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2018-2023 Automotive HVAC Market By Major Participants are Denso Corporation, Mahle Group, Valeo, and Hanon Systems.
Automotive HVAC market
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North America will have majority market share owing to the growing automobile industry and improving microeconomic conditions in the U.S. Europe will also show rapid growth owing to the government initiatives in the region.
Moreover, Asia-Pacific is anticipated to witness significant growth over the projected period. The growth will be driven by increased vehicle production in this region specifically in nations such as Japan, China, India and South Korea.
Increasing time of people on road travelling in the private vehicle or other public transport is likely to fuel the automotive HVAC market. Moreover, rising popularity of private vehicle over other means of public transport is expected to enhance demand for HVAC technology. In addition, growing income level as well as varied choice for private financing leading to the increased spending on private vehicles will boost the automotive HVAC technology demand, specifically in the developing regions such as China and India.
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Reduction in weight and of the system will provide significant growth opportunity to the industry players. Decrease in of these systems will improve the overall vehicle efficiency and will enhance the automotive HVAC market growth. The advanced features such as multi-zone temperature control which allows a single heating, ventilation & cooling system to have different temperature zones and self-diagnostics, enabling the system to detect and repair the problems. This will subsequently lead to increased adoption of these systems among automobile manufacturers during the forecast timeframe.
The automotive HVAC market is regulated to ensure automotive safety. For instance, United States’ Environmental Protection Agency has established regulations for motor vehicle air conditioning systems. Clean Air Act covers majority of the regulations stated by EPA. European Commission has published “Refrigerants used in mobile air condition systems” which states the regulations regarding these systems.
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Automatic systems will lead the industry owing to increased level of comfort and reduced fuel consumption. Passenger cars dominate the automotive HVAC market currently, owing to the increasing demand for private vehicles. This trend is projected to resonate over the forecast timeline.
Some of the key players in the automotive HVAC market include Denso Corporation, Hanon Systems, Mahle Group and Valeo. Research and development is the focal point for the companies and special attention is given to eco-friendly product development.
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