The electric vehicle heat pump system market size is projected to reach US$ 1,924.69 million by 2031 from US$ 437.94 million in 2023. The market is expected to register a CAGR of 20.3% during 2023–2031. The rising role of electric vehicles in energy transition is likely to remain a key future trend in the market.
Electric Vehicle Heat Pump Systems Market Analysis
The increasing sales of battery EVs in the passenger cars segment is one of the prime driving factors for the global electric vehicle heat pump system market. New electric car registrations reached 14 million worldwide in 2023, accounting for their total number on the roads to ~40 million. Electric car sales in 2023 were ~3.5 million higher than in 2022, recording a ~35% year-on-year increase. The growing proliferation of electric commercial vehicles for logistics and transportation is also having a positive impact on the demand for EV heat pump systems worldwide. In addition, the increasing utilization of hybrid EVs for utility-scale applications is expected to create significant opportunities for the electric vehicle heat pump system market during the forecast period.
Electric Vehicle Heat Pump Systems Market Overview
The growing number of electric vehicle (EV) sales and rising demand for sustainable and eco-friendly options in the transportation sector drive the electric vehicle heat pump system market. In addition, the increasing technological advancements in terms of heating and cooling facilities in EVs fuel the global application of EV heat pumps. The increased sales of the electric vehicle market, specifically growing demand for passenger electric vehicles, are boosting the procurement of heat pumps, which is anticipated to fuel the growth of the electric vehicle heat pump systems market worldwide.
North America, Europe, and Asia Pacific are prime regions for the electric vehicle heat pump system market, followed by the Middle East & Africa and South & Central America. China, the US, France, and the UK are among the major countries contributing to the electric vehicle heat pump system market growth. Light commercial EV sales are set to increase rapidly owing to the availability of more models, growing fleet commitments, and government environmental policies. The sales of light commercial EVs are expected to reach ~70% of global sales by 2040, led by China. The collective value of EV sales is anticipated to reach US$ 8.8 trillion by 2030 and US$ 57 trillion by 2050 worldwide. The expanding demand for EVs in the passenger and commercial vehicle sphere acts as a major driver for the electric vehicle heat pump system market worldwide.
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Electric Vehicle Heat Pump Systems Market: Strategic Insights
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Electric Vehicle Heat Pump Systems Market: Strategic Insights
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Electric Vehicle Heat Pump Systems Market Drivers and Opportunities
Increasing Demand for Energy-Efficient Heating Systems to Expand Driving Range
Popular electric vehicles (EVs) largely use lithium-ion batteries to power their electric motors. These types of batteries have an ideal operating temperature range that appears to be anywhere between 50°F and 110°F, with a few publishers agreeing on an optimal temperature range of 70°F. At subzero temperatures, lithium-ion batteries do not store energy appropriately, resulting in poor performance. The range of a few electric vehicles drops from a manageable 10% to ~36% in freezing weather. This loss of range is not solely due to the lithium-ion batteries but also depends on the utilization of stored energy. Further, the amount of energy extracted from batteries to heat a resistor and then blow air through it to keep the interior of the vehicle warm resulted in the deterioration of the battery. Hence, the heat pumps are important in providing heating to the battery. Heat pumps warm the interior of the car more efficiently than simply drawing energy from the batteries. Heat pump systems are not range extenders in themselves but rather a tool that allows electric vehicles to be more efficient and not lose as many ranges in subzero temperatures.
Key Strategic Developments in EV Heat Pump Systems
The increasing adoption of heat pump systems in electric vehicles is owing to associated benefits, including high performance, great efficiency, wide battery range, and low charging time, among others. Such a rise in the adoption of heat pump systems paves the way for the key companies operating in the EV heat pump systems market to expand their product offerings and presence worldwide. As heat pumps become a crucial part of electric vehicles, their role in the HVAC industry will gain traction, creating an opportunity to improve the mileage of electric vehicles. The HVAC business value chain for electric vehicles is closely related to the automotive industry, thermal management components, and refrigerants, among others. In addition, the rise in research & development initiatives toward the development of effective thermal management systems through partnerships, collaboration, and joint ventures is expected to create opportunities for the key companies operating in the EV heat pump systems market during the forecast period. A few of the key strategic initiatives or developments in the electric vehicle heat pump systems market are mentioned below:
- In May 2023, Hanon Systems Corp., a South Korean thermal management system provider, announced its plan to invest US$ 40 million to establish a heat pump systems plant in Georgia, the US; the plant is expected to start production by 2024.
- In June 2023, the Rheinmetall, a German defense company & automotive supplier, presented or introduced a new modular heat pump system for plug-and-play EVs. Through this product development, Rheinmetall strengthened its heat pump system product offering in the electric vehicle industry.
