Europe, North America and Asia-Pacific Automotive Liquid Condenser Market Size, Share, Industry, Forecast and outlook (2023-2030)

Europe, North America and Asia-Pacific Automotive Liquid Condenser Market is segmented By Load (High Load (800 L/H, 1000 L/H, 1200 L/H), Medium Load (800 L/H, 1000 L/H, 1200 L/H)), By Distribution Channel (OEM, Aftermarket, Others), By Vehicle (Internal Combustion Engine (ICE), Battery Electric Vehicle (BEV), Plug-in Hybrid Electric Vehicle (PHEV), Others), and By Region (North America, Europe, South America, Asia Pacific, China, India, Japan, Australia, Rest of Asia Pacific) – Share, Size, Outlook, and Opportunity Analysis, 2023-2030

Europe, North America and Asia-Pacific Automotive Liquid Condenser Market Overview

[150 Pages Report] The Europe, North America and Asia-Pacific Automotive Liquid Condenser Market is expected to grow at a high CAGR during the forecasting period (2023-2030).

Increasing pollution, rising investments in automotive and government initiatives are the major factors driving Europe, North America, and Asia-Pacific automotive liquid condenser market in recent years. For instance, the US allows a federal tax subsidy of up to USD 7,500 to purchase pure or plug-in HEVs. State-level tax incentives apply to the purchase of HEVs. Further, China's government offers tax incentives of up to USD 9,280 to purchase pure EVs. Such subsidies and tax incentives from various countries fuel these vehicles' production locally, increasing EV sales. Tax incentives and subsidies for EV manufacturers and end-users are the other drivers that foster market growth. China, Japan, the US, and countries in Europe have policies most favourable to the EV market's growth.

Europe, North America and Asia-Pacific Automotive Liquid Condenser Market - Strategic Insights

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Europe, North America and Asia-Pacific Automotive Liquid Condenser Market Dynamics

While buying a car, US customers prefer driving experience and performance in a luxury car as the first preference, followed by interior design and powertrain. Exterior design is a less preferred parameter while buying a luxury car.

However, the Luxury car segment is witnessing a hefty drop in car sales; this trend started in 2019 and continued in 2020. As per Goodcarbadcar, total sales in 2019 saw a decline of around 30% from 2018. In 2020, the situation worsened due to the Pandemic situation, which crippled passenger cars' sales and automotive airbag inflators both in the US. For over a month, the country was in lockdown, and even when unlock is initiated in the country, passenger car sales are still low, primarily luxury passenger cars.

Despite the decline in luxury car sales, some models have over-performed, including Audi A8, BMW 7-series, Kia K900, and Genesis G90, owing to convenience and performance, which are the key factors for American customers while buying a luxury car. Some models which are less preferred due to convenience factor such as Lexus LS, whose sales dropped by over 40% in 2019

Most luxury car manufacturers can customize the vehicles to any extent, which depends on the imagination and budget of a customer. Automotive airbag inflators, mostly a standard feature in a luxury car with a bit of customization, are available, which increases the demand for Automotive airbag inflators in the country.

Europe, North America and Asia-Pacific Automotive Liquid Condenser Market Segmentation Analysis

By Vehicle

Europe, North America, and Asia-Pacific automotive liquid condenser market value for battery electric vehicles (BEV) reached USD XX million in 2019 and is expected to grow at a CAGR of XX% during the forecast period 2020 to 2027 to reach USD XX million by 2027

BEV is the future of passenger cars and growing tremendously due to convenient mobility with limited pollution globally. China and the US are pioneers in BEV vehicles and are growing rapidly in countries like the UK, Germany, France, Canada, and India.

Countries globally have implemented stringent emission norms to lower GHG emissions, reducing the causes of global warming to an extent. Automakers/ governments target reducing CO2 emissions to an average of 95 g/Km by the end of 2020. Automakers need to develop zero-emission vehicles or nearly zero-emission vehicles to meet emission standards that are becoming more stringent. The regulations increased focus on BEVs, thereby driving the market growth during the forecast period.

By Asia-Pacific Region

The Asia-Pacific automotive liquid condenser market was valued at USD XX million in 2019 and is expected to grow at a CAGR of XX% during the forecast period 2020 to 2027 to reach USD XX Million by 2027.

Besides, the domestic presence of established OEMs such as Toyota Industries, Honda Motor, Hyundai Motor, Nissan Motor, and BYD Auto, along with prominent tier 1 suppliers such as DENSO, Hitachi Automotive Systems, and Mitsubishi Electric, are driving the growth of the EV and auto parts markets in the region.

China and Japan contribute to more than 70% of APAC's market share due to the increased production and sales of EVs and auto parts. South Korea, India, and Hong Kong will emerge as significant markets for EVs during the forecast period. It will increase the production and sales of related parts such as batteries, power inverters, liquid condensers, and motors.

Key factors for the development of the EV motor market in China and Japan include the domestic presence of established automakers; China controls more than 93% of rare earth elements used for manufacturing PMSM and BLDCM and is home to prominent power electronics manufacturers.

Key factors for the development of the EV motor market in China and Japan include a low-cost market owing to highly advanced domestic EV models, joint ventures of foreign automakers with domestic companies for entering the market, aggressive green car policies from governments, regulations regarding emissions and development of charging infrastructure.