Global HVAC Market Value Projected to Expand by 2027
The APEJ region is estimated to account for more than 25% market share in the global automotive HVAC market in 2018.
[USPRwire, Fri Feb 22 2019] 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.
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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.
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.
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.
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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.
Analysis by Region:
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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