- In April 2022, General Motors introduced its plan to add a heat pump system to its Ultium electric vehicle platform. This Ultium platform is the primary electric vehicle architecture for models such as the GMC Hummer EV and Chevy Silverado EV. This will strengthen the position of the company in the market.
- In October 2023, Rheinmetall won the order for its innovative plug-and-play heat pump solution from an electric tractor manufacturer from Europe. This new contract is expected to run for the next seven years, with the first heat pump expected to be delivered in 2024 for field trials.
- In March 2023, Mitsubishi Heavy Industries Thermal Systems, Ltd. developed a new electric-driven transport refrigeration unit exclusively for electric vehicles, the TEJ35AM, which is equipped with a heat-pump heating function. These units can operate with an electric vehicle’s power supply and provide high-efficiency operation with carbon emission reductions.
- In July 2023, ZF Friedrichshafen AG introduced a new concept passenger electric vehicle with a thermal management system for the electric drive motor and passenger compartment. It includes an 800V propane (R290)-based heat pump.
Such key strategic developments in the electric vehicle heat pump system market are expected to create opportunities for the key players operating in the market during the forecast period.
Electric Vehicle Heat Pump System Market Report Segmentation Analysis
Key segments that contributed to the derivation of the electric vehicle heat pump system market analysis are propulsion type, component, and.
- Based on propulsion type, the electric vehicle heat pump system market is segmented into BEV, HEV, and PHEV. The BEV segment held the largest market share in 2023.
- In terms of component, the market is segmented into evaporator, condenser, compressors, and others. The compressors segment held the largest share of the market in 2023.
- Based on vehicle type, the market is divided into passenger vehicle and commercial vehicle. The commercial vehicle segment held a larger share of the market in 2023.
Electric Vehicle Heat Pump System Market Share Analysis by Geography
The geographic scope of the electric vehicle heat pump system market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
The global electric vehicle heat pump system market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America. Europe held the largest electric vehicle heat pump systems market share in 2023 and is projected to maintain its dominance during the forecast period. This is owing to several factors such as the rise in demand for electric vehicles (EVs); government initiatives toward sustainable, energy efficient, and smart thermal management products in EVs; and a rise in awareness toward increasing the energy efficiency and extending the range of EVs. North America accounted for the second largest share of 33.7% of the electric vehicle heat pump systems market in 2023 and is expected to register a CAGR of 19.4% from 2023 to 2031. This is due to the rise in awareness toward energy efficiency and battery range extension in EVs. In addition, the government initiatives toward the promotion of EVs to reduce carbon emissions are anticipated to propel the demand for electric vehicle heat pump systems during the forecast period.
Asia Pacific, the Middle East & Africa, and South & Central America also contribute to the growth of the global electric vehicle heat pump systems market owing to the rise in sales of EVs in the regions. In addition, an increase in government initiatives toward financing or subsidizing the electrification of vehicles to fulfill the demand for carbon emission reduction across the regions propels the market growth. Moreover, the growth of the electric vehicle industry in Asia Pacific and the Middle East economies such as India, Indonesia, Thailand, Singapore, Saudi Arabia, the UAE, and others are projected to boost the demand for EV heat pump systems from 2023 to 2031.
Electric Vehicle Heat Pump Systems Market Report Scope
Electric Vehicle Heat Pump Systems Market News and Recent Developments
The electric vehicle heat pump system market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the electric vehicle heat pump system market are listed below:
Hanon Systems, a leading global automotive thermal management supplier for electrified mobility, reaffirms its commitment to building a clean energy future through innovative electric vehicle (EV) solutions, such as its industry-leading heat pump systems and components. EV driving range continues to be a concern among consumers and automakers alike, particularly in winter conditions. The amount of battery energy required to heat the cabin for occupant comfort and maintain the optimal temperature of the battery and power electronics in cold conditions poses a great challenge to the company. (Source: Hanon Systems, Press Release, February 2024)
Electric Vehicle Heat Pump Systems Market Report Coverage and Deliverables
The "Electric Vehicle Heat Pump Systems Market Size and Forecast (2021–2031)" report provides a detailed analysis of the market covering below areas:
- Electric vehicle heat pump system market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Electric vehicle heat pump system market trends, as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST and SWOT analysis
- Electric vehicle heat pump system market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the electric vehicle heat pump system market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
Frequently Asked Questions
Key strategic developments in EV heat pump system is one of the major factors likely to generate new opportunities for market vendors in the coming years.
Europe dominated the global electric vehicle heat pump systems market in 2023 and is likely to retain its dominance during the forecast period as well.
