Automotive HVAC Market - Global Industry Analysis, Market Size, Share, Trends, Analysis, Growth, and Forecast 2017 - 2025
With the escalating demand for cab services such as Uber, Sidecar, Ola, and Lyft, the global market for automotive HVAC is expected to expand at a healthy clip. These car rental services have been acknowledging the importance of customer experience, and have therefore made air conditioning a key part of their services. As several manufacturers have been working to bring down the weight and size of car components, the market for automotive HVAC systems is likely to advance at a substantial pace. Moreover, pressure sensors are also being developed for air conditioning control. This is expected to bring about a reduction in manufacturing costs of HVAC systems.
The demand for passenger cars worldwide has been multiplying rapidly. Automotive manufacturers are installing highly efficient HVAC systems in luxury and mid to entry level cars alike. The growing disposable incomes of consumers in countries such as Brazil, India, China, Nigeria, Malaysia, Indonesia, Singapore and Thailand is aiding the expansion of the global automotive HVAC market. Favorable government initiatives aimed at reviving the automotive industry are making it easier for manufacturers to extend their presence. For example, the government of India announced that it will allow 100% Foreign Direct Investment (FDI) via automatic route in the automotive sector. Leading automotive companies including BMW, Audi, Lamborghini, Ferrari, Mercedes, Porsche are focusing on furnishing customer friendly and customized HVAC systems. Mergers, partnerships, product innovations, acquisitions, and collaborations are gaining traction among the market players. These business strategies will amplify the overall revenue of the global automotive HVAC market.
The global automotive HVAC market was formerly driven by the premium feature of having an air conditioning and heating system inside cars. However, with the advancement of automobile technology and demand for high-end cars, the HVAC system became a more standard equipment already provided by automobile manufacturers. Introduced to the market in the 1960s, the HVAC systems are installed to take control of the temperature inside a car cabin, although they are also used indoors. The automatic climatic control provided by an HVAC system caters to the demand of automobile owners for luxury and comfort during the cool and hot weathers.
With regard to components, the international automotive HVAC market is classified into expansion device, receiver or drier, heat exchanging equipment, and compressor. By vehicle type, the segmentation follows as heavy commercial vehicles (HVCs), light commercial vehicles (LCVs), and passenger cars. Manual and automatic are the two important segments that the market is divided into in terms of technology. Geographically, the market can be segregated into Asia Pacific, North America, Europe, and Rest of the World.
The augmenting demand for value for money in respect of luxury automobiles and fuel efficiency are envisaged to emerge as prominent growth factors for the global automotive HVAC market. On similar lines, the inflating adoption of premium cars and demand for unprecedented comfort are expected to further the growth rate of the market. Moreover, the increasing amount of time spent by owners inside their automobiles and the swelling traction gained by private vehicles compared to those used for public transportation have added to the automotive HVAC market growth level.
On the other hand, the complexity associated with the technology of HVAC systems and transformations in technology have checked the growth of the global automotive HVAC market to some extent.
However, an expanding population base worldwide is becoming familiar with HVAC systems through increasing awareness about technology. This will significantly help the automotive HVAC market to rise above its restrictions.
The Asia Pacific region is foreseen to be the land of opportunity for vendors in the automobile sector, owing to the colossal levels of vehicle production in China, India, Japan, and other nations. In fact, Asia Pacific is anticipated to develop as the largest region of the global automotive HVAC market. With fastest growing segments such as India and South Korea and leading countries such as China and Japan in terms of automobile manufacture, Asia Pacific is foretold to secure its numero uno position in the automotive HVAC market for the coming years. While Asia Pacific is predicted to grow at a towering CAGR, North America will show a stable growth on account of increasing income levels of consumers and speedy recovery from economic crisis.
New entrants in the global automotive HVAC market have elevated the curiosity and interest of end consumers, although there were only a few players dominating previously. Some of the crucial companies expected to lead the market are Calsonic Kansei Corporation, Inalfa Roof Systems Group B.V., Eberspacher Climate Control Systems Gmbh & Co. Kg, Toyota Industries Corporation, Johnson Electric Holdings Ltd., Air International Thermal Systems, Keihin Corporation, Japan Climate Systems Corporation, Brose Fahrzeugteile Gmbh & Co. Kg, Delphi Automotive Plc, Denso Corporation, Sanden Corporation, Gentherm Inc., Behr Gmbh. & Co. Kg., and Imasen Electric Industrial Co., Ltd.
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Latest Trends and Cardinal Growth Prospects
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Ascensions in Technology
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The world ushered in the new decade with the shadow of the COVID-19 pandemic. The outbreak has damaged the growth prospects of several businesses and has crippled the entire economy. The study is in tandem with the changing dynamics of the market due to the SARS-CoV-2 outbreak. The study focuses on the coronavirus pandemic and analyses every aspect that impacts the growth positively or negatively.
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