Written on: October 21, 2020 by ICM
Tesla CEO Elon Musk expressed his interest in developing a highly efficient, next generation HVAC system that features an advanced high-efficiency particulate air (HEPA) filter at the company’s latest shareholder meeting. Musk hinted the project may begin as soon as 2021, The Freedonia Group said.
Calling it his “pet project,” Musk will target a more efficient and capable system than what is currently available. The Freedonia Group noted that home HVAC systems are one of the biggest utility costs for a homeowner and efficiency is most appealing to consumers.
The Freedonia Group pointed to two trends-more research into air and water pollution as well as increased consumer awareness of filtration technologies-to bring new participants such as Tesla into the HVAC market. They may form partnerships with existing manufacturers or use strategic acquisitions to enter the market, Freedonia said.