Role of electric vehicles in energy transition is one of the major trends in the aircraft bracket market.
Increasing demand for energy-efficient heating systems to expand driving range; government initiatives toward vehicle electrification are some of the major factors driving the market growth.
Denso Corporation, Titanx Engine Cooling, Modine Manufacturing Company, Sanden Corporation, Hanon Systems, MAHLE GmbH, Valeo, Highly Marelli Holdings Co Ltd, Mitsubishi Heavy Industries Ltd, Rheinmetall AG, and MAN Energy Solutions are the key market players operating in the global electric vehicle heat pump systems market.
1. Introduction
1.1 The Insight Partners Research Report Guidance
1.2 Market Segmentation
2. Executive Summary
2.1 Key Insights
2.2 Market Attractiveness
3. Research Methodology
3.1 Secondary Research
3.2 Primary Research
3.2.1 Hypothesis formulation:
3.2.2 Macro-economic factor analysis:
3.2.1 Developing base number:
3.2.2 Data Triangulation:
3.2.3 Country level data:
4. Electric Vehicle Heat Pump Systems Market Landscape
4.1 Overview
4.2 PEST Analysis
4.3 Ecosystem Analysis
4.3.1 List of Vendors in the Value Chain
5. Electric Vehicle Heat Pump Systems Market – Key Market Dynamics
5.1 Electric Vehicle Heat Pump Systems Market – Key Market Dynamics
5.2 Market Drivers
5.3 Market Restraints
5.4 Market Opportunities
5.5 Future Trends
5.6 Impact of Drivers and Restraints:
6. Electric Vehicle Heat Pump Systems Market – Global Market Analysis
6.1 Overview
6.2 Electric Vehicle Heat Pump Systems Market Revenue (US$ Million), 2021–2031
6.3 Electric Vehicle Heat Pump Systems Market Forecast Analysis
7. Electric Vehicle Heat Pump Systems Market Analysis – by Propulsion Type
7.1 BEV
7.1.1 Overview
7.1.2 BEV: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast to 2031 (US$ Million)
7.2 HEV
7.2.1 Overview
7.2.2 HEV: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast to 2031 (US$ Million)
7.3 PHEV
7.3.1 Overview
7.3.2 PHEV: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast to 2031 (US$ Million)
8. Electric Vehicle Heat Pump Systems Market Analysis – by Component
8.1 Evaporator
8.1.1 Overview
8.1.2 Evaporator: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast to 2031 (US$ Million)
8.2 Condenser
8.2.1 Overview
8.2.2 Condenser: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast to 2031 (US$ Million)
8.3 Compressors
8.3.1 Overview
8.3.2 Compressors: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast to 2031 (US$ Million)
8.4 Others
8.4.1 Overview
8.4.2 Others: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast to 2031 (US$ Million)
9. Electric Vehicle Heat Pump Systems Market Analysis – by Vehicle Type
9.1 Passenger Vehicle
9.1.1 Overview
9.1.2 Passenger Vehicle: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast to 2031 (US$ Million)
9.2 Commercial Vehicle
9.2.1 Overview
9.2.2 Commercial Vehicle: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast to 2031 (US$ Million)
10. Electric Vehicle Heat Pump Systems Market – Geographical Analysis
10.1 Overview
10.2 North America
10.2.1 North America Electric Vehicle Heat Pump Systems Market Overview
10.2.2 North America: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast to 2031 (US$ Million)
10.2.3 North America: Electric Vehicle Heat Pump Systems Market Breakdown, by Propulsion Type
10.2.3.1 North America: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast Analysis – by Propulsion Type
10.2.4 North America: Electric Vehicle Heat Pump Systems Market Breakdown, by Component
10.2.4.1 North America: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast Analysis – by Component
10.2.5 North America: Electric Vehicle Heat Pump Systems Market Breakdown, by Vehicle Type
10.2.5.1 North America: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast Analysis – by Vehicle Type
10.2.6 North America: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast Analysis – by Country
10.2.6.1 North America: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast Analysis – by Country
10.2.6.2 United States: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast to 2031 (US$ Million)
10.2.6.2.1 United States: Electric Vehicle Heat Pump Systems Market Breakdown, by Propulsion Type
10.2.6.2.2 United States: Electric Vehicle Heat Pump Systems Market Breakdown, by Component
10.2.6.2.3 United States: Electric Vehicle Heat Pump Systems Market Breakdown, by Vehicle Type
10.2.6.3 Canada: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast to 2031 (US$ Million)
10.2.6.3.1 Canada: Electric Vehicle Heat Pump Systems Market Breakdown, by Propulsion Type
10.2.6.3.2 Canada: Electric Vehicle Heat Pump Systems Market Breakdown, by Component
10.2.6.3.3 Canada: Electric Vehicle Heat Pump Systems Market Breakdown, by Vehicle Type
10.2.6.4 Mexico: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast to 2031 (US$ Million)
