Automotive HVAC Market Growth, Size, Share, Trends Forecast Till 2023

[Ajit B]

Automotive HVAC Market Overview:

In its recently published research study, Market Research Future (MRFR) asserts that the global automotive HVAC market is booming and expected to expand exponentially over the review period, recording a significant market valuation and a modest 9% CAGR over the forecast period.

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Drivers and Restraints

The growth of the global automotive HVAC market is accountable for by several factors. In automobiles there is primarily a growing demand for thermal systems and automatic climate control features. In addition, in the urban sector, people drive long distances in their personal vehicles, and hence the need for HVAC is greater. Morevoer, global temperatures are rising due to global warming and climate change, which leads to increased demand for ambient temperatures inside the automobile. However, knowledge of the use of environmentally friendly refrigerants and automotive coolants in the HVAC system results in the need for sophisticated and technologically developed HVAC systems thus increasing their sales. In the Covid-19 period, the automotive sector experienced a severe decline in vehicle production and sales due to unusual lockdowns that slowed the growth of the economy around the globe. The shutdown steps further affected the supply chains for the automotive HVAC industry of the components and raw materials needed. The automotive HVAC sector has been significantly affected by a significant slowdown in trade between countries along with temporary closure of manufacturing facilities due to the growing pandemic situation. Industry players and contributors are committed to taking several operational safety measures which include regular health updates, temperature screening, and reconfiguring assembly lines to improve employee social distance. In addition, few manufacturers are also taking strict steps including voluntary blood testing to verify exposure to the virus to reduce the pandemic effects. The increasing awareness of the Covid-19 and the stringent measures taken by government agencies around the globe will substantially support the growth of the automotive HVAC product. The increasing impact of COVID-19 has placed immense pressure coupled with increased competition among industry players around the globe. This will further compel industry players to engage in strategic mergers and acquisitions to cope with the increasing pressure and deteriorating market revenue in the industry with survival.

Automotive HVAC Market: Segmental Analysis

On the basis of technology, the market is divided into manual and automatic.

Amid the component segment, the HVAC system is made up of components such as the Evaporator, Receiver/Drier, Condenser, Compressor, and the Expansion Device.

Regional Landscape

The geographic overview of the global market has been directed in four major regions, comprising Europe, North America, the Asia Pacific, and the rest of the world (Latin America, the Middle East and Africa). The Asia Pacific market is poised to duel this market 's growth. India and China are expected to have stable, rising economies that will drive the region's automotive industry. Japan is driving automotive innovation into the Asia Pacific market. Significant automobile sales are expected in this region due to the large population, increasing demand for passenger vehicles, rising middle-class per capita income and higher living standards. In addition to considerable humidity, the temperature is relatively high over this area, which requires the installation of HVAC systems for a pleasurable driving experience. The European region has quite a growing demand for the HVAC systems due to extreme low-temperature conditions continuing almost through the year.

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Competitive Scenario

The major market players operating in the global market as identified by MRFR are The Keihin Corporation (Japan), Sensata Technologies (U.S.), Johnson Electric Holdings Limited (Hong Kong), Calsonic Kansei Corporation (Japan), Valeo (France), and Denso Corporation (Japan). Hanon Systems (South Korea), MAHLE GmbH (Germany), Sanden Corporation (Japan), and Japan Climate Systems Corporation (Japan), are among the other players fueling the growth in this market.

About Market Research Future:

Market Research Future (MRFR) is a global market research firm that takes great pleasure in its services, providing a detailed and reliable study of diverse industries and consumers worldwide. MRFR's methodology integrates proprietary information with different data sources to provide the client with a comprehensive understanding of the current key trends, upcoming events, and the steps to be taken based on those aspects.

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