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Automotive HVAC Market Size, Share Analysis, Growth Report 2024-2033
Automotive HVAC Market Size
As per the report, 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 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%.
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Rising Demand For Luxury Vehicles Fuels Growth In The Automotive Hvac Market
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.
Innovative Products Expand Automotive Hvac Market Growth
Product innovations are a key trend gaining popularity in the automotive HVAC market. Major market players are concentrating their efforts on creating innovative products with advanced technologies such as the introduction of automatic climate control that controls the temperature of the car; using green technologies to develop eco-friendly and energy-efficient automotive HVAC systems; and the adoption of eco-friendly refrigerants, among others. For instance, in October 2021, Honda Motor Company Ltd., a Japan-based automotive manufacturing company, introduced an innovative anti-virus cabin air filter that is highly effective in capturing a wide range of harmful germs, allergens, and even viruses that cause significant health problems. This revolutionary cabin air filter offers active protection by considerably lowering virus aerosol concentrations. A unique multi-layer architecture successfully filters gathers, and suppresses harmful ambient gasses, as well as inorganic and biological particles and aerosols. The Honda antivirus cabin air filter is one of the most effective protections available for reducing hazards while driving.
The automotive hvac market covered in this report is segmented -
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
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Major companies operating in the automotive hvac market include 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
Contents of the report:
1. Executive Summary
2. Automotive HVAC Market Report Structure
3. Automotive HVAC Market Trends And Strategies
4. Automotive HVAC Market - Macro Economic Scenario
5. Automotive HVAC Market Size And Growth
…..
27. Automotive HVAC Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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