Press release
India Automotive HVAC Market Size To Grow At A CAGR Of 10.30% In The Forecast Period Of 2023-2028
India Automotive HVAC Market
India Automotive HVAC Market Size, Share, Price, Trends, Growth, Key Players, Report and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 10.30%
Growing demand for comfort while travelling is a major factor influencing the growth of the India automotive HVAC market. Heating, ventilation, and air conditioning (HVAC) systems help maintain the fuel economy of a vehicle at high speeds as opening window can increase the drag resulting in more fuel usage. Additionally, HVAC systems in automotives not only cool the temperature inside the vehicle but also regulate the humidity and clean the air making the interior environment fresh and healthy.
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Maintaining the HVAC system in the vehicle is important to ensure dust and other contaminants do not get collected in the system. Routine maintenance of HVAC systems minimises expenditure in the long run, which is attracting more consumers towards HVAC systems, enhancing their demand.
Increasing disposable income and rising standards of living are enabling more and more individuals to afford cars with reliable heating, ventilation, and air conditioning systems. Long distance travels in hot or humid weather is another major factor why people are adopting the use of HVAC systems in their vehicles contributing to the growth of the India automotive HVAC market.
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Industry Definition and Major Segments
Automotive HVAC is a technology that controls the internal temperature of the vehicles with the help of heating, ventilation, and air conditioning (HVAC). The automotive HVAC system is used for the regulation of air temperature, to remove excess humidity from the air flow, and to check the amount of moisture in the air.
Based on technology, the market is bifurcated into:
• Manual
• Automatic
On the basis of component, the market is segmented into:
• Evaporator
• Compressor
• Condenser
• Expansion Valve
• Receiver-drier
• Others
By propulsion type, the market is segmented into:
• IC Engine
• Electric Powered
Based on vehicle type, the market is divided into:
• Passenger Cars
• Light Commercial Vehicle
• Heavy Commercial Vehicle
On the basis of region, the market is categorised into:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Market Trends
The key trends in the India automotive HVAC market include the rising popularity of premium vehicles among consumers. Many luxury vehicles are equipped with advanced heating, ventilation, and air conditioning systems such as heated seats, moisturised seats, and power windows which enhance the comfort within the vehicle. Several consumers purchase these expensive cars getting attracted by the automated features and comfort provided, helping the growth of the automotive HVAC market in India.
Technological advancements in automotive HVAC systems such as development of environment-friendly vehicle heating, ventilation and air conditioning systems and manufacture of energy saving HVAC system is further expected to enhance the growth of the market. Key players are also developing HVAC systems with cutting-edge capabilities which can help defrost windows, remove mist from windscreens, and dehumidify air making the ride even more comfortable for passengers.
Tropical weather in several parts of India has increased the demand for heating, ventilation, and air conditioning systems in automotives. Various private automobile rental companies such as Ola and Uber are now mandatorily getting HVAC systems installed as a minimum need which is helping the India automotive HVAC market grow rapidly.
Key Market Players
The major players in the India automotive HVAC market report are Subros Limited, Denso Corporation, Sanden Vikas (India) Ltd., MAHLE GmbH, Valeo, Hanon Systems, Delphi Technologies, Samvardhana Motherson Group, and Air International Thermal Systems, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter's Five Forces Models.
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