10.2.6.4.1 Mexico: Electric Vehicle Heat Pump Systems Market Breakdown, by Propulsion Type
10.2.6.4.2 Mexico: Electric Vehicle Heat Pump Systems Market Breakdown, by Component
10.2.6.4.3 Mexico: Electric Vehicle Heat Pump Systems Market Breakdown, by Vehicle Type
10.3 Europe
10.3.1 Europe Electric Vehicle Heat Pump Systems Market Overview
10.3.2 Europe: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast to 2031 (US$ Million)
10.3.3 Europe: Electric Vehicle Heat Pump Systems Market Breakdown, by Propulsion Type
10.3.3.1 Europe: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast Analysis – by Propulsion Type
10.3.4 Europe: Electric Vehicle Heat Pump Systems Market Breakdown, by Component
10.3.4.1 Europe: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast Analysis – by Component
10.3.5 Europe: Electric Vehicle Heat Pump Systems Market Breakdown, by Vehicle Type
10.3.5.1 Europe: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast Analysis – by Vehicle Type
10.3.6 Europe: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast Analysis – by Country
10.3.6.1 Europe: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast Analysis – by Country
10.3.6.2 Germany: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast to 2031 (US$ Million)
10.3.6.2.1 Germany: Electric Vehicle Heat Pump Systems Market Breakdown, by Propulsion Type
10.3.6.2.2 Germany: Electric Vehicle Heat Pump Systems Market Breakdown, by Component
10.3.6.2.3 Germany: Electric Vehicle Heat Pump Systems Market Breakdown, by Vehicle Type
10.3.6.3 France: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast to 2031 (US$ Million)
10.3.6.3.1 France: Electric Vehicle Heat Pump Systems Market Breakdown, by Propulsion Type
10.3.6.3.2 France: Electric Vehicle Heat Pump Systems Market Breakdown, by Component
10.3.6.3.3 France: Electric Vehicle Heat Pump Systems Market Breakdown, by Vehicle Type
10.3.6.4 Italy: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast to 2031 (US$ Million)
10.3.6.4.1 Italy: Electric Vehicle Heat Pump Systems Market Breakdown, by Propulsion Type
10.3.6.4.2 Italy: Electric Vehicle Heat Pump Systems Market Breakdown, by Component
10.3.6.4.3 Italy: Electric Vehicle Heat Pump Systems Market Breakdown, by Vehicle Type
10.3.6.5 United Kingdom: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast to 2031 (US$ Million)
10.3.6.5.1 United Kingdom: Electric Vehicle Heat Pump Systems Market Breakdown, by Propulsion Type
10.3.6.5.2 United Kingdom: Electric Vehicle Heat Pump Systems Market Breakdown, by Component
10.3.6.5.3 United Kingdom: Electric Vehicle Heat Pump Systems Market Breakdown, by Vehicle Type
10.3.6.6 Russia: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast to 2031 (US$ Million)
10.3.6.6.1 Russia: Electric Vehicle Heat Pump Systems Market Breakdown, by Propulsion Type
10.3.6.6.2 Russia: Electric Vehicle Heat Pump Systems Market Breakdown, by Component
10.3.6.6.3 Russia: Electric Vehicle Heat Pump Systems Market Breakdown, by Vehicle Type
10.3.6.7 Rest of Europe: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast to 2031 (US$ Million)
10.3.6.7.1 Rest of Europe: Electric Vehicle Heat Pump Systems Market Breakdown, by Propulsion Type
10.3.6.7.2 Rest of Europe: Electric Vehicle Heat Pump Systems Market Breakdown, by Component
10.3.6.7.3 Rest of Europe: Electric Vehicle Heat Pump Systems Market Breakdown, by Vehicle Type
10.4 Asia Pacific
10.4.1 Asia Pacific Electric Vehicle Heat Pump Systems Market Overview
10.4.2 Asia Pacific: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast to 2031 (US$ Million)
10.4.3 Asia Pacific: Electric Vehicle Heat Pump Systems Market Breakdown, by Propulsion Type
10.4.3.1 Asia Pacific: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast Analysis – by Propulsion Type
10.4.4 Asia Pacific: Electric Vehicle Heat Pump Systems Market Breakdown, by Component
10.4.4.1 Asia Pacific: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast Analysis – by Component
10.4.5 Asia Pacific: Electric Vehicle Heat Pump Systems Market Breakdown, by Vehicle Type
10.4.5.1 Asia Pacific: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast Analysis – by Vehicle Type
10.4.6 Asia Pacific: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast Analysis – by Country
10.4.6.1 Asia Pacific: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast Analysis – by Country
10.4.6.2 Australia: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast to 2031 (US$ Million)
10.4.6.2.1 Australia: Electric Vehicle Heat Pump Systems Market Breakdown, by Propulsion Type
10.4.6.2.2 Australia: Electric Vehicle Heat Pump Systems Market Breakdown, by Component
10.4.6.2.3 Australia: Electric Vehicle Heat Pump Systems Market Breakdown, by Vehicle Type
10.4.6.3 China: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast to 2031 (US$ Million)
10.4.6.3.1 China: Electric Vehicle Heat Pump Systems Market Breakdown, by Propulsion Type
