Global automotive HVAC market is estimated to reach approximately USD 31,907 million by 2026, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2018-2026.
Rising demand for passenger and commercial vehicles worldwide along with growth in the automobile industry will drive automotive HVAC market size over the projected timeline. In 2017, the passenger vehicle segment dominated the global industry, cites the study.
The demand for luxury vehicles has also enhanced significantly over recent years. With increasing consumers demand for comfortable and efficient vehicles along with rising product penetration across developing economies, the automotive HVAC market will garner substantial growth over the forecast period.
Growing awareness regarding use of eco-friendly products and rising demand for environmentally friendly refrigerants has encouraged market players to develop efficient automotive HVAC systems. Emergence of new markets and evolving consumer demographics, as well as stringent government regulations, would likely provide growth impetus to the automotive HVAC market.
Speaking of regional contribution, Asia-Pacific accounted for the highest market share in 2017. Factors like established automotive industry, growing demand for passenger vehicles, and rising technological advancements have accelerated demand for automotive HVAC systems across the region.
Governments in the region have introduced stringent norms regarding vehicular emissions and safety owing to growing environmental concerns. Moreover, economic growth and rising demand in countries like India and China will further support adoption of automotive HVACs in the region.
Expansion of international players into emerging countries mainly to enhance market reach will boost regional market size. Increasing environmental concerns will further boost the demands for environment friendly refrigerants across the region. Moreover, adoption of geo-thermal heat pumps will propel APAC automotive HVAC market growth.
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Renowned firms operating in automotive HVAC market include Valeo S.A., Sensata Technologies, Inc., Delphi Automotive Plc, Air International Thermal Systems, Johnson Electric Holdings Ltd., Sanden Corp., Visteon Corp., Brose Fahrzeugteile GmbH & Co. Kg, Xiezhong International Holdings Ltd., and Mahle Behr GmbH.
To gain a competitive lead, companies are constantly launching new products in the market. They are also actively engaged in collaborations with other key players to develop new products that can effectively meet customer demands and requirements. The company profiles of leading players are summarized in the report alongside their business overview, product benchmarking, financials, and recent developments.
The report offers a brief overview of automotive HVAC market with respect to Porter’s five forces, industry trends, market forces, ecosystem analysis, competitive ranking analysis, and PEST analysis. It also provides an extensive quantitative and qualitative analysis of potential trends and growth prospects in automotive HVAC market between 2018-2026.