Automotive HVAC Market: Segmented: By Vehicle Type (Passenger Car, Commercial Vehicle, Electric Vehicle), By Technology (Automatic, Manual), By Component (Evaporator, Compressor, Condenser, Receiver-Drier, Expansion Valve, Others), And Region - Global Analysis of Market Size, Share & Trends For 2021-2022 And Forecasts To 2031
[ 170 + Pages Research Report ] Automotive HVAC Market to surpass USD 53.3 Billion by 2031 from USD 28.9 Billion in 2021 at a CAGR of 6.3% in the coming years, i.e., 2021-31.
HVAC stands for Heating, Ventilation, and Air Conditioning. It controls and maintains the humidity, temperature, and purity of the air in a closed space. By regulating the heating and cooling in cars, it gives comfort in a variety of weather conditions. The driver has the option of manually or automatically controlling the HVAC system.
Automotive HVAC market is expected to project a notable CAGR of 6.3% in 2031.
The market for automotive HVAC is expanding as a result of rising consumer disposable income, rising demand for personal vehicles, rising automotive production, rising R&D expenditures, and government restrictions.
The Passenger Car segment to grow with the highest CAGR during 2021-31
The Automotive HVAC market is classified on the basis of Vehicle Type into Passenger Car, Commercial Vehicle, and Electric Vehicle. The segment for passenger cars has the largest market share and is anticipated to grow at the fastest rate over the projection period. The variables that are driving up demand for this segment include things like rising disposable income and the availability of different financial options.
The Automatic segment to grow with the highest CAGR during 2021-31
Based on Technology, the Automotive HVAC market is fragmented into Automatic and Manual. In 2018, automatic systems will command a sizeable portion of the car HVAC industry. One of the key drivers of industry growth is the rising need for high levels of cabin comfort and usability. Temperature and humidity sensors must be installed inside the car cabin for automatic systems to change the temperature based on the needs of the passengers.
Flourishing Automotive Industry and Demand for Luxury Cars
Growing consumer discretionary income in both developing and industrialized nations has led to a significant demand for high-end luxury vehicles, which has increased automotive production. The demand for HVAC systems in the vehicles has increased as a result of integrated features such as automated climate control and air purification features. The market for automotive HVAC is also expanding as a result of rising sales of passenger automobiles brought on by consumer desire for personal vehicles and rising concerns over their comfort and safety.
Increasing Research and Development and Government Regulations
The growth of the market is being driven by a surge in research and development activities in the automobile industry to improve the technological capabilities of the manufacturers. Along with rising sales of electric vehicles, the quick adoption of environmentally friendly refrigerants and the development of lightweight, compact HVAC systems with energy-efficient performance to meet strict government restrictions will further accelerate the growth of the automotive HVAC market.
High Maintenance and Replacement Costs
Due to the high expenses involved, consumers bear a heavy weight of HVAC system maintenance and part replacement. Additionally, the noise that vehicle HVAC systems make makes customers uncomfortable and restrains the market's expansion.
The Automotive HVAC market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. Due to the presence of top automakers and rising customer demand for luxury vehicles, Asia Pacific is expected to see the highest CAGR during the projection period. The increase in living standards, as well as the expansion of vehicle sales and production in the area, are credited with driving up demand for automobiles.
The Covid-19 pandemic has had a negative impact on all major economies and businesses worldwide. Many businesses have been shut down as a result of the stringent implementation of lockdowns and travel restrictions. Vehicle sales and international supply chains have been hampered by the unusual issues brought on by the coronavirus. Numerous products have been delivered with a significant delay. The Automotive HVAC Market was negatively impacted by Covid-19. However, the market for automotive HVAC is anticipated to expand steadily over the course of the projection period as a result of the easing of limitations and travel prohibitions as well as economies recovering from the epidemic.
Automotive HVAC is further segmented by region into:
Automotive HVAC Market Segments:
|Market size value in 2021
|USD 28.9 Billion
|Revenue forecast in 2031
|USD 53.3 Billion
|CAGR of 6.3% from 2021 to 2031
|Base year for estimation
|Revenue in USD million and CAGR from 2021 to 2031
|Revenue forecast, company ranking, competitive landscape, growth factors, and trends
|Vehicle Type, Technology, Component, and Region
|North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)
|Key companies profiled
|Air International Thermal Systems, Denso Corporation, Hanon Systems, Calsonic Kansei Corporation, Johnson Electric Holdings Limited, Keihin Corporation, Mahle Gmbh, Sanden Holdings Corporation, Sensata Technologies, Valeo Service, and Other Prominent Players.
Automotive HVAC market size was estimated at USD 28.9 Billion in 2021 and is expected to reach USD 53.3 Billion in 2031.
The newest technology, HVAC, delivers heat, ventilation, and air conditioning to keep a building's temperature stable inside an organization.
The Passenger Car segment accounted for the largest Automotive HVAC market share among others.
Key players in the Automotive HVAC market are Air International Thermal Systems, DENSO CORPORATION, HANON SYSTEMS, CALSONIC KANSEI CORPORATION, JOHNSON ELECTRIC HOLDINGS LIMITED, KEIHIN CORPORATION, MAHLE GmbH, SANDEN HOLDINGS CORPORATION, SENSATA TECHNOLOGIES, VALEO SERVICE, and Other Prominent Players.
The market for automotive HVAC is primarily driven by the thriving automotive sector, the demand for luxury vehicles, rising R&D, and government requirements.
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