10.4.6.3.2 China: Electric Vehicle Heat Pump Systems Market Breakdown, by Component
10.4.6.3.3 China: Electric Vehicle Heat Pump Systems Market Breakdown, by Vehicle Type
10.4.6.4 India: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast to 2031 (US$ Million)
10.4.6.4.1 India: Electric Vehicle Heat Pump Systems Market Breakdown, by Propulsion Type
10.4.6.4.2 India: Electric Vehicle Heat Pump Systems Market Breakdown, by Component
10.4.6.4.3 India: Electric Vehicle Heat Pump Systems Market Breakdown, by Vehicle Type
10.4.6.5 Japan: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast to 2031 (US$ Million)
10.4.6.5.1 Japan: Electric Vehicle Heat Pump Systems Market Breakdown, by Propulsion Type
10.4.6.5.2 Japan: Electric Vehicle Heat Pump Systems Market Breakdown, by Component
10.4.6.5.3 Japan: Electric Vehicle Heat Pump Systems Market Breakdown, by Vehicle Type
10.4.6.6 South Korea: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast to 2031 (US$ Million)
10.4.6.6.1 South Korea: Electric Vehicle Heat Pump Systems Market Breakdown, by Propulsion Type
10.4.6.6.2 South Korea: Electric Vehicle Heat Pump Systems Market Breakdown, by Component
10.4.6.6.3 South Korea: Electric Vehicle Heat Pump Systems Market Breakdown, by Vehicle Type
10.4.6.7 Rest of Asia Pacific: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast to 2031 (US$ Million)
10.4.6.7.1 Rest of Asia Pacific: Electric Vehicle Heat Pump Systems Market Breakdown, by Propulsion Type
10.4.6.7.2 Rest of Asia Pacific: Electric Vehicle Heat Pump Systems Market Breakdown, by Component
10.4.6.7.3 Rest of Asia Pacific: Electric Vehicle Heat Pump Systems Market Breakdown, by Vehicle Type
10.5 Rest of the World
10.5.1 Rest of the World Electric Vehicle Heat Pump Systems Market Overview
10.5.2 Rest of the World: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast to 2031 (US$ Million)
10.5.3 Rest of the World: Electric Vehicle Heat Pump Systems Market Breakdown, by Propulsion Type
10.5.3.1 Rest of the World: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast Analysis – by Propulsion Type
10.5.4 Rest of the World: Electric Vehicle Heat Pump Systems Market Breakdown, by Component
10.5.4.1 Rest of the World: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast Analysis – by Component
10.5.5 Rest of the World: Electric Vehicle Heat Pump Systems Market Breakdown, by Vehicle Type
10.5.5.1 Rest of the World: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast Analysis – by Vehicle Type
10.5.6 Rest of the World: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast Analysis – by Country
10.5.6.1 Rest of the World: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast Analysis – by Country
10.5.6.2 Middle East and Africa: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast to 2031 (US$ Million)
10.5.6.2.1 Middle East and Africa: Electric Vehicle Heat Pump Systems Market Breakdown, by Propulsion Type
10.5.6.2.2 Middle East and Africa: Electric Vehicle Heat Pump Systems Market Breakdown, by Component
10.5.6.2.3 Middle East and Africa: Electric Vehicle Heat Pump Systems Market Breakdown, by Vehicle Type
10.5.6.3 South America: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast to 2031 (US$ Million)
10.5.6.3.1 South America: Electric Vehicle Heat Pump Systems Market Breakdown, by Propulsion Type
10.5.6.3.2 South America: Electric Vehicle Heat Pump Systems Market Breakdown, by Component
10.5.6.3.3 South America: Electric Vehicle Heat Pump Systems Market Breakdown, by Vehicle Type
11. Competitive Landscape
11.1 Company Positioning & Concentration
12. Industry Landscape
12.1 Overview
12.2 Market Initiative
12.3 Product Development
13. Company Profiles
13.1 Denso Corp
13.1.1 Key Facts
13.1.2 Business Description
13.1.3 Products and Services
13.1.4 Financial Overview
13.1.5 SWOT Analysis
13.1.6 Key Developments
13.2 Modine Manufacturing Co
13.2.1 Key Facts
13.2.2 Business Description
13.2.3 Products and Services
13.2.4 Financial Overview
13.2.5 SWOT Analysis
13.2.6 Key Developments
13.3 Hanon Systems
13.3.1 Key Facts
13.3.2 Business Description
13.3.3 Products and Services
13.3.4 Financial Overview
13.3.5 SWOT Analysis
13.3.6 Key Developments
13.4 Mahle GmbH
13.4.1 Key Facts
13.4.2 Business Description
13.4.3 Products and Services
13.4.4 Financial Overview
13.4.5 SWOT Analysis
13.4.6 Key Developments
13.5 Rheinmetall AG
13.5.1 Key Facts
13.5.2 Business Description
13.5.3 Products and Services
13.5.4 Financial Overview
13.5.5 SWOT Analysis
13.5.6 Key Developments
13.6 Valeo SE
13.6.1 Key Facts
13.6.2 Business Description
13.6.3 Products and Services
13.6.4 Financial Overview
13.6.5 SWOT Analysis
13.6.6 Key Developments
13.7 Mitsubishi Heavy Industries Ltd
13.7.1 Key Facts
13.7.2 Business Description
13.7.3 Products and Services
13.7.4 Financial Overview
13.7.5 SWOT Analysis
13.7.6 Key Developments
13.8 TitanX Holding AB
13.8.1 Key Facts
13.8.2 Business Description
13.8.3 Products and Services
