Global Statistics Representing Automotive HVAC Market Scenario
HVAC stands for heating, ventilation, and air conditioning. In computing and mainly in corporation data centers, HVAC structures manipulates ambient environment and have to be planned for and operated in combination with other center components including cabling, fire protection, data storage, computing hardware, physical security system, and power. The selection of HVAC contractor is an essential step planning a data center. HVAC system is major purpose is to provide thermal and acceptable air condition within the vehicle. Additionally, it enables in managing temperature (warm/cold) for interior surrounding of car and accordingly offers ambient comfort for on-board passengers.
Global automotive HVAC market is mainly driven by some of major factors including automatic climate control features, rising demand for thermal system, increasing safety concerns, and adoption of eco-friendly refrigerators. Rising sale of vehicles and preference towards safety and luxury are other factors propelling growth of global market during forecast period 2019–2026. Additionally, Growing demand for private vehicles due to rising rental industry and increasing average time spent in vehicles is estimated to fuel the market growth. In todays world, people spend more time on road travelling in their private vehicle or other means of public transport. Therefore, increasing amount of time spent on travelling by people is driving growth of global market. Furthermore, increasing popularity of private vehicle over public transport is further expected to raise the demand of market.
Global automotive HVAC market was valued at USD 23.96 billion in 2018 and is expected to reach USD 46.32 billion by 2026 at a CAGR of 8.59 % during the forecast period, 2019–2026.
Global automotive HVAC market is segmented into technology, vehicle-type, and region.
Based on technology, market is segmented into manual and automatic. Automatic segment is expected to hold major share during the forecasted period owing to ease of operation and increased acceptance of technology among the consumers.
On the basis of vehicle type, market is segmented into cars and commercial vehicles. Commercial vehicles are sub segmented into light commercial vehicles and heavy commercial vehicles. Cars segment is expected to dominate global automotive HVAC market growth due to increasing demand for private vehicles. Additionally, increasing production of passenger car vehicle is expected to drive this segment.
Geographically, global automotive HVAC market is segmented into five major regions such as North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Asia Pacific is expected to lead largest market share for global automotive HVAC market followed by North America and Europe during the forecast period 2019–2026. This is attributed to increasing vehicle production and demand in developing countries such as China, India, and Japan. Additionally, increasing population and domestic production in India and China is thereby propel the growth of market in this region. Automotive industry in Asia Pacific is achieving a grate position and is expected to lead in near future. According to China Association of Automobile Manufacturers, it is estimated that production of car in China increased to 2024800 Units in September from 1705200 Units in August of 2018.
North America is expected to witness a considerable growth during the forecasted period owing to rapid recovery from economic crisis and increasing income levels of people in this region. Increasing motorized technology especially in countries such as U.S. and Mexico are likely to boost global automotive HVAC market. Additionally, growing buyers for the luxury vehicles in North America is propelling global automotive HVAC market.
Latin America is projected grow significantly during the forecasted period. This is attributed to increasing production & sales of vehicles in region. Government initiatives for the quick development of automotive industry especially in Brazil is propelling global automotive HVAC market in this region. According to Brazilian Association of Automobile Manufacturers (Anfavea), production of motorized industry increased to 6.2% in year 2017. On the other hand, Middle East & Africa is experiencing a steady growth rate owing to less disposable income and poor technological developments.
Some of the major player in global automotive HVAC market are Air International Thermal Systems (Australia), Brose GmbH & Co. (Germany), Xiezhong International Holdings Limited. (China), Valeo SA (France), Toyota Industries Corporation (Japan), Sanden Corporation (Japan), Keihin Corporation (Japan), Johnson Electric (Hong Kong), Gentherm Inc. (U.S.), Denso Corporation (Japan), Delphi Automotive LLP. (Republic of Ireland), Calsonic Kansei Corporation (Japan), Japan Climate Systems Corporation (Japan) and Visteon Corporation (U.S.)
Automotive HVAC Market Segmentation