According to the report published by Zion Market Research, global demand for the automotive HVAC market was valued at approximately USD 17.20 Billion in 2019.
Automotive HVAC Market
According to the report published by Zion Market Research, global demand for the automotive HVAC market was valued at approximately USD 17.20 Billion in 2019 and is expected to generate revenue of around USD 28.54 Billion by end of 2026, growing at a CAGR of around 7.5% between 2020 and 2026.
HVAC is a heating, ventilation, and air conditioning technology that is used to maintain a pleasant environmental temperature inside the vehicle. The process of exchange and circulation of fresh air within a space is known as ventilation. Air conditioning is a process of shifting air in order to make indoor air more comfortable. The major advantage of an automotive HVAC system is that it provides a high level of comfort inside the vehicle for a longer duration. Previously, the use of HVAC automotive systems was a luxury, and not all cars were equipped with HVAC. However, it has now a mandatory feature in most vehicles because of the fundamental automotive safety and comfort requirements that are internationally recognized.
Factors such as increasing income levels and a rising middle-class population are expected to boost market growth in the future. Also, growing demand in the automotive sector is stimulating the market size of automotive HVAC. In addition, the automotive HVAC market is witnessing high demand owing to automatic temperature control features. Automotive HVAC system utilizes refrigerants which reduce concerns regarding safety; this, in turn, is anticipated to increase demand in the forthcoming years. The use of polluting refrigerants, to some extent, in the automatic HVAC market poses challenges to the thermal system. Furthermore, the implementation of geothermal pumps is expected to boost the global market growth in the coming years.
On the basis of technology, the global automotive HVAC market is segmented into manual HVAC systems and automatic HVAC systems. The automatic HVAC system dominates the market owing to the increasing adoption of technology by customers. Based on the components, the global market is segmented as a receiver, compressor, and expansion device. The compressor market is estimated to be the fastest-growing segment over the next six years. The compressors generate the flow of refrigerants and remove latent heat. Manufacturers are focusing on upgrading their product offerings to meet the rising energy standards and low GWP coolant requirements, expanding the market size of the industry. Further, the global automatic HVAC market is segmented on the basis of vehicle types as passenger vehicles, commercial vehicles, and heavy commercial vehicles. The passenger vehicle segment is influencing the market owing to an increase in the production of passenger vehicles.
Region-wise, the global market is segregated into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
|Historic Years||2018 - 2022|
|Forecast Years||2023 - 2030|
|Segments Covered||By Product Type, By Application, and By End Use|
|Forecast Units||Value (USD Billion), and Volume (Units)|
|Quantitative Units||Revenue in USD million/billion and CAGR from 2023 to 2030|
|Regions Covered||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World|
|Countries Covered||U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others|
|Number of Companies Covered||10 companies with scope for including additional 15 companies upon request|
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.|
|Customization Scope||Avail customized purchase options to meet your exact research needs.|
Asia Pacific has accounted for the major hunk of the global market share of the automotive HVAC industry. It is due to an increase in the number of vehicle production in developing countries such as India, and China. In addition, growing government support for the auto industry impacts the global market in a positive way. Moreover, North America and Europe are expected to grow at the fastest pace owing to the improving macroeconomic and production capacity.
Some main participants of the global automotive HVAC market are Johnson Electric, Air International Thermal Systems, Valeo SA, Visteon Corporation, Brose GmbH & Co., Keihin Corporation, Toyota Industries Corporation., Delphi Automotive LLP, Denso Corporation, Xiezhong International Holdings Limited, Sanden Corporation, Calsonic Kansei Corporation, Japan Climate Systems Corporation, and Gentherm Inc. among others.
Growing demand for automotive along with the increasing demand for thermal comfort is significantly influencing the global automotive HVAC market.
According to Zion Market Research, global demand for automotive HVAC market is expected to generate revenue of around USD 28.54 Billion by end of 2026, growing at a CAGR of around 7.5% between 2020 and 2026.
Asia Pacific has accounted the major hunk of the global market share of the automotive HVAC industry. It is due to increase in the number of vehicle production in developing countries such as India, and China.
Some main participants of the Automotive HVAC market are Johnson Electric, Air International Thermal Systems, Valeo SA, Visteon Corporation, Brose GmbH & Co., Keihin Corporation, and Toyota Industries Corporation. Other key players influencing the global market are Delphi Automotive LLP, Denso Corporation, Xiezhong International Holdings Limited, Sanden Corporation, Calsonic Kansei Corporation, Japan Climate Systems Corporation, and Gentherm Inc. among others.
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