13.8.4 Financial Overview
13.8.5 SWOT Analysis
13.8.6 Key Developments
13.9 SANDEN Corp
13.9.1 Key Facts
13.9.2 Business Description
13.9.3 Products and Services
13.9.4 Financial Overview
13.9.5 SWOT Analysis
13.9.6 Key Developments
13.10 Highly Marelli Holdings Co., Ltd.
13.10.1 Key Facts
13.10.2 Business Description
13.10.3 Products and Services
13.10.4 Financial Overview
13.10.5 SWOT Analysis
13.10.6 Key Developments
14. Appendix
14.1 About The Insight Partners
List of Tables
Table 1. Electric Vehicle Heat Pump Systems Market Segmentation
Table 2. List of Vendors
Table 3. Electric Vehicle Heat Pump Systems Market – Revenue and Forecast to 2031 (US$ Million)
Table 4. Electric Vehicle Heat Pump Systems Market – Revenue and Forecast to 2031 (US$ Million) – by Propulsion Type
Table 5. Electric Vehicle Heat Pump Systems Market – Revenue and Forecast to 2031 (US$ Million) – by Component
Table 6. Electric Vehicle Heat Pump Systems Market – Revenue and Forecast to 2031 (US$ Million) – by Vehicle Type
Table 7. North America: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast to 2031(US$ Million) – by Propulsion Type
Table 8. North America: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast to 2031(US$ Million) – by Component
Table 9. North America: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast to 2031(US$ Million) – by Vehicle Type
Table 10. North America: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast to 2031(US$ Million) – by Country
Table 11. United States: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast to 2031(US$ Million) – by Propulsion Type
Table 12. United States: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast to 2031(US$ Million) – by Component
Table 13. United States: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast to 2031(US$ Million) – by Vehicle Type
Table 14. Canada: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast to 2031(US$ Million) – by Propulsion Type
Table 15. Canada: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast to 2031(US$ Million) – by Component
Table 16. Canada: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast to 2031(US$ Million) – by Vehicle Type
Table 17. Mexico: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast to 2031(US$ Million) – by Propulsion Type
Table 18. Mexico: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast to 2031(US$ Million) – by Component
Table 19. Mexico: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast to 2031(US$ Million) – by Vehicle Type
Table 20. Europe: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast to 2031(US$ Million) – by Propulsion Type
Table 21. Europe: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast to 2031(US$ Million) – by Component
Table 22. Europe: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast to 2031(US$ Million) – by Vehicle Type
Table 23. Europe: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast to 2031(US$ Million) – by Country
Table 24. Germany: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast to 2031(US$ Million) – by Propulsion Type
Table 25. Germany: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast to 2031(US$ Million) – by Component
Table 26. Germany: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast to 2031(US$ Million) – by Vehicle Type
Table 27. France: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast to 2031(US$ Million) – by Propulsion Type
Table 28. France: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast to 2031(US$ Million) – by Component
Table 29. France: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast to 2031(US$ Million) – by Vehicle Type
Table 30. Italy: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast to 2031(US$ Million) – by Propulsion Type
Table 31. Italy: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast to 2031(US$ Million) – by Component
Table 32. Italy: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast to 2031(US$ Million) – by Vehicle Type
Table 33. United Kingdom: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast to 2031(US$ Million) – by Propulsion Type
Table 34. United Kingdom: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast to 2031(US$ Million) – by Component
Table 35. United Kingdom: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast to 2031(US$ Million) – by Vehicle Type
Table 36. Russia: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast to 2031(US$ Million) – by Propulsion Type
Table 37. Russia: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast to 2031(US$ Million) – by Component
Table 38. Russia: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast to 2031(US$ Million) – by Vehicle Type
Table 39. Rest of Europe: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast to 2031(US$ Million) – by Propulsion Type
Table 40. Rest of Europe: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast to 2031(US$ Million) – by Component
