New York, Dec. 10, 2021 (GLOBE NEWSWIRE) — Automotive HVAC Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Automotive HVAC Market Research Information by Technology (Manual and Automatic), by Component (Evaporator, Compressor, Condenser, Receiver/Drier and Expansion Device), by Vehicle Type (Passenger Cars, LCV, and HCV) and regions – Forecast till 2030”,The global market will grow at a 7% CAGR by 2030, states the latest Market Research Future (MRFR) report.
Key Players
Eminent market players profiled in the global automotive HVAC market report include
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Sensata Technologies (U.S.)
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The Keihin Corporation (Japan)
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Calsonic Kansei Corporation (Japan)
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Sanden Corporation (Japan)
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Valeo (France)
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Denso Corporation (Japan)
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Hanon Systems (South Korea)
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MAHLE GmbH (Germany)
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Johnson Electric Holdings Limited (Hong Kong)
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Japan Climate Systems Corporation (Japan)
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Among others.
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Report Scope:
|
Report Attribute/Metric |
Details |
|
Market Size |
2030 : Significant value |
|
CAGR |
7% CAGR (2022-2030) |
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Base Year |
2021 |
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Forecast Period |
2022-2030 |
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Historical Data |
2019 & 2020 |
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Forecast Units |
Value (USD Million) |
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Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
|
Segments Covered |
Technology, Component, Vehicle Type |
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Geographies Covered |
North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
|
Key Vendors |
Sensata Technologies (U.S.), The Keihin Corporation (Japan), Calsonic Kansei Corporation (Japan), Sanden Corporation (Japan), Valeo (France) and Denso Corporation (Japan). Hanon Systems (South Korea), MAHLE GmbH (Germany), Johnson Electric Holdings Limited (Hong Kong) and Japan Climate Systems Corporation (Japan) |
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Key Market Opportunities |
· Increasing demand for thermal systems and automatic climate control features in the automobiles · global warming and climate change, global temperatures are rising |
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Key Market Drivers |
· Growing popularity of automatic automobile HVAC systems · Awareness regarding the use of environment friendly refrigerants and automotive coolants in HVAC system |
Story continues
Drivers
Growing Need for Thermal System to Boost Market Growth
The growing need for thermal system in cars will boost market growth over the forecast period. Thermal comfort is a vital factor while buying a car. Installing HVAC systems ensure for the passengers and drivers with an ambient thermal environment. Along with contributing to an improved thermal environment, an HVAC system also augments the efficiency of air conditioning, thus reducing fuel consumption.
Opportunities
Increase in Comfort and Safety to offer Robust Opportunities
The increase in need for comfort, safety, and aesthetic features has resulted in various technological advances in cars. An HVAC system ensures the passenger and driver with a comfortable ride. Besides, this system contributes towards dehumidifying air, demisting windshields, and defrosting windows that improve the passengers comfort.
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Restraints
High Maintenance Cost to act as Market Restraint
The high maintenance cost of HVAC systems and increasing adoption of public transport may act as market restraint over the forecast period.
Challenges
Noise Generated by HVAC Systems to act as Market Challenge
The noise generated by an HVAC system inside the car cabin which induces passenger discomfort may act as a market challenge over the forecast period. Clattering noises by such systems are produced owing to the interactions between airflow and HVAC components.
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Market Segmentation
The global automotive HVAC market has been bifurcated based on technology, component, and vehicle type.
By technology, the automatic segment will lead the market over the forecast period for increasing need for luxury vehicles and evolving consumer preferences. Besides, technological advances in HVAC technologies like fogging sensors, automatic temperature controls, and automatic air recirculation help in enhancing the performance of vehicles and reducing the overall fuel consumption.
By component, the compressor segment will dominate the market over the forecast period.
By vehicle type, the passenger cars will spearhead the market over the forecast period for the increasing need for private vehicles.
COVID-19 Analysis
The COVID-19 outbreak had a negative effect on the automotive HVAC market. Manufacturing activities had been shut down for the lockdown imposed via the governments of several countries. Besides, there is a shortage of raw materials due to disruption in supply chain. R&D activities have been stopped because factories have been shut. Further, the demand for such systems has declined because of pause in manufacturing activities. With lockdown restrictions easing off, manufacturers have started production activities with limited workforce and adopting safety measures in the factories. Auto conferences and auto expos have been either postponed or cancelled to stop gathering people.
Regional Analysis
APAC to Lead Automotive HVAC Market
The APAC region will lead the automotive HVAC market over the forecast period. China and India having growing economies, automotive innovation in Japan, large sales of automobiles, large population, growing need for passenger cars, increasing per capita income of the middle class, higher standard of living, and high temperature in the region with considerable humidity that demands the use of HVAC systems for a pleasurable driving experience are adding to the global automotive HVAC market growth in the region. Besides, large vehicle production levels in Japan, India, and China, spiraling vehicle requests in the manufacturing countries such as China, South Korea, and India, the growing need for people for safety and comfort, increase in vehicle production by foreign companies in Malaysia and Thailand, and increasing domestic production and increasing population are also adding market growth.
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North America to Have Admirable Growth in Automotive HVAC Market
North America will have admirable growth in the automotive HVAC market over the forecast period. Refining macroeconomic circumstances, growing manufacture of automobiles in the area, increasing per head earnings of the USA, as well as the growing need for luxury automobiles are adding to the global automotive HVAC market growth in the region.
Segmentation of Market covered in the research:
Automotive HVAC Market Research Information by Technology (Manual and Automatic), by Component (Evaporator, Compressor, Condenser, Receiver/Drier and Expansion Device), by Vehicle Type (Passenger Cars, LCV, and HCV) and regions – Forecast till 2030
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