The global automotive HVAC market size is estimated to reach USD 28.95 billion by 2025, according to a study by Grand View Research Inc., expanding at a CAGR of 8.6% during the forecast period. The market is driven by increasing development of innovative, fuel-efficient, and eco-friendly HVAC solutions coupled with surging global demand for passenger vehicles. Rising disposable income and growing inclination towards more luxurious and comfortable travel are anticipated to foster the growth of the automotive HVAC market.
In
the current scenario, an automotive HVAC unit has become an integral part of
passenger vehicles, offering comfort features that influence consumer buying
behavior. Rising concerns regarding global warming are leading to an increase
in temperature levels, which in turn is resulting in increased demand for
enhanced interior environment and comfort. Technological innovations and
substantial investments in R&D activities are leading to the innovation of
fuel-efficient and eco-friendly HVAC units coupled with innovative designs to
lower the weight and size of systems for better adaptability.
Spiraling
demand for private vehicles owing to the flourishing car rental industry and
rising average time spent on vehicles is expected to boost the growth of the
market. Additionally, affordable automobile finance schemes and increasing
preference to use private vehicles rather than public transport can also favor
the growth of the automotive HVAC market. Asia Pacific is anticipated to
dominate the global market throughout the forecast horizon owing to the
presence of key automobile manufacturers coupled with a broader consumer base
boosting vehicle demand. Rising concerns about the environmental effects of
refrigerants and high maintenance costs can hinder the growth of the automotive
HVAC market.
For more info visit here: https://www.grandviewresearch.com/industry-analysis/automotive-hvac-market
Automotive HVAC
Market Report Highlights
- Passenger car
is likely to dominate the market through 2025. Increasing personnel
mobility needs and growing urbanization will contribute to the growth of
the segment
- Macroeconomic
conditions and regulations such as the mining ban in India may affect the
demand for Heavy Commercial Vehicle (HCV). Increasing demand for LCVs,
particularly in rural areas, is projected to supplement the growth of the
segment
- The
burgeoning popularity of electric or hybrid vehicles can also positively
influence the growth of the market. Increasing adoption of premium
automobile brands in countries such as India and China are estimated to
bolster the growth of the market
- Asia Pacific
is poised to progress at the highest CAGR during the forecast period owing
to the rising middle-class population and increasing disposable income.
There has been a sharp rise in the number of vehicles produced in China
over the last decade, with more than 23 million vehicle productions in
2014, which accounted for 27.0% of the global production
- The key
industry participants include Hanon Systems, Denso Corporation, Valeo
Group, Mahle Behr GmbH, and Japan Climate Systems Corporation
- Other
prominent vendors include Johnson Electric, Sanden Holdings Corporation,
Air International Thermal Systems, Engineered Plastic Components, Calsonic
Kansei, Brose Fahrzeugteile GmbH & Co. Kg, DelStar Technologies, and
Sensata Technologies.
About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
No comments:
Post a Comment