Rockville, Jan. 30, 2023 (GLOBE NEWSWIRE) — As per a new report published by Fact MR, a market research and competitive intelligence provider, that the automotive HVAC market had a valuation of US$ 43.3 Billion in 2022, and it is anticipated to hit a value of US$ 68.2 Billion by 2032, registering a CAGR of 4.6% during the forecast period (2022-2032).
The automotive goods and supply chain market were severely impacted by the pandemic. Travel restrictions and lockdowns resulted in a slowdown in the demand and sales of passenger vehicles, which directly affected the HVAC market. However, after the pandemic; industry operations, and workforce for infotainment manufacturing companies have regained pace. Earlier, the use of automotive HVAC systems was considered a luxury and a special feature, and not all automobiles were fitted with HVAC. Now it is an inbuilt feature in every automobile owing to the basic automotive safety and comfort standards accepted globally.
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|Historical Data||2023 – 2032|
|Value Projection (2032)||US$ 68.2 Billion|
|Growth Rate (2022-2032)||4.6 % CAGR|
|No. of Pages||170 pages|
|No. of Tables||101 Tables|
|No. of Figures||79 Figures|
Key Takeaways from the Market Study
- By technology, the automotive technology segment was highest revenue generator in 2022, accounting for US$ 24.6 Billion
- The APEJ market to hold more than 30% market share by the end of 2032
- Increasing population, urbanization and rise in disposable income are going to propel the sales of automotive HVAC systems.
- North America and Europe accounted for approximately 40% of global Automotive HVAC market share in 2021.
- The compressor segment accounted for the highest market share of 37.5% in 2021.
- Passenger car HVAC accounted for approximately three-quarters of the overall revenue in 2022
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Vendors and contractors in the automotive HVAC market are focusing on launching new products with advanced features to gain a competitive edge in the market, also the vendors are highly focused on strategies of mergers and collaborations.
- In 2015, Mahle Group acquired Delphi Automotive’s thermal business to expand its market penetration and product offering. Delphi Automotive was recognized as top five industry players and this acquisition has poised to give a competitive edge to Mahle Group over other competitors
- Airedale by Modine, the critical cooling specialists, has launched its Cooling System Optimizer solution – an advance controls package that delivers superior performance across entire chilled water-cooling systems in large data centers, in response to industry demand for sustainable, stable and safe cooling as facilities move towards multifaceted variable flow primary-only chilled water systems.
Major Automotive HVAC Suppliers
- Sensata Technologies
- The Keihin Corporation
- Calsonic Kansei Corporation
- Sanden Corporation
- Denso Corporation
- Hanon Systems
- MAHLE GmbH
- Johnson Electric Holdings Limited
- Japan Climate Systems Corporation
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Key Segments Profiled in the Automotive HVAC Market :
- By Type :
- Passenger Cars
- Light Commercial Vehicle (LCV)
- Heavy Commercial Vehicles (HCV)
- By Technology :
- By Component :
- Expansion Device
- By Region :
- North America
- Latin America
- Asia Pacific excluding Japan (APEJ)
- Middle East & Africa (MEA)
More Valuable Insights
Fact.MR, in its new offering, presents an unbiased analysis of the automotive HVAC market, presenting historical demand data (2017-2021) and forecast statistics for the period of 2022-2032.
The study indulges essential insights on the market on the basis of vehicle type (passenger cars, light commercial vehicle and heavy commercial vehicle), technology (manual and automatic), and component (evaporator, condenser, receiver/drier and expansion device) across six major regions (North America, Latin America, Europe, APEJ, Japan and Middle East & Africa).
Check out more related studies published by Fact.MR Research:
Automotive HVAC Ducts Market: According to latest research by Fact.MR, automotive HVAC Ducts market is set to a sound growth during 2021-2031. The sales is expected to grow between CAGR of 3% to 6% by value during 2021-2031
Automotive Cabin Insulation Market: Growing urbanization & industrial activities coupled with up gradation of living lifestyle and an increase in demand for luxury and comfort vehicles in many countries, is further augmenting the sales of automotive cabin insulation.
Automotive Knee Airbags Market: According to a study by Fact.MR, the global automotive knee airbags market is expected to experience steady growth. The market is projected to reach US$ 182.5 million revenue by the end of 2022.
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