New York, US, May 02, 2022 (GLOBE NEWSWIRE) — Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Automotive HVAC Market” information by Technology, by Components, by Vehicle Type and Region – Forecast to 2030” market size to grow at a compound annual growth rate of 7% by 2030.
Market Scope:
HVAC (Heating, Ventilation, and Air Conditioning) is the technology used in automobiles to maintain a comfortable temperature and internal environment. The temperature inside the car is modified to a degree in relation to the ambient temperature. As a result, HVAC aids in maintaining comfortable interior temperatures, allowing drivers to stay in their vehicles for extended periods of time. The mechanism comes in handy when the ambient temperature is either excessively hot or too cold, causing discomfort to the vehicle’s occupants. Previously, using an automotive HVAC system was considered a luxury, and not all cars were equipped with one. However, due to universal acceptance of basic automotive safety and comfort requirements, it is now a must-have component in every vehicle.
Dominant Key Players on Automotive HVAC Market Covered are:
- Sensata Technologies (U.S.)
- The Keihin Corporation (Japan)
- Calsonic Kansei Corporation (Japan)
- Sanden Corporation (Japan)
- Valeo (France)
- Denso Corporation (Japan)
- Hanon Systems (South Korea)
- MAHLE GmbH (Germany)
- Johnson Electric Holdings Limited (Hong Kong)
- Japan Climate Systems Corporation (Japan)
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Market USP Exclusively Encompassed:
Market Drivers
The global automotive HVAC industry is growing as a result of a number of factors. For starters, demand for thermal systems and autonomous temperature control technologies in autos is expanding. Second, in the urban sector, individuals travel large distances in their personal autos, necessitating a greater demand for HVAC. Third, as a result of global warming and climate change, world temperatures are rising, increasing demand for ambient temperatures inside vehicles. Furthermore, increased awareness of the usage of environmentally friendly refrigerants and automotive coolants in HVAC systems increases demand for advanced and technically advanced HVAC systems, resulting in increased sales.
Efficient HVAC systems maintain proper vehicle temperatures, which can improve passenger comfort, fuel economy, and other factors. The usage of automated air conditioning, which automatically controls cabin temperature regardless of outside air temperature and humidity, is also boosting the vehicle HVAC market’s growth. As a result, the worldwide automotive HVAC market is expected to develop due to rising demand for thermal comfort and increased penetration of automatic HVAC systems in automobiles.
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Several technological developments in vehicles have resulted from increased demand for safety, comfort, and aesthetic qualities. HVAC systems offer a pleasant ride for both the driver and the passenger. In addition, the technology aids in defrosting windows, demisting windshields, and dehumidifying air, all of which improve passenger comfort. The system’s safe and clean operation removes future risk issues. As a result, the automotive HVAC market is expected to develop due to an increase in safety due to the adoption of HVAC systems that provide safe and comfortable conditions inside the car cabin.
Players’ products and technological capabilities will be enhanced by technology advancements and significant investments in R&D projects. Furthermore, the adoption of environmentally friendly refrigerants and the development of less expensive HVAC systems create profitable growth prospects for the automotive HVAC market’s participants.
Market Restraints:
However, the market’s expansion is hindered by the high maintenance costs of HVAC systems. The HVAC system unit is both expensive to install and repair in the event of a breakdown. The installation of an HVAC unit in a car raises the overall cost of the vehicle. Compressors, condensers, evaporators, and other components make up an automotive HVAC system. Regular maintenance is required to keep these components in excellent operating order, which is somewhat costly. The compressor is the most expensive component in the system, and it requires adequate refrigerant and upkeep to avoid early compression failure. As a result, the global automotive HVAC market’s expansion is expected to be hampered by the high maintenance costs of the total components of the HVAC system.
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Segmentation of Market Covered in the Research:
The market is divided into two categories based on technology: manual and automatic.
The Evaporator, Compressor, Condenser, Receiver/Drier, and Expansion Device are among the components that make up the HVAC system.
The market is divided into three types of vehicles: passenger cars, light commercial vehicles, and heavy commercial vehicles.
Regional Analysis
The market is divided into four regions: North America, Asia Pacific, Europe, and the Rest of the World
The market’s expansion is likely to be fueled by the Asia Pacific region. The automobile market in this region will be driven by India and China, both of which have strong developing economies. In terms of automotive innovation, Japan leads the Asia Pacific market. Due to the region’s vast population, rising demand for passenger vehicles, rising middle-class per capita income, and improving standard of life, considerable automobile sales are projected. In addition to the high humidity, the temperature in this area is rather hot, necessitating the usage of air conditioning systems for a pleasant driving experience.
Due to intense low-temperature conditions that last practically the entire year, the European region has a strong need for HVAC systems.
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COVID-19 Impact on the Global Automotive HVAC Market
The recent COVID-19 pandemic slowed the growth of the automotive HVAC sector, as passenger vehicle sales fell across the board. Previously, using an automotive HVAC system was considered a luxury, and not all cars were equipped with one. Due to universal acceptance of basic automotive safety and comfort standards, it is now a required feature in every vehicle.
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