The global automotive HVAC market is anticipated to grow at CAGR of ~6% over the forecast period, i.e., 2022 – 2030. The market is segmented on the basis of vehicle type, into passenger vehicle, commercial vehicle, and others, out of which, the passenger vehicle segment is anticipated to garner the largest share in the market over the forecast period, owing to the increasing sale of passenger vehicles. According to the report of the International Organization of Motor Vehicle Manufacturers, out of the 77.97 vehicles sold in 2020, only 24.3 million vehicles were commercial, while over 53.5 million were passenger vehicles.
Research Nester published a report titled “Automotive HVAC Market: Global Demand Analysis & Opportunity Outlook 2030″ which delivers detailed overview of the global automotive HVAC market in terms of market segmentation by component, vehicle type, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global automotive HVAC market is estimated to witness growth on account of increasing sales of vehicles, along with rising demand for comfort in the vehicles. As people are spending more time in their vehicles, it is important for the vehicles to be comfortable and well ventilated. This is expected to boost the demand for HVAC systems in automobiles in the upcoming years. Moreover, increasing technological development and innovation is also foreseen to boost the market growth.
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On the basis of geographical analysis, the global automotive HVAC market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in the Asia Pacific region is estimated to garner a significant market share over the forecast period, owing to the presence of major automobile manufacturers in the region. Along with this, the sale of vehicles is increasing owing to the growing population of the region, which is further estimated to boost the market growth.
The research was global in nature and conducted in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa). In addition, areas like Market size, Y-O-Y growth & Opportunity Analysis, market players competitive study, investment opportunities, demand for future outlook etc. have been covered and displayed in the research report to ensure it dives deep to achieve strategic competitive intelligence in the segment.
Rising Demand for Comfort in Vehicles to Boost the Market Growth
The global production of automobiles crossed 75 million units in 2020.
HVAC, or heating ventilation and air conditioning system is an essential part of automobiles, as it provides safety and comfort to the passenger. The adoption of HVAC system in vehicles is increasing owing to the rising demand for comfort in the vehicle. Moreover, the increasing production of cars is projected to directly impact the demand for HVAC systems in automobiles.
“The Final Report will cover the impact analysis of COVID-19 on this industry.”
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However, increasing prominence of public transport is expected to operate as key restraint to the growth of the market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global automotive HVAC market which includes company profiling of Sanden Holdings Corporation, Visteon Corporation, Marelli Holdings Co., Ltd., BorgWarner Inc., Halla Climate Control Corp., MAHLE Behr GmbH & Co. KG, Robert Bosch GmbH, Continental AG, VALEO, Denso Corporation, and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global automotive HVAC market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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