Table 41. Rest of Europe: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast to 2031(US$ Million) – by Vehicle Type
Table 42. Asia Pacific: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast to 2031(US$ Million) – by Propulsion Type
Table 43. Asia Pacific: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast to 2031(US$ Million) – by Component
Table 44. Asia Pacific: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast to 2031(US$ Million) – by Vehicle Type
Table 45. Asia Pacific: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast to 2031(US$ Million) – by Country
Table 46. Australia: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast to 2031(US$ Million) – by Propulsion Type
Table 47. Australia: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast to 2031(US$ Million) – by Component
Table 48. Australia: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast to 2031(US$ Million) – by Vehicle Type
Table 49. China: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast to 2031(US$ Million) – by Propulsion Type
Table 50. China: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast to 2031(US$ Million) – by Component
Table 51. China: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast to 2031(US$ Million) – by Vehicle Type
Table 52. India: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast to 2031(US$ Million) – by Propulsion Type
Table 53. India: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast to 2031(US$ Million) – by Component
Table 54. India: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast to 2031(US$ Million) – by Vehicle Type
Table 55. Japan: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast to 2031(US$ Million) – by Propulsion Type
Table 56. Japan: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast to 2031(US$ Million) – by Component
Table 57. Japan: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast to 2031(US$ Million) – by Vehicle Type
Table 58. South Korea: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast to 2031(US$ Million) – by Propulsion Type
Table 59. South Korea: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast to 2031(US$ Million) – by Component
Table 60. South Korea: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast to 2031(US$ Million) – by Vehicle Type
Table 61. Rest of Asia Pacific: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast to 2031(US$ Million) – by Propulsion Type
Table 62. Rest of Asia Pacific: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast to 2031(US$ Million) – by Component
Table 63. Rest of Asia Pacific: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast to 2031(US$ Million) – by Vehicle Type
Table 64. Rest of the World: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast to 2031(US$ Million) – by Propulsion Type
Table 65. Rest of the World: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast to 2031(US$ Million) – by Component
Table 66. Rest of the World: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast to 2031(US$ Million) – by Vehicle Type
Table 67. Rest of the World: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast to 2031(US$ Million) – by Country
Table 68. Middle East and Africa: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast to 2031(US$ Million) – by Propulsion Type
Table 69. Middle East and Africa: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast to 2031 (US$ Million) – by Component
Table 70. Middle East and Africa: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast to 2031(US$ Million) – by Vehicle Type
Table 71. South America: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast to 2031(US$ Million) – by Propulsion Type
Table 72. South America: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast to 2031(US$ Million) – by Component
Table 73. South America: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast to 2031(US$ Million) – by Vehicle Type
List of Figures
Figure 1. Electric Vehicle Heat Pump Systems Market Segmentation, by Geography
Figure 2. PEST Analysis
Figure 3. Impact Analysis of Drivers and Restraints
Figure 4. Electric Vehicle Heat Pump Systems Market Revenue (US$ Million), 2021–2031
Figure 5. Electric Vehicle Heat Pump Systems Market Share (%) – by Propulsion Type (2023 and 2031)
Figure 6. BEV: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast to 2031 (US$ Million)
Figure 7. HEV: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast to 2031 (US$ Million)
Figure 8. PHEV: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast to 2031 (US$ Million)
Figure 9. Electric Vehicle Heat Pump Systems Market Share (%) – by Component (2023 and 2031)
Figure 10. Evaporator: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast to 2031 (US$ Million)
Figure 11. Condenser: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast to 2031 (US$ Million)
