Latin America Automotive HVAC Market size and forecast, 2014-2020
There are three major factors driving the growth of Latin America automotive HVAC market which are, development in automobile market across the globe, increasing climate change and rising awareness for sophisticated features in vehicles. All these factors are expected to drive growth of automotive HVAC market for the forecast period. However, fuel economy, high maintenance and environmental concerns are some of the inhibitors impacting the automotive HVAC market growth.
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The global automotive HVAC market value is expected to grow two fold from 2014 to 2020. Emerging economies such as Asia, Eastern Europe and Latin America are expected to exhibit higher adoption rate of automotive HVAC systems in passenger and commercial vehicle market, which is expected to offer a higher growth potential for the global automotive HVAC market. In coming years, BRIC nations especially India and China is expected to witness the highest growth rate in global automotive HVAC market, due to increasing adoption of premium range passenger cars, whereas other developing countries such as Brazil and Russia are expected to witness decentgrowth.
The Latin America automotive HVAC market is geographically segmented into four key regions which are, Argentina, Brazil, Mexico and Others. Brazil automotive HVAC market is predominant in Latin America automotive HVAC market, followed by Mexico and Argentina. Brazil automotive HVAC market is projected to maintain its dominance for the forecast period with a significant CAGR, due toincreasing production and sales of vehicles and government initiatives forthe rapid development of automotive component industry.
On the basis of technology type, Latin America automotive HVAC market is segmented into manual HVAC system and automatic HVAC system. The automatic feature dominates the Latin America automotive HVAC market, due to ease of operation and increased acceptance of the technology among consumers.In terms of type ofcomponents,Latin America automotive HVAC market is segmented as heat exchanging equipment, receiver/drier, compressor and expansion device. In terms of vehicle types, the Latin America automotive HVAC market is segmented into passenger vehicle segment and commercial vehicle segment. The commercial vehicle segment is dominated by Mexico, whereas passenger vehicle segment by Brazil. The automotive HVAC passenger vehicle segment in Brazil is expected to maintain its dominance for forecast period due to significant growth of passenger vehicle production.
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HVAC systems in vehicle is considered as product differentiator vehicle luxury quotient. Some of the R&D focus areas of automotive HVAC market are improving fuel efficiency, reducing environmental effect and lowering the weight of HVAC system. Recently, Halla Visteon Climate Control Corp. inaugurated its new production facility in Atibaia, in the state of São Paulo, Brazil to achieve localization opportunity and enhanced customer support. The major players in Latin America automotive HVAC market are Denso Corporation, Delphi Automotive PLC, Visteon Corporation, ValeoSAand Behr GmbH. & Co. Kg.
In future, technology advancement will likely to offer additional features such as more fuel efficient HVAC systems with enhanced comforts. These developments are also expected to create impressive business opportunities for automotive market on global platform.
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