Automotive Climate Control System Market 2017 Segmented by Type, By Application, End Users and Region- Market Overview, Analysis & Forecast to 2023

Market Research Future published a research report on “Automotive Climate Control System Market Research Report- Forecast 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.

Global Automotive Climate Control System Market Information by Technology (Automatic and Manual), By Vehicle Type (Passenger Vehicle and Commercial Vehicle), and Region - Forecast To 2023

Market Highlights

The surge in demand for electric vehicle is expected to directly compliment the increasing demand in the automotive climate control market. Increasing electrification of automobiles was one of the main factors that created a market for climate control in automobiles in the first place. Development of advanced electric and hybrid vehicles will further provide growth prospects in this market. However, capital intensive market is the major restraint that could hinder the market.

Market Synopsis

The automotive climate control market is completely dependent on the automobile industry. Thus, the increasing or decreasing demand of the automotive industry directly has an impact on the market. The total four wheeler production across the globe, in 2015, was almost 90 million units and is expected to witness further boost and reach more than 100 million units, by the year 2020. This results as a primary factor driving the growth of the automotive climate control market, as the climate control system of the automobiles have gained prevalence, in the recent times, with technological developments and rapidly increasing disposable income among the consumers. Thus, the growth of the automotive climate control system market is expected to go hand in hand with the automotive industry.

Also, the gradually changing consumer preference has played a major role in automotive climate control system market. Over time with the stabilization of socio economic conditions of individuals led to gradually increasing disposable income. With the rising disposable income individuals over time could afford to prioritize comfort. Over time consumers in the automotive industry focus on additional features such as climate control, pedestrian detection and blind sport detection along with the aesthetic features of the vehicle.

Climate control in automotive is mean to provide comfortable sitting environment inside the vehicles. Over the last few years, the increase in the use of air condition in automotive has pushed the demand for automotive climate control in the global market. Automotive climate control is mainly refers as the integrated HVAC system in vehicles. In 2016, the global automotive climate control system market was valued at USD 9,461.7 million.

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Manufactures of the automotive industry have been able to tap in these additional revenue streams by adding these features in vehicles and in turn creating a significant market for the automotive climate control market. Through technological development manufacturers are focusing on making such features more user friendly and thus pushing the demand in the automotive climate control market.

Based on vehicle type, the passenger vehicle market segment accounted for 63% of the global market in 2016. With the increase in income levels the passenger vehicle market segment has witnessed a significant rise in production and sales, which resulted in a number of developments of the market. For instance, In January 2014, Denso Corporation developed a new automotive climate control unit, which can be used for a wide variety of vehicles, ranging from compact to luxury cars. The increasing need of passenger’s comfort, changing preferences and life style, rapid urbanization, emerging economies, and several other factors have resulted in the growth of the market in the passenger vehicles. Therefore, the passenger vehicle segment is expected to grow at the highest CAGR, during the forecast period.

On the other hand, the commercial vehicle market segment comprised of almost 37% of the global market. Due to the rise in commercial vehicles for shipping operations, the market segment is expected to witness a rapid growth, during the forecast period. The cut throat competition in the automotive industry has resulted in major manufacturers offering integrated climate control system in commercial vehicles and entry level and budget vehicles, in order to acquire a greater market share and thus rendering the products of other competitors obsolete. The availability of such features in commercial vehicles will result in the new revenue streams for the manufacturers of these system. As a result, it is expected that the market would grow at a CAGR of 11.98%, during the forecast period.

The key players in global automotive climate control system market are Valeo S.A. (France), Sanden Corporation (Japan), Hanon system (South Korea), Denso Corporation (Japan), Eberspächer Group (Germany), Bergstrom Inc. (U.S.), Mahle GmbH (Germany), Calsonic Kansei Corporation (Japan), Keihin Corporation (Japan) and Air International Thermal system (Australia).

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