The Automotive HVAC Market was evaluated at $13.7 billion and forecasted to reach $27.5 billion by the end of 2024. The market is expected to grow at CAGR of 9.3%.
Further, the Passenger Car HVAC system segment generated the highest revenue share of $9.1 billion.
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Heating Ventilation and Air Conditioning (HVAC) is technology that provides temperature control by exchange of air to the outside as well as circulation of air within the space.
The automotive HVAC helps to manage and change the temperature within the automobile. Ventilation provides removal of dust, moisture, humidity, smoke, heat, bacteria & related gases, and eliminates moist and humid air as well as circulates fresh air inside the vehicle.
Improving the comfort level of the driver and passenger is the key function of the automotive HVAC system.
The exponential growth of automotive market is the key factor driving the global automotive HVAC market. Introduction of new vehicles, increasing demand for luxury comfortable cars, and increasing demand for cars which can endure extreme climatic conditions are the elements fueling the market.
Advance automatic temperature control is expected to be the secondary driving factor for global automotive HVAC system.
Lower fuel economy, high maintenance cost, and strict government regulations regarding refrigerant usage are some of the factors that hinder the growth of the global automotive HVAC market. Technological advancements, changing customer preferences, use of eco-friendly refrigerants, and development in motor vehicle production are key opportunities in the industry.
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The market is identified by rapid technological developments and with presence of several international vendors. The market is witnessing intense competition and the competition is further expected to increase owing to new entry or original equipment manufacturers (OEM).
Acquisitions and new product innovation are key strategies adopted by market leaders to improve their market offering. For instance, Mahle Group acquired Delphi Automotive’s thermal business to improve its market presence, in July 2015.
Global HVAC market is segmented on the basis of type, technology, and geography. By type the market is bifurcated into passenger cars and commercial vehicles (HCVs and LCVs).
By technology, it is segregated into automatic HVAC and manual HVAC. Based on geography the market is segmented into North America, Europe, APAC, and Rest of World.
Key players profiled are Calsonic Kansei Corporation, Denso Corporation, Hanon Systems, Japan Climate Systems Corporation, Johnson Electric Holdings Ltd, Keihin Corporation, Mahle GmbH, Sanden Holdings Corporation, Sensata Technologies Inc., and Valeo.
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Automotive HVAC Market Segmentation
The market is segmented on the basis of Type, Technology and Geography.
- Passenger Cars
- Commercial Vehicles
- Heavy Commercial Vehicles (HCVs)
- Light Commercial Vehicle (LCVs)
- Automatic HVAC
- Manual HVAC
- North America
- Rest of Europe
- South Korea
- Rest of APAC
- Rest of the World
- Latin America
- Middle East
Key Market Vendors
- Calsonic Kansei Corporation
- Denso Corporation
- Hanon Systems
- Japan Climate Systems Corporation
- Johnson Electric Holdings Ltd
- Keihin Corporation
- Mahle GmbH
- Sanden Holdings Corporation
- Sensata Technologies Inc.
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