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India Automotive HVAC Market Excessive Growth Opportunities Estimated to Be Experienced 2026
Automotive HVAC
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Development in the Indian automobile industry, increase in demand for thermal comfort, and improvement in safety measures due to adoption of HVAC systems fuel the growth of the India automotive HVAC market. On the other hand, high maintenance cost hinders the growth to some extent. Nevertheless, adoption of eco-friendly refrigerants and production of cheaper HVAC systems are expected to pave the way for a number of opportunities for the key players in the industry.
The automatic segment to dominate through 2019-2026
Based on technology, the automatic segment contributed to nearly three-fifths of the total market revenue in 2018 and is expected to rule the roost throughout 2019-2026. With automatic HVAC system on board, the temperature can be set for once. Also, the fact that the HVAC system can adjust the temperature automatically depending on the outside temperature for the rest of the journey has spurred the growth of the segment. The same segment is also anticipated to grow at the fastest CAGR of 12.5% by the end of 2026.
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The passenger cars segment to lead the trail by 2026
Based on vehicle type, the passenger cars segment accounted for more than two-thirds of the total market share in 2018 and is projected to maintain the lion's share by 2026. This is due to large young population, rising income, and growing Indian automotive industry. At the same time, the light commercial vehicle segment would cite the fastest CAGR of 14.4% during the estimated period. Increasing demand for light commercial vehicle owing to rising activities in the infrastructure sector has boosted the growth.
Development in the Indian automobile industry, rise in demand for thermal comfort, and improvement in safety measures due to adoption of HVAC systems drive the India automotive HVAC market. By technology, the automotive segment would remain lucrative during the study period. By vehicle type, the passenger cars segment garnered the major share in 2018.
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