Figure 12. Compressors: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast to 2031 (US$ Million)
Figure 13. Others: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast to 2031 (US$ Million)
Figure 14. Electric Vehicle Heat Pump Systems Market Share (%) – by Vehicle Type (2023 and 2031)
Figure 15. Passenger Vehicle: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast to 2031 (US$ Million)
Figure 16. Commercial Vehicle: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast to 2031 (US$ Million)
Figure 17. Electric Vehicle Heat Pump Systems Market Breakdown by Region, 2023 and 2031 (%)
Figure 18. North America: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast to 2031(US$ Million)
Figure 19. North America: Electric Vehicle Heat Pump Systems Market Breakdown, by Propulsion Type (2023 and 2031)
Figure 20. North America: Electric Vehicle Heat Pump Systems Market Breakdown, by Component (2023 and 2031)
Figure 21. North America: Electric Vehicle Heat Pump Systems Market Breakdown, by Vehicle Type (2023 and 2031)
Figure 22. North America: Electric Vehicle Heat Pump Systems Market Breakdown, by Key Countries, 2023 and 2031 (%)
Figure 23. United States: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast to 2031(US$ Million)
Figure 24. Canada: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast to 2031(US$ Million)
Figure 25. Mexico: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast to 2031(US$ Million)
Figure 26. Europe: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast to 2031(US$ Million)
Figure 27. Europe: Electric Vehicle Heat Pump Systems Market Breakdown, by Propulsion Type (2023 and 2031)
Figure 28. Europe: Electric Vehicle Heat Pump Systems Market Breakdown, by Component (2023 and 2031)
Figure 29. Europe: Electric Vehicle Heat Pump Systems Market Breakdown, by Vehicle Type (2023 and 2031)
Figure 30. Europe: Electric Vehicle Heat Pump Systems Market Breakdown, by Key Countries, 2023 and 2031 (%)
Figure 31. Germany: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast to 2031(US$ Million)
Figure 32. France: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast to 2031(US$ Million)
Figure 33. Italy: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast to 2031(US$ Million)
Figure 34. United Kingdom: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast to 2031(US$ Million)
Figure 35. Russia: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast to 2031(US$ Million)
Figure 36. Rest of Europe: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast to 2031(US$ Million)
Figure 37. Asia Pacific: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast to 2031(US$ Million)
Figure 38. Asia Pacific: Electric Vehicle Heat Pump Systems Market Breakdown, by Propulsion Type (2023 and 2031)
Figure 39. Asia Pacific: Electric Vehicle Heat Pump Systems Market Breakdown, by Component (2023 and 2031)
Figure 40. Asia Pacific: Electric Vehicle Heat Pump Systems Market Breakdown, by Vehicle Type (2023 and 2031)
Figure 41. Asia Pacific: Electric Vehicle Heat Pump Systems Market Breakdown, by Key Countries, 2023 and 2031 (%)
Figure 42. Australia: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast to 2031(US$ Million)
Figure 43. China: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast to 2031(US$ Million)
Figure 44. India: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast to 2031(US$ Million)
Figure 45. Japan: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast to 2031(US$ Million)
Figure 46. South Korea: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast to 2031(US$ Million)
Figure 47. Rest of Asia Pacific: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast to 2031(US$ Million)
Figure 48. Rest of the World: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast to 2031(US$ Million)
Figure 49. Rest of the World: Electric Vehicle Heat Pump Systems Market Breakdown, by Propulsion Type (2023 and 2031)
Figure 50. Rest of the World: Electric Vehicle Heat Pump Systems Market Breakdown, by Component (2023 and 2031)
Figure 51. Rest of the World: Electric Vehicle Heat Pump Systems Market Breakdown, by Vehicle Type (2023 and 2031)
Figure 52. Rest of the World: Electric Vehicle Heat Pump Systems Market Breakdown, by Key Countries, 2023 and 2031 (%)
Figure 53. Middle East and Africa: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast to 2031 (US$ Million)
Figure 54. South America: Electric Vehicle Heat Pump Systems Market – Revenue and Forecast to 2031(US$ Million)
Figure 55. Company Positioning & Concentration
The List of Companies - Electric Vehicle Heat Pump Systems Market
- Denso Corporation
- Titanx Engine Cooling
- Modine Manufacturing Company
- Sanden Corporation
- Hanon Systems
- MAHLE GmbH
- Valeo
- Highly Marelli Holdings Co Ltd
- Mitsubishi Heavy Industries Ltd
- Rheinmetall AG
- MAN Energy Solutions
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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