Automotive HVAC Market Exhibits Higher Growth Prospects during 2019-2027
The automotive HVAC market is expected to register a CAGR of 7.5% during the forecast period (2018–2027).
[USPRwire, Tue Feb 26 2019] On the basis of component, the market is segmented into Evaporator, Compressor, Condenser, Receiver/Drier, and Expansion Device. The segment, compressor in an automotive HVAC market accounted for the highest market share of more than 35% in 2017. On the basis of technology, the market is segmented into manual and automatic. Automatic segment accounted for the highest market share in 2017. However, the manual segment is expected to register a decline over the forecast period due to the increase in deployment of automatic HVAC system across the developing economies.
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HVAC (Heating Ventilation and Air Conditioning) is the system utilized for maintaining a pleasing temperature and ambient interior conditions in an automobile. The temperature inside the automobile is accustomed to a degree comparative to the temperature of the surrounding. Automotive HVAC system, thus assists to maintain temperate conditions which are conducive for driver and passenger to stay inside the automobiles comfortably for longer extents. The automotive HVAC system is beneficial in case where the outside temperatures are either too high or too low, causing discomfort to automotive diver and passengers. Previously, the utilization of automotive HVAC systems were considered a luxury aspect, and not all automobiles featured HVAC system. However, it is now a pre requisite feature in each automobile due to the elementary automotive safety and comfort standards, which are accepted across the globe.
On the basis of vehicle type, the market can be categorized as passenger cars, light commercial vehicle (LCV) and heavy commercial vehicles (HCV). Passenger cars segment is expected to dominate the automotive HVAC market over the forecast period, regarding value, which accounted for more than 40% value share in 2027.
The APEJ region is estimated to account for more than 25% market share in the global automotive HVAC market in 2018, and this share is expected to grow by a massive rate, causing the APEJ market to grab more than 30% market share by the end of 2027. Growing sales of passenger car and rise in disposable income coupled with luxury aspects are amongst the major features subsidizing to the regional growth. Furthermore, the positive government initiatives to revive the automotive industry is anticipated to further propel the regional dominance over the forecasted period.
Global Automotive HVAC industry is currently witnessing complete change in manufacturing concept. There are numerous aspects accountable for the growth of the global automotive HVAC market. Primarily, there is a growing demand for thermal systems and automatic climate control features in all automobiles. Also, individuals travel in their personal automobiles for long distances in the urban sector, and henceforth the requirement for HVAC system is higher. Factors such as global warming and climate change resulting into rise in the global temperatures, which leads to greater demand for maintenance of ambient temperatures inside the automobile. Additionally, the consciousness regarding the utilization of eco-friendly refrigerants and automotive coolants in HVAC system gradually leads to the demand for advanced and technically progressed HVAC systems, thus boosting their sales. All these factors, rationalize the consistent expected growth of the global automotive HVAC market, which is expected to expand at a 7.5% CAGR over the forecast period.
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Furthermore, the urbanization coupled with the growing demand for automotive HVAC from the middle class section of the society across the world is further propelling the demand for automotive HVAC. Additionally, growing preferences for luxury and comfort factors is highly anticipated to drive the demand for automotive HVAC over the forecast period.
The vendors offering automotive HVAC are investing huge amounts in offering advanced automotive HVAC. The companies are aiming to offer the highly efficient automotive HVAC, which are low in cost and highly effective and can provide maximum safety and comfort. For instance, Denso publicized to help Toyota develop Prius, which will improve its thermal, sensing and hybrid technologies for a safer, fuel efficient, and greener environment. Thus, rising vendor investment in Automotive HVAC is expected to contribute significantly to the market growth during the forecast period.
On the basis of region, the global Automotive HVAC market is segmented into North America, Latin America, Europe, Japan, Asia-Pacific excluding Japan(APEJ) and MEA. Among these regions, the APEJ automotive HVAC market is projected to exhibit relatively higher growth in the global automotive HVAC market with a CAGR of over 8.0% during the forecast period. Revenue from the automotive HVAC market in North America and Europe is expected to collectively account for more than 40% of the global automotive HVAC market revenue in 2018. Key competitors in Automotive HVAC market are as Sensata Technologies., The Keihin Corporation, Calsonic Kansei Corporation, Sanden Corporation, Valeo, Denso Corporation, Hanon Systems, MAHLE GmbH, Johnson Electric Holdings Limited, and Japan Climate Systems Corporation.
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