Automotive HVAC Market Size Worth USD 31,907 Million By 2026 | CAGR 9.3% | Sensata Technologies, Inc., Valeo S.A., Air International Thermal Systems, Delphi Automotive Plc, Johnson Electric Holdings Ltd., Sanden Corporation
The significant increase in demand for passenger and commercial vehicles, and growth in global automotive industry boosts the demand for automotive HVAC. The demand for luxury and comfortable vehicles has increased significantly, especially from the emerging economies.
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Consumers prefer comfortable and enhanced driving experience, which boosts the automotive HVAC market. The increasing awareness among consumers regarding use of eco-friendly products coupled with rising demand for environment friendly refrigerants has encouraged market players to launch efficient automotive HVAC systems. New emerging markets, emerging consumer demographics, and stringent government regulations would provide growth opportunities for Automotive HVAC market in the coming years.
In 2017, Asia-Pacific accounted for the highest share in the global Automotive HVAC market. The growing demand for automobiles in the region, established automotive industry, and technological advancements would accelerate the demand for automotive HVAC systems during the forecast period. The governments in the region have introduced stringent regulations regarding vehicular emissions and safety owing to environmental concerns.
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The increasing economic growth, and increasing demand from countries such as China and India further increases the adoption of automotive HVACs in the region. Expansion of global players into these countries to tap market potential boosts the market growth. The increasing environmental concerns have resulted in increased adoption of environment friendly refrigerants in the region. The adoption of geo-thermal heat pumps further supports the market growth in the region.
The well-known companies profiled in the report include Sensata Technologies, Inc., Valeo S.A., Air International Thermal Systems, Delphi Automotive Plc, Johnson Electric Holdings Ltd., Sanden Corporation, Visteon Corporation, Xiezhong International Holdings Ltd., Brose Fahrzeugteile GmbH & Co. Kg, and Mahle Behr GmbH. These companies launch new products and collaborate with other market leaders to innovate and launch new products to meet the increasing needs and requirements of consumers.
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