Automotive HVAC Market has grown consistently at a CAGR of 7.5% During 2027

Automotive HVAC Market to Register 7.5% Growth during 2018-2027 – Reveals Fact.MR

The progression of the air conditioning systems in passenger cars, light commercial vehicles and heavy commercial vehicles has been one of the noteworthy advances in the 20th century. It is assessed that more than 85% of the new passenger cars sold across the globe currently have an air-conditioning system, and the number is expected to increase by 2027. Growing sale of vehicles and inclination toward safety and luxury are the main factors which are driving the global automotive HVAC market.

Heating, ventilation, and air conditioning (HVAC) system in a vehicle is utilized to control the interior temperature of the vehicle cabin. HVAC system primarily consist of three subsystems, namely, heating, cooling, and air conditioning, which collaboratively work to offer decontaminated air to the vehicle cabin, guaranteeing thermal coziness to drivers and passengers.

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HVAC system controls the air temperature, scrutinizes the moisture content in the air, and eradicates unnecessary humidity from the circulating air. Well-established companies, such as Audi, Mercedes, Ford, and BMW, primarily focus on tailored and consumer-friendly HVAC systems. For instance, the BMW 6, 7, 8 & 9 Series supports automatic air conditioning, including air distribution for driver and passengers, fogging sensor, and automatic climate control system.

This report assesses trends that are driving the growth of each segment on the global level and offers potential takeaways that could prove substantially useful to Automotive HVAC manufacturers looking to enter the market. Main regions assessed in this report include North America, Latin America, Europe, Japan, Asia Pacific excluding Japan (APEJ), and the Middle East & Africa (MEA).

The sections, by vehicle type, by component, and by the technology in the automotive HVAC market evaluate the present scenario as well as growth prospects of the regional automotive HVAC market for 2018–2027. The APEJ Automotive HVAC market has been estimated to dominate the automotive HVAC market by value owing to the growing sales of vehicles, accounting for a maximum revenue share of the market by 2018 end.

Europe and North America Automotive HVAC markets are expected to account for over 40% collaborative revenue share, of the global automotive HVAC market by 2027 end. Among the emerging markets, the MEA automotive HVAC market is estimated to exhibit a significant CAGR of more than 8.0% over the forecast period, followed by Japan with a CAGR of about 7.0%.

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To provide in-depth insights into the pattern of demand for the automotive HVAC market, the market is segmented by vehicle type. It includes passenger cars, light commercial vehicle (LCV) and heavy commercial vehicles (HCV). Passenger cars segment is expected to dominate the automotive HVAC market over the forecast period, regarding value, which accounted for more than 40% value share in 2027.

The section – automotive HVAC market analysis, by component comprehensively analyzes the market by component used in automotive HVAC. The market is segmented into Evaporator, Compressor, Condenser, Receiver/Drier, and Expansion Device. The segment, compressor in an automotive HVAC market accounted for the highest market share of more than 35% in 2017.

The section – automotive HVAC market analysis, by technology comprehensively analyzes the market by different technology through which the automotive HVAC functions. The market is segmented into manual and automatic.

Automatic segment accounted for the highest market share in 2017. However, the manual segment is expected to register a decline over the forecast period due to the increase in deployment of automatic HVAC system across the developing economies.

Also, increasing demand for Automotive HVAC in the APEJ region is driving the prominent manufacturers to advantageously enter in the APEJ market with an objective to target the opportunities in the region. The automotive HVAC market in North America and Europe region is currently witnessing a stagnant growth, and hence, the companies are targeting emerging economies markets to increase their sales revenues.

APEJ Region Critical in the Automotive HVAC Market

The APEJ region is estimated to account for more than 25% market share in the global automotive HVAC market in 2018, and this share is expected to grow by a massive rate, causing the APEJ market to grab more than 30% market share by the end of 2027.

Growing sales of passenger car and rise in disposable income coupled with luxury aspects are amongst the major features subsidizing to the regional growth. Furthermore, the positive government initiatives to revive the automotive industry is anticipated to further propel the regional dominance over the forecasted period.

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Global Automotive HVAC Market: Competition Dashboard

Fact.MR has profiled some of the most prominent company’s active in the global Automotive HVAC market such as Sensata Technologies., The Keihin Corporation, Calsonic Kansei Corporation, Sanden Corporation, Valeo, Denso Corporation, Hanon Systems, MAHLE GmbH, Johnson Electric Holdings Limited, and Japan Climate Systems Corporation. The key market players in the automotive HVAC market are focusing on product innovation and collaboration.

Vendors in the automotive HVAC market are focusing on developing technological advanced and innovative solutions which can meet the changing customer requirements. Recently, in 2018, Mercedes Benz showcased its 2019 A-class with voice-controlled HVAC, The new A-Class hatchback will arrive in Europe by 2019 and eventually come to North American market too but in sedan variant with a trunk at the rear.

Global Automotive HVAC Market: Key Insights

The automotive HVAC market has grown consistently at a CAGR of 7.5%, and the market has been expanding at a phenomenal pace. The vendors in the automotive HVAC market are focusing on product innovation to gain a competitive edge in the market by providing diversified product categories.

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Top market players held for a marginable market share in 2017 and are anticipated to continue their dominance over he forecast period. However, the threat of new entrants in the automotive HVAC market is relatively low due to high manufacturing cost of the HVAC system and need of technological advance machinery for manufacturing purpose.

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This release was published on openPR.