CLEVELAND, 20th October 2020 / PRNewswire / – At Tesla’s annual general meeting, CEO Elon Muskreiterated interest in developing a next-generation, highly efficient HVAC system with an advanced HEPA (High-Efficiency Particle Air) filter, suggesting the project could begin as early as next year. Calling it his favorite project, Musk believes that you can create a more efficient and powerful system to improve the current competitive marketplace.
The Freedonia Group Kyle Peters, a senior capital equipment analyst, notes that “HVAC systems for homes are one of the largest additional costs for a homeowner and are a large and often necessary investment.” He added, “Efficiency is one of the most important competitive factors among HVAC equipment suppliers, and it is no surprise that most have embraced technological change to make their systems more efficient and more attractive to consumers.”
Tesla’s entry into the electric vehicle market helped traditional automakers invest in these vehicles and was at least partially responsible for the rapid growth of electric vehicles in the United States. A strategy similar to that for residential HVAC systems, especially if Tesla delivers a reliable and efficient product, could produce similar results in the HVAC industry. The same goes for the air and liquid filtration industry.
“As our understanding of air and water pollution evolves, supported by a wave of new studies, and consumer awareness of filtration technologies grows, the use of these products will increase,” he said Gleb mytko, a global capital goods analyst at The Freedonia Group. He also points out, “These two trends offer opportunities for new entrants. While existing manufacturers are developing the next generation of filtration technologies to help keep the industry under control, their significant growth potential should attract new entrants such as Tesla.”
These companies can draw on their knowledge and experience in other areas to help with product development and innovation and to benefit from alternative perspectives. Some of the new participants can enter into partnerships with existing manufacturers or use strategic acquisitions to officially enter the market.
Tesla’s announcement should increase interest in HVAC and filtration systems and provide impetus for additional product development. It is also intended as a reminder that both the HVAC and filtration product industries offer businesses many opportunities in the years to come.
See, among others, Freedonia Group’s Studies on HVAC Equipment, COVID-19 Economic Impact Report: U.S. HVAC Equipment, and COVID-19 Economic Impact Report: Global Filters.
About the Freedonia Group – The Freedonia Group, a division of MarketResearch.com, is a leading international industrial research company that publishes more than 100 studies annually. Since 1985 we have served clients ranging in size from global conglomerates to one-person consulting firms. More than 90% of the industrial companies in the Fortune 500 use Freedonia Group’s research to aid in their strategic planning. Each study includes product and market analysis and forecasting, in-depth discussions of key industry trends, and market share information. Studies can be purchased at www.freedoniagroup.com and are also available at www.marketresearch.com and www.profound.com.
SOURCE The Freedonia Group