The future of automotive heating, ventilation, and AC (HVAC) market is witnessing a positive change, with the upgraded living standards of consumers, exponentially influencing the growth of automobile industry. The rising concern of the catastrophic environmental effects from car carbon emissions is also pushing the automakers to incorporate highly customized HVAC systems in the vehicle, thereby propelling the market growth. According to Global Market Insights, Inc., “Automotive HVAC market having had a revenue of USD 12.44 billion in 2015, is forecast to surpass USD 23.19 billion by 2023, increasing at a CAGR of 8.2% over the period 2016-2023.” Furthermore, incessant efforts undertaken by key market players globally to offer energy efficient, cost effective, and consumer friendly cars is providing ample opportunities for the automotive HVAC industry to prosper.
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In-depth analytical overview of automotive HVAC market based on technologies, applications, and regions over 2016-2023:
- Automatic systems and manual systems are the two-major technological segmentations of the market. Automatic HVAC systems covered more than 60% of the overall industry in 2015 and is expected to register the highest annual growth rate of 9.4% over the forecast span. The growth prospect can be credited to lower fuel consumption and high level of comfort that these automated systems provide. Manual systems market will exhibit moderate growth owing to their cost effectivity.
- Passenger cars is the one of the most prominent application sectors driving the overall automotive HVAC industry. Rapid urbanization leading to increasing consumer demand for luxurious vehicles such as hybrid or electric cars is stimulating the overall market dynamics. Passenger cars applications led the global revenue in 2015, with a coverage of 60% of the total volume. Light commercial vehicles (LCVs) are also integrating HVAC systems. It is estimated that HVAC market from LCV application will grow substantially at a CAGR of 7.9% over 2016-2023.
- Based on global trends, Europe automotive HVAC industry is set to consume 20% of the total market over the forecast timeframe, driven by the large-scale vehicle production in this region and favorable regulatory initiatives to control energy consumption. Asia Pacific automotive HVAC market also had a considerable share of the global revenue in 2015, and is expected to grow significantly in the coming timeframe with a striking annual growth rate of 9% over the period 2016-2023.
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Although continuous upgradation of motor vehicles is playing an instrumental role in pushing automotive HVAC industry, economizing the system operation without hampering the consumer comfort is the prime focus area for the key market players. Some of the prominent industry participants include Denso, Mahle Group, Hanon Systems, and Valeo.
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