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.
Download Free Sample Report Here : https://www.meticulousresearch.com/download-sample-report/cp_id=5913
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.
Buy Now : https://www.meticulousresearch.com/Checkout/87327386
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.).
Download Sample Report Here @ https://www.meticulousresearch.com/download-sample-report/cp_id=5913
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?
Related Reports
Automotive Lighting Market: https://www.meticulousresearch.com/product/automotive-lighting-market-5472
Automotive Lubricants Market: https://www.meticulousresearch.com/product/automotive-lubricants-market-5036
Automotive Transmission Market: https://www.meticulousresearch.com/product/automotive-transmission-market-5832
Trending Articles
5G in Healthcare Market: https://www.linkedin.com/pulse/5g-healthcare-market-growth-future-trends-ramesh-shitole-o24bf/
Healthcare Cloud Computing Market
: https://www.linkedin.com/pulse/driving-innovation-healthcare-cloud-computing-market-hit-shitole-olaqf/
Lab Automation Market : https://www.linkedin.com/pulse/lab-automation-market-size-share-forecast-trends-research-shitole-i47wf/
About Us
We are the trusted research partners for leading businesses around the world, providing market intelligence focused towards building revenue transformation strategies. Our research is used by Fortune 500 organizations to attain success by scouting next generation revenue opportunities well ahead of their competition.
Contact:
Mr. Khushal Bombe
Meticulous Market Research Inc.
1267 Willis St, Ste 200 Redding,
California, 96001, U.S.
USA: +1-646-781-8004
Europe : +44-203-868-8738
APAC: +91 744-7780008
Email- sales@meticulousresearch.com
Visit Our Website: https://www.meticulousresearch.com/
Connect with us on LinkedIn- https://www.linkedin.com/company/meticulous-research
This release was published on openPR.
Permanent link to this press release:
Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release Automotive HVAC Market to be Worth $86.1 Billion by 2031 | here
News-ID: 3643242 • Views: …
More Releases from Meticulous Research®
Rooftop HVAC Units Market to Reach $24.85 Billion by 2035 | 6.4% CAGR
Growing Demand for Energy-Efficient Rooftop HVAC Units
The global rooftop HVAC units market is witnessing steady growth, driven by the rising need for compact and energy-efficient heating, ventilation, and air conditioning systems. Valued at USD 12.45 billion in 2024, the market is projected to rise from USD 13.42 billion in 2025 to approximately USD 24.85 billion by 2035, growing at a CAGR of 6.4%. The increasing adoption of HVAC systems in…
Seed Coating Market to Reach $4.23 Billion by 2032 | 7.7% CAGR Growth
Growing Market Overview
The global seed coating market is experiencing steady expansion as agricultural industries increasingly adopt advanced seed treatment technologies. Valued at $2.34 billion in 2024, the market is projected to reach $4.23 billion by 2032, growing at a CAGR of 7.7% between 2025 and 2032. This strong growth is driven by rising demand for low-cost crop protection solutions, rapid technological advancements, and the increasing focus on seed treatment as…
PAP Devices Market to Reach $6.97 Billion by 2032 | 5.2% CAGR
The Positive Airway Pressure (PAP) Devices Market is witnessing steady expansion, driven by the increasing prevalence of respiratory and sleep disorders worldwide. Valued at approximately $6.97 billion by 2032, the market is expected to grow at a CAGR of 5.2% from 2025 to 2032. The rising geriatric population, growing awareness about the dangers of untreated sleep apnea, favorable reimbursement policies, and ongoing technological advancements in PAP devices are contributing significantly…
Direct Air Capture Market Set to Skyrocket to $6.93 Billion by 2035 Driven by Gl …
The global Direct Air Capture (DAC) market is gaining remarkable traction as the world intensifies its efforts to achieve carbon neutrality and mitigate the effects of climate change. Valued at $136.5 million in 2024, the market is projected to reach nearly $6.93 billion by 2035, growing from an estimated $189.7 million in 2025 at a striking CAGR of 43.3% during the forecast period (2025-2035). This exponential growth reflects the rising…
More Releases for HVAC
Fusion HVAC & Appliance Repair Expands Emergency HVAC Services for NYC Homeowner …
24/7 Rapid Response Team Ensures Fast, Reliable Heating and Cooling Repairs Across New York City
Manhattan, NY - Fusion HVAC & Appliance Repair [https://fusionhvacappliance.repair/], a leading provider of residential and commercial HVAC services, has announced the expansion of its emergency repair services to better serve homeowners and businesses in New York City. With round-the-clock availability, expert technicians, and a commitment to customer satisfaction, the company ensures that HVAC and essential…
HVAC Repair Near Me: A Comprehensive Guide to Quality HVAC Services
Having a reliable HVAC system is essential for maintaining comfort in your home, especially during extreme weather. From routine maintenance to emergency repairs, knowing where to find HVAC repair near me ensures your system operates efficiently year-round. In this guide, we'll explore various HVAC services near me [http://fosterpandh.com/], their importance, and how Foster Plumbing & Heating can address your needs.
Why HVAC Systems Are CrucialThe Role of HVAC in Your Home
HVAC…
The HVAC Pump Market: Unlocking Efficiency of The Heart of HVAC Systems
When it comes to maintaining comfortable temperatures in our homes, offices, and industrial spaces, we often take it for granted that our heating, ventilation, and air conditioning (HVAC) systems work seamlessly in the background. But behind the scenes, there's a critical component that plays a pivotal role in ensuring our spaces are cool in the summer, warm in the winter, and well-ventilated year-round - the HVAC pump.
The Workhorse of HVAC…
"Driving the HVAC Industry: Exploring the Growing Market of HVAC Actuators"
HVAC actuators are crucial components of heating, ventilation, and air conditioning (HVAC) systems. They control the movement and position of various HVAC components, such as dampers, valves, and diffusers, to maintain the desired temperature and air quality in a building.
The global hvac actuators market size was valued at $3.9 billion in 2021, and is projected to reach $6.2 billion by 2031, growing at a CAGR of 4.6% from…
EDS's All-New HVAC Software Puts a Twist in the HVAC Industry
It's an expensive deal to keep a home warm, cool, and power rightly all the time. And it is a tedious job for the HVAC equipment providers to provide the right-sized HVAC solution without accurate heat or cooling load calculation. To address the challenges of the HVAC service providers, today, Energy Design Systems (EDS), a pioneered HVAC engineering solutions provider, has introduced EDS - a powerful HVAC software.
Today, Energy…
Automotive HVAC Technology Market 2018 by Type(Manual HVAC Systems, Automatic HV …
Automotive HVAC Technology MARKET
The market research report on the Global Automotive HVAC Technology Market presents an in-depth information about the various aspects of the market, on both global and regional scales, which provides a better understanding of the present market landscape. The growth of the Automotive HVAC Technology market has been driven by the soaring demand for Automotive HVAC Technology in the well-established and emerging regions, current technological advancements, and the…
