9-October-2019: The global automotive HVAC market
size is estimated to reach USD 28.95 billion by 2025, according to a study by
Grand View Research Inc., expanding at a CAGR of 8.6% during the forecast period.
The market is driven by increasing development of innovative, fuel efficient,
and eco-friendly HVAC solutions coupled with surging global demand for
passenger vehicles. Rising disposable income and growing inclination towards
more luxurious and comfortable travel are anticipated to foster the growth of
the automotive HVAC market.
In current
scenario, an automotive HVAC unit has become an integral part of passenger
vehicles, offering comfort features that influence consumer buying behavior.
Rising concerns regarding global warming are leading to increase in temperature
levels, which in turn is resulting in increased demand for enhanced interior
environment and comfort. Technological innovations and substantial investments
in R&D activities are leading to innovation of fuel-efficient and
eco-friendly HVAC units coupled with innovative designs to lower the weight and
size of systems for better adaptability.
Spiraling demand
for private vehicle owing to flourishing car rental industry and rising average
time spent on vehicles is expected to boost the growth of the market.
Additionally, affordable automobile finance schemes and increasing preference
to use private vehicles rather than public transport can also favor the growth
of the automotive HVAC market. Asia Pacific is anticipated to dominate the
global market throughout the forecast horizon owing to presence of key
automobile manufacturers coupled with a broader consumer base boosting vehicle
demand. Rising concerns about environmental effects of refrigerants and high
maintenance costs can hinder the growth of the automotive HVAC market.
In
depth research report on Automotive HVAC Market
Further key findings from the study suggest:
·
Passenger car is likely to dominate the market through 2025.
Increasing personnel mobility needs and growing urbanization will contribute to
the growth of the segment
·
Macroeconomic condition and regulations such as mining ban in
India may affect the demand for Heavy Commercial Vehicle (HCV). Increasing
demand for LCVs, particularly in rural areas, is projected to supplement the
growth of the segment
·
Burgeoning popularity of electric or hybrid vehicle can also
positively influence the growth of the market. Increasing adoption of premium
automobile brands in countries such as India and China are estimated to bolster
the growth of the market
·
Asia Pacific is poised to progress at the highest CAGR during
the forecast period owing to rising middle-class population and increasing
disposable income. There has been a sharp rise in the number of vehicles
produced in China over the last decade, with more than 23 million vehicle
productions in 2014, which accounted for 27.0% of the global production
·
The key industry participants include Hanon Systems, Denso
Corporation, Valeo Group, Mahle Behr GmbH, and Japan Climate Systems
Corporation
·
Other prominent vendors include Johnson Electric, Sanden
Holdings Corporation, Air International Thermal Systems, Engineered Plastic
Components, Calsonic Kansei, Brose Fahrzeugteile GmbH & Co. Kg, DelStar
Technologies, and Sensata Technologies.
Grand View Research
has segmented the global automotive HVAC market on the basis of technology,
vehicle type and region:
Automotive HVAC Technology Outlook (Revenue, USD Million,
2015 - 2025)
·
Automatic
·
Manual
Automotive HVAC Vehicle Type Outlook (Revenue, USD Million,
2015 - 2025)
·
Passenger Cars
·
Light Commercial Vehicles (LCVs)
·
Heavy Commercial Vehicles (HCVs)
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About
Grand View Research
Grand View Research, Inc. is the
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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