The global automotive HVAC market size is anticipated to reach USD 22.12 billion by 2022, according to a new study by Grand View Research, Inc.
Price, energy efficiency, and technological advancement are key factor affecting buying behavior. Development of eco-friendly solutions owing to rising environmental concerns and lower the carbon footprints is expected to provide competitive advantage to industry players.
Industry players make huge investment in research and development to enhance their offering and gain competitive edge for instance; initiatives are taken to lower weight and size of system for better adaptability Increasing demand for private vehicle owing to growing car rental industry and rising average time spent in vehicles is anticipated to boost industry growth. Additionally, easy automobile finance schemes may also favor the global market.
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Further key findings from the study suggest:
- Passenger car segment is expected to witness increase in demand owing to improving road infrastructure worldwide and is estimated to grow at a CAGR of around 8% over the forecast period. Increasing personnel mobility needs and growing urbanization is expected to boost passenger HVAC demand over the forecast period. Popularity of electric or hybrid vehicle is also anticipated to contribute to the overall revenue growth.
- Macroeconomic condition and regulation such as mining ban in India may affect the demand of Heavy Commercial Vehicle (HCV). Increasing LCVs demand particularly in rural areas is expected to open new growth opportunities for the segment growth.
- Asia Pacific automotive HVAC market is estimated to show growth owing to rising middle class population and increasing disposable income. Presence of developing economies such as India and China is expected to boost industry growth over the next seven years. Increasing adoption of premium automobile brands in developing nation such as India and Brazil may also provide growth opportunities for industry players.
- According to Valeo Group, number of vehicle produced in China has doubled since 2007, with more than 23 million vehicle productions in 2014, which accounted for 27% of global production. North America automotive HVAC market is anticipated to grow at a CAGR of over 7.5% from 2015 to 2022.
- The key industry participants include Denso Corporation, Hanon Systems, Mahle Behr GmbH, Valeo Group and Japan Climate Systems Corporation. Other prominent vendors include Air International Thermal Systems, Sanden Holdings Corporation, Calsonic Kansei, DelStar Technologies, Brose Fahrzeugteile GmbH & Co. Kg, Engineered Plastic Components, Johnson Electric, and Sensata Technologies.
- In October 2015, Aotecar New Energy Technology Company Ltd acquired Air International Thermal Systems to offer integrated air-conditioning systems to automobile manufacturers. In December 2013, Air International Thermal Systems and Tata Toyo Radiator Limited signed a joint venture to provide HVAC systems to the Indian automotive industry.
- In February 2015, Delphi entered into a definitive agreement with MAHLE GmbH to sell its thermal business for USD 727 million. This acquisition has helped Mahle Group to increase its market penetration and enhance its technological capability.
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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.
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