September 24, 2019
According to the recent study, titled as ‘Global Automotive HVAC Market Growth 2019-2024’ available at MarketStudyReport.com, the global automotive HVAC market is estimated to accumulate US $27400 million by the year 2024.
Automotive HVAC where HVAC stands for heating, ventilation and air conditioning systems is a system that consists of three sub-systems working jointly to provide conditioned air to the cabin. The heating part in Automotive HVAC can raise the temperature inside the car utilizing the heat from the engine. The ventilation section moves and regulates the air inside the cabin. The air condition part removes the heat from the car by cooling and dehumidifying the air with the help of refrigerant.
The global automotive HVAC market is fragmented on the basis of product type as standalone HVAC and dependent HVAC. While based on application, the market is segmented into compact vehicle, premium vehicle, sport utility vehicle, mid-sized vehicle, commercial vehicle and luxury vehicle.
With the rapid development of automotive industry in the recent years, the automotive HVAC market has experienced immense growth. Several automotive companies have established manufacturing plants in China in recent years. This has encouraged the HVAC manufacturers to shift their production bases to China to meet local demand, thereby driving the regional market growth.
Moreover, China automotive HVAC market is expected to grow dominantly over the forecast period, owing to increasing advancements in the field, along with the rising sales of vehicles.
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As per the study, the global automotive HVAC market is predicted to register a revenue-based growth of 3.2% CAGR by the year 2024. The report also offers an in-depth insight about the market drivers, trends and challenges impacting the global market outlook.
The key players operating automotive HVAC market profiled in the report comprise of DENSO, Hanon Systems, Valeo, Bergstrom, Sanden USA, Air International Thermal Systems, and Johnson Electric among others.