Press release
Automotive HVAC Market to Record an Exponential CAGR by 2020
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Present generation vehicles are equipped with many innovative technologies which differ in functions performed, cost and application. These features make the vehicle more comfortable for the traveler. Global Automotive HVAC market can be divided on the bases of vehicle type (passenger cars, LCVs (light commercial vehicles) and HCVs (heavy commercial vehicle) and technology component (automatic and manual). Passenger cars dominate the global automotive HVAC market due to increasing demand for private vehicles. In case of technology, automatic technology dominates over manual technology.
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Asia-Pacific has the largest market share for automotive HVAC market, followed by North America and Europe. Asia-Pacific region is expected to maintain its dominance in the coming future owing to larger vehicle production and demand in countries such China, India, and Japan. India and Chinese markets are expected to dominate global automotive HVAC market owing to their increasing population and increasing domestic production.
In current era, people spend a large portion of their time on road travelling in their private vehicle or other means of public transport. Hence rising amount of time spent by people in travelling is driving the global automotive HVAC market. Also, growing popularity of private vehicle over public transport is further expected to increase demand for automotive HVAC technology. Additionally, increasing income level coupled with wide choice of private financing has made it easy for the customers to spend more on private vehicle rather than traveling on public transport. This may further add on to the increasing demand of automotive HVAC technology especially in the developing nation such as India and China.
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Automotive HVAC market is dominated by established players. Some of the major companies operating in the global automotive HVAC market are Air International Thermal Systems, Brose GmbH & Co., Xiezhong International Holdings Limited., Valeo SA, Toyota Industries Corporation, Sanden Corporation, Keihin Corporation, Johnson Electric, Gentherm Inc., Denso Corporation, Delphi Automotive LLP., Calsonic Kansei Corporation, Japan Climate Systems Corporation and Visteon Corporation.
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