The
global automotive HVAC market size is anticipated to reach USD 22.12 billion by
2022, according to a new study by Grand View Research, Inc.
Price,
energy efficiency, and technological advancement are key factor affecting
buying behavior. Development of eco-friendly solutions owing to rising
environmental concerns and lower the carbon footprints is expected to provide
competitive advantage to industry players.
Industry
players make huge investment in research and development to enhance their
offering and gain competitive edge for instance; initiatives are taken to lower
weight and size of system for better adaptability Increasing demand for private
vehicle owing to growing car rental industry and rising average time spent in
vehicles is anticipated to boost industry growth. Additionally, easy automobile
finance schemes may also favor the global market.
In depth research report on Automotive HVAC Market
Further key findings from the study suggest:
·
Passenger car segment is
expected to witness increase in demand owing to improving road infrastructure
worldwide and is estimated to grow at a CAGR of around 8% over the forecast
period. Increasing personnel mobility needs and growing urbanization is
expected to boost passenger HVAC demand over the forecast period. Popularity of
electric or hybrid vehicle is also anticipated to contribute to the overall
revenue growth.
·
Macroeconomic condition and
regulation such as mining ban in India may affect the demand of Heavy
Commercial Vehicle (HCV). Increasing LCVs demand particularly in rural areas is
expected to open new growth opportunities for the segment growth.
·
Asia Pacific automotive HVAC
market is estimated to show growth owing to rising middle class population and
increasing disposable income. Presence of developing economies such as India
and China is expected to boost industry growth over the next seven years.
Increasing adoption of premium automobile brands in developing nation such as
India and Brazil may also provide growth opportunities for industry players.
·
According to Valeo Group,
number of vehicle produced in China has doubled since 2007, with more than 23
million vehicle productions in 2014, which accounted for 27% of global
production. North America automotive HVAC market is anticipated to grow at a
CAGR of over 7.5% from 2015 to 2022.
·
The key industry participants
include Denso Corporation, Hanon Systems, Mahle Behr GmbH, Valeo Group and
Japan Climate Systems Corporation. Other prominent vendors include Air
International Thermal Systems, Sanden Holdings Corporation, Calsonic Kansei, DelStar
Technologies, Brose Fahrzeugteile GmbH & Co. Kg, Engineered Plastic
Components, Johnson Electric, and Sensata Technologies.
·
In October 2015, Aotecar New
Energy Technology Company Ltd acquired Air International Thermal Systems to
offer integrated air-conditioning systems to automobile manufacturers. In
December 2013, Air International Thermal Systems and Tata Toyo Radiator Limited
signed a joint venture to provide HVAC systems to the Indian automotive
industry.
·
In February 2015, Delphi
entered into a definitive agreement with MAHLE GmbH to sell its thermal
business for USD 727 million. This acquisition has helped Mahle Group to
increase its market penetration and enhance its technological capability.
Grand
View Research has segmented the automotive HVAC market on the basis of
technology, vehicle type and region:
Automotive HVAC Technology Outlook (USD Million,
2012 - 2022)
·
Automatic
·
Manual
Automotive HVAC Vehicle Type Outlook (USD Million,
2012 - 2022)
·
Passenger Cars
·
Light Commercial Vehicles
(LCVs)
·
Heavy Commercial Vehicles
(HCVs)
Automotive HVAC Regional Outlook (USD Million, 2012
- 2022)
·
North America
·
Europe
·
Asia Pacific
·
Latin America
·
MEA
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About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, the
company offers market intelligence studies ensuring relevant and fact-based
research across a range of industries including technology, chemicals,
materials, healthcare and energy.
For more market analysis reports, please visit: http://www.grandviewresearch.com/
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