicle packaging is projected to further stimulate the expansion of the high voltage electric heater market.
What Are The Major Segments Within The High Voltage Electric Heater Market?
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
Subsegments:
1) By Air Heaters: High Voltage Air Heaters For Industrial Applications, High Voltage Air Duct Heaters
2) By Coolant Heaters: High Voltage Coolant Heaters For Automotive Applications, High Voltage Coolant Circulation Heaters For Industrial Equipment
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Which Trends Are Expected To Transform The High Voltage Electric Heater Market?
Key players in the high-voltage electric heater market are striving to innovate new technologies that are eco-friendly to solidify their market presence. Eco-friendly refers to any product, service, law, or policy that minimally or does not at all affect ecosystems or the environment negatively. For example, in 2022, StreetScooter GmbH, an automobile manufacturer based in Germany, adopted eco-friendly heating solutions for e-mobility from Eberspaecher. They tailor-make electric high-voltage heaters or ethanol heaters tailored to the type of vehicle to provide the most efficient and sustainable solutions. Eberspaecher is a firm based in Germany specializing in electric high-voltage heaters.
Who Are the Key Players in the High Voltage Electric Heater Market?
Major companies operating in the high voltage electric heater market include:
• DBK Group
• Mitsubishi Heavy Industries Ltd.
• Eberspächer Gruppe GmbH & Co. KG
• Mahle Gmbh
• Webasto SE
• NIBE Element
• Smiths Group
• OMEGA Engineering
• Watlow Electric Manufacturing Company
• Tutco Inc.
• Woory Corporation
• CCI Thermal Technologies Inc.
• Chromalox
• Tempco Electric Heater Corporation
• Durex Industries
• EXHEAT Ltd.
• S&A Manufacturing
• Industrial Heater Corporation
• Hotset America
• Hi-Tech Elements
• Ulanet
• Elmatic (Cardiff) Ltd.
• Warren Electric Corporation
• Sigma Thermal
• Backer Hotwatt Inc.
• Akinsun Heat Co. Ltd.
• Sinus-Jevi Electric Heating B.V.
• Kawai Electric Ltd.
• Thermo Heating Elements LLC
• Kuhlmann Electro-Heat A/S
• Dalton Electric Heating Co. Inc.
• Nexthermal Corporation
• Temp-Rite Electric Co.
• Watco Companies LLC
• Accutherm International
What Is The Most Dominant Region In The High Voltage Electric Heater Market?
North America was the largest region in the high voltage electric heater market share in 2024. The regions covered in the high voltage electric heater market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
