Global Automotive HVAC Market: Snapshot
With increasing demand for taxi services such as Uber, Sidecar, Ola and Lyft, the global automotive HVAC market is expected to grow at a healthy pace. These car rental services have recognized the importance of the customer experience and therefore made air conditioning an important part of their services. As several manufacturers have worked to reduce the weight and size of vehicle components, the market for automotive HVAC systems is expected to evolve significantly. In addition, pressure sensors for air conditioning are being developed. This is expected to lead to a reduction in the cost of manufacturing HVAC systems.
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The global demand for passenger cars has multiplied rapidly. Automobile manufacturers are installing high-efficiency HVAC systems in luxury and mid-range to entry-level cars. Growing consumer disposable income in countries such as Brazil, India, China, Nigeria, Malaysia, Indonesia, Singapore and Thailand is helping the global automotive HVAC market expand. Favorable government initiatives to revitalize the automotive industry make it easier for manufacturers to expand their presence. For example, the Indian government has announced that it will automatically allow 100% foreign direct investment (FDI) in the automotive sector. Leading automotive companies such as BMW, Audi, Lamborghini, Ferrari, Mercedes and Porsche concentrate on equipping customer-friendly and tailor-made HVAC systems. Mergers, partnerships, product innovations, acquisitions and collaborations are becoming increasingly important among market participants. These business strategies will increase overall sales in the global Automotive HVAC market.
Global Automotive HVAC Market: General Overview
The global HVAC market for motor vehicles used to be characterized by the premium function of an air conditioning and heating system in cars. However, with the advancement of automotive technology and the demand for high-end cars, the HVAC system became standard equipment already provided by car manufacturers. First launched in the 1960s, HVAC systems are installed to control the temperature in a car cabin, although they are also used indoors. The automatic climate control of an HVAC system meets the needs of car owners for luxury and comfort in cool and hot weather.
Global Automotive HVAC Market: Key Segments
In terms of components, the international automotive HVAC market is divided into expansion devices, receivers or dryers, heat exchange devices, and compressors. According to the vehicle type, they are segmented into heavy commercial vehicles (HVCs), light commercial vehicles (LCVs) and passenger vehicles. Manual and automatic are the two important segments into which the market is technologically divided. Geographically, the market can be divided into Asia Pacific, North America, Europe and the rest of the world.
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Global Automotive HVAC: Key growth factors and few challenges
The increasing demand for value for money in terms of luxury automobiles and fuel efficiency is expected to be a prominent growth driver for the global automotive HVAC market. Similarly, the increasing adoption of premium cars and the demand for unparalleled comfort are likely to fuel the rate of growth in the market. Additionally, the increased time owners spend in their automobiles and the increased traction of private vehicles compared to those used for public transportation have contributed to the growth of the automotive HVAC market.
On the other hand, the complexities associated with HVAC system technology and technological changes have slowed the growth of the global automotive HVAC market to some extent.
However, a growing population base around the world is becoming familiar with HVAC systems by raising awareness of technology. This will greatly help the automotive HVAC market surpass its limitations.
Global Automotive HVAC Market: Geographical Outlook
The Asia-Pacific region is expected to be the land of opportunity for suppliers in the automotive sector due to the massive vehicle production in China, India, Japan and other countries. Indeed, Asia Pacific is expected to emerge as the largest region in the global automotive HVAC market. With the fastest growing segments like India and South Korea, as well as leading countries like China and Japan in terms of auto manufacturing, Asia Pacific is expected to secure its unrestricted position in the automotive HVAC market for years to come. While the Asia-Pacific region is forecast to grow at a huge CAGR, North America will see stable growth due to rising consumer income levels and the rapid recovery from the economic crisis.
Global Automotive HVAC Market: Company Profiling
New entrants to the global automotive HVAC market have piqued the curiosity and interest of end users even though few players previously dominated. Some of the key companies expected to lead the market are Calsonic Kansei Corporation, Inalfa Roof Systems Group BV, Eberspacher Climate Control Systems Gmbh & Co., Toyota Industries Corporation, Johnson Electric Holdings Ltd. , Air International Thermal Systems, Keihin Corporation, Japan Climate Systems Corporation, Brose Fahrzeugteile GmbH & Co.Kg, Delphi Automotive Plc, Denso Corporation, Sanden Corporation, Gentherm Inc., Behr GmbH. & Co. Kg. And Imasen Electric Industrial Co., Ltd.
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