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Automotive HVAC Market Analysis, Trends, Growth, Research And Forecast 2033
Automotive HVAC Market
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the automotive HVAC industry. This report on automotive HVAC market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The automotive HVAC market size has grown strongly in recent years. It will grow from $51.88 billion in 2023 to $56.29 billion in 2024 at a compound annual growth rate (CAGR) of 8.5%. The growth in the historic period can be attributed to global automotive production, global warming concerns, rise in demand for energy efficacy, rise in demand for commercial vehicles.
The automotive HVAC market size is expected to see strong growth in the next few years. It will grow to $77.05 billion in 2028 at a compound annual growth rate (CAGR) of 8.2%. The growth in the forecast period can be attributed to rising electric and hybrid vehicles, growing autonomous vehicles, emerging markets growth, increasing research and development activities, rising disposable income. Major trends in the forecast period include smart and connected HVAC, thermal comfort solutions, cabin sensing and ai, multi-zone HVAC, green and eco-friendly HVAC:.
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Key Market Players:
Denso Manufacturing Tennessee Inc., Air International Thermal Systems, Valeo Thermal Systems, Hanon Climate Control Corp., Calsonic Kansei North America Inc., Johnson Electric Holdings Ltd., Sanden Holdings Corporation, Sensata Technologies Inc., Marelli Corporation, OMEGA Environmental Technologies, Delphi Automotive LLP., Visteon Corp., Trans/Air Manufacturing Corp., Toyota Industries Corporation, Xiezhong International Holdings Limited., Mitsubishi Heavy Industries Ltd., Behr GmbH & Co. KG, Subros Limited, Webasto SE, Red Dot Corporation, Eberspaecher Climate Control Systems GmbH & Co. KG, DelStar Technologies Inc., Nippon Seiki Co. Ltd., Keihin North America Inc., Modine Manufacturing Company, Zhejiang Yinlun Machinery Co. Ltd., Bergstrom Inc., MAHLE Behr GmbH & Co. KG, The Keihin Corporation, Eberspächer Group, Gentherm
Market Drivers:
According to the Automotive HVAC Market Report 2024 by The Business Research Company, the key factors driving the growth of the automotive HVAC market, includes the increasing demand for luxury vehicles is expected to propel the growth of the automotive HVAC market going forward. A luxury vehicle is defined as a vehicle equipped with better performance capabilities, lavish interiors, and all the latest safety and technology features. In high-end luxury vehicles, the automotive HVAC system is essential to deliver a thermally comfortable environment for every passenger as per their requirements. For instance, in April 2022, according to the Deccan Herald, an Indian English-language daily newspaper, Lamborghini, an Italy-based manufacturer of luxury sports cars and SUVs, saw a 142% increase in sales from the previous year. As opposed to 26 in 2020-21, the company delivered 63 luxury and sport utility vehicles (SUVs) on Indian roads. Therefore, the increasing demand for luxury vehicles is driving the growth of the automotive HVAC market.
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Market segments for home insurance include:
1) By Component: Evaporator, Compressor, Condenser, Receiver/Drier, Expansion Device
2) By Technology: Manual, Automatic
3) By Vehicle Type: Passenger Cars, Commercial Vehicles, Light Commercial Vehicle, Heavy Commercial Vehicle
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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