Press release
Automotive HVAC Market to be Worth $86.1 Billion by 2031 |
Meticulous Research®, a prominent global market research firm, has recently released a comprehensive report titled "Automotive HVAC Market by Offering (Hardware, Services), Operation Mode (Manual HVAC, Automatic HVAC), Application (ICE Vehicles, EV Vehicles), End User (OEM, Aftermarket), and Geography - Global Forecast to 2031." This report delves into the future of the global automotive HVAC market, projecting it to reach an impressive $86.1 billion by 2031, growing at a compound annual growth rate (CAGR) of 5.4% from 2024 to 2031.Browse in depth: https://www.meticulousresearch.com/product/automotive-hvac-market-5913
The automotive HVAC (Heating, Ventilation, and Air Conditioning) market's growth is primarily fueled by the rising demand for advanced thermal systems and the increasing shift toward environmentally friendly refrigerants and coolants. As consumers and manufacturers alike focus on reducing their environmental footprint, the market for eco-friendly HVAC systems is expanding. However, the rising cost of HVAC system components poses a significant challenge, potentially slowing down market growth. On the other hand, the surge in demand for automatic climate control features is expected to open new avenues for market players, although the high maintenance costs of these systems remain a hurdle. Another notable trend in the market is the growing adoption of automated HVAC systems, which are becoming increasingly popular due to their efficiency and convenience.
The report provides an in-depth analysis of the market, segmenting it by offering, operation mode, application, end user, and geography. Each segment is thoroughly examined, with detailed insights into their current market share and future growth prospects.
Market Segmentation by Offering
The global automotive HVAC market is divided into two main offerings: hardware and services. The hardware segment, which includes components such as compressors, condensers, evaporators, and blowers, is expected to dominate the market in 2024, accounting for over 83% of the market share. The widespread adoption of HVAC systems is driven by their ability to maintain a comfortable cabin environment regardless of external weather conditions. Additionally, these systems are crucial for improving visibility by defogging windows, thereby enhancing driving safety. The hardware segment is also anticipated to grow at the highest CAGR during the forecast period, reflecting the continuous demand for reliable and efficient HVAC components.
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Market Segmentation by Operation Mode
The automotive HVAC market is also categorized by operation mode into manual HVAC systems and automatic HVAC systems. In 2024, the manual HVAC system segment is expected to hold the larger market share, exceeding 54%. Manual systems are favored for their simplicity, lower manufacturing and installation costs, and the direct control they offer to users over temperature, fan speed, and airflow direction. Despite this, the automatic HVAC system segment is predicted to experience the highest CAGR during the forecast period. This growth is attributed to the increasing preference for systems that utilize sensors to automatically adjust to external and internal conditions, offering features like variable-speed fans and intelligent airflow management. Automatic systems are often integrated with other vehicle systems, such as GPS and engine management, enhancing their functionality and appeal.
Market Segmentation by Application
When it comes to application, the market is split between ICE (Internal Combustion Engine) vehicles and electric vehicles (EVs). In 2024, the ICE vehicles segment is projected to dominate, capturing over 62% of the market share. The extensive use of HVAC systems in ICE vehicles is driven by their ability to regulate engine temperature, prevent overheating, and improve visibility by clearing fogged windows and mirrors. The increasing demand for such thermal management systems is a key factor propelling this segment's growth. However, the electric vehicle segment is expected to record the highest CAGR during the forecast period. The rise in EV adoption, particularly in regions like Asia-Pacific, is driving the need for HVAC systems that can efficiently manage cabin temperature even while the vehicle is charging. These systems are also compliant with stringent regulations concerning cabin air quality and emissions, further boosting their adoption.
Market Segmentation by End User
The end user segment of the automotive HVAC market is divided into original equipment manufacturers (OEMs) and the aftermarket. In 2024, OEMs are anticipated to hold a commanding share of over 66% of the market. The demand for HVAC systems among OEMs is driven by their role in enhancing vehicle differentiation through advanced climate control features. OEMs also benefit from improved brand reputation by offering reliable HVAC systems and optimizing supply chain management through strategic partnerships with HVAC component suppliers. This segment is also expected to grow at the highest CAGR during the forecast period, reflecting the ongoing demand for OEM-installed HVAC systems.
Geographic Analysis
Geographically, the global automotive HVAC market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Asia-Pacific is expected to lead the market in 2024, accounting for over 49% of the global share. The region's dominance is attributed to the increasing demand for energy-efficient HVAC systems among automotive manufacturers and significant technological advancements in thermal management and intelligent controls. The growing sales of electric vehicles in countries like China, Japan, and India are also contributing to the region's market growth. Furthermore, Asia-Pacific is projected to register the highest CAGR of over 6.5% during the forecast period, indicating robust growth prospects driven by the adoption of environmentally friendly refrigerants and coolants.
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Key Players
The key players operating in the automotive HVAC market are Johnson Electric Group (Hong Kong), MAHLE GmbH (A Subsidiary of Mahle Stiftung GmbH) (Germany), Sensata Technologies, Inc. (U.S.), DENSO Corporation (Japan), Hanon Systems (South Korea), Valeo Service SAS (France), Air International Thermal Systems, Inc. (U.S.), Sanden Corporation (Japan), Brose Fahrzeugteile SE & Co. KG (Germany), Keihin North America, Inc. (U.S.), Mitsubishi Heavy Industries, Ltd. (Japan), OMEGA Environmental Technologies (U.S.), Kongsberg Automotive ASA (Norway), and Gentherm Inc. (U.S.).
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Key Questions Answered in the Report:
Which are the high-growth market segments in terms of offering, operation mode, application, and end user?
What is the historical market size for the global automotive HVAC market?
What are the market forecasts and estimates for 2024-2031?
What are the major drivers, restraints, opportunities, challenges, and trends in the global automotive HVAC market?
Who are the major players in the global automotive HVAC market, and what are their market shares?
What is the competitive landscape like?
What are the recent developments in the global automotive HVAC market?
What are the different strategies adopted by major market players?
What are the trends and high-growth countries?
Who are the local emerging players in the global automotive HVAC market, and how do they compete with other players?
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