Automotive HVAC Market: Current Analysis and Forecast (2022-2028)
$3999 – $6999
Emphasis on Technology Type (Manual and Automatic); Vehicle Type (Passenger Vehicle, Light Commercial Vehicle, and Heavy Commercial Vehicle); Component Type (Evaporator, Compressor, Condenser, Expansion valve and Others); and Region/Country
Global Automotive HVAC Market is expected to grow at a significant rate of around 6% during the forecast period 2022-2028. The global automotive HVAC (heating, ventilation, and air conditioning) market is expected to grow in the coming years due to increasing demand for passenger comfort and the need to meet regulatory emissions standards. The HVAC system is an essential component in any vehicle and is responsible for maintaining the desired temperature inside the cabin. The growth of the market is driven by the increasing production of vehicles, advancements in technology, and rising consumer demand for premium and luxury vehicles. The advent of electric vehicles has also led to the development of innovative HVAC systems, which are more energy-efficient and eco-friendly. Overall, the global automotive HVAC market is expected to grow in the coming years due to the increasing demand for comfort and safety features in vehicles, as well as the need to meet emissions regulations.
Air International Thermal Systems, DENSO CORPORATION, Hanon Systems Marelli Corporation, Johnson Electric Holdings Limited., Keihin., MAHLE GmbH, SANDEN CORPORATION, Sensata Technologies, Inc. and VALEO SERVICE are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst technology type, automatic category to witness higher CAGR during the forecast period”
Based on type, the market is segmented into automatic and manual. The growth rate of the automatic category in the automotive HVAC market is likely higher because automatic HVAC systems offer convenient temperature control, making the driving experience more comfortable for drivers and passengers. Additionally, automated HVAC systems have become more advanced, with features like climate control, automatic temperature adjustment, and programmable settings. These advancements have increased the popularity of the automatic category. Furthermore, automated systems are more energy-efficient, which is driving their growth in the market. The increasing demand for electric vehicles (EVs) is also contributing to the growth of the automatic category in the automotive HVAC market.
“Amongst vehicle type, the commercial vehicle to hold a significant share in the market in 2020”
On the basis of vehicle type, the market is categorized into passenger vehicle, light commercial vehicle, and heavy commercial vehicle. Among these, the heavy commercial vehicle category typically has a higher growth rate in the automotive HVAC market. The automotive HVAC industry has seen significant technological advancements in recent years, which has resulted in the development of more efficient and compact HVAC systems that can be easily installed in heavy commercial vehicles. Additionally, The growing e-commerce and logistics industry has led to an increased demand for heavy commercial vehicles, which has in turn driven the growth of the automotive HVAC market.
“North America to hold a significant share in the market”
North America holds a significant share of the global automotive HVAC market for several reasons, which include this region being home to some of the largest automotive manufacturers in the world, such as General Motors, Ford, and Tesla, which drives demand for HVAC systems in the region. Consumers in North America have a high purchasing power, which allows them to purchase high-end vehicles equipped with advanced HVAC systems. Additionally, North American countries, particularly the United States, have strict emission regulations that have encouraged the adoption of advanced HVAC systems to control vehicle cabin temperature and improve fuel efficiency. The region has been a leader in the development of new technologies for automotive HVAC systems, and this has further fueled demand for these systems. All of these factors have contributed to the growth of the automotive HVAC market in North America, making it a significant player in the global market.
Automotive HVAC Market Report Coverage
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
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|2.1.||Research Process of the Automotive HVAC Market|
|2.2.||Research Methodology of the Automotive HVAC Market|
|5||IMPACT OF COVID-19 ON THE AUTOMOTIVE HVAC MARKET|
|6||AUTOMOTIVE HVAC MARKET REVENUE (USD BN), 2020-2028F|
|8.2.||Light Commercial Vehicle|
|8.3.||Heavy Commercial Vehicle|
|10.1.3.||Rest of North America|
|10.2.6.||Rest of Europe|
|10.3.4.||Rest of Asia-Pacific|
|10.4.||Rest of World|
|12||AUTOMOTIVE HVACMARKET OPPORTUNITIES|
|13||AUTOMOTIVE HVACMARKET TRENDS|
|14.1.||Demand Side Analysis|
|14.2.||Supply Side Analysis|
|15||VALUE CHAIN ANALYSIS|
|16.1.1.||Porters Fiver Forces Analysis|
|17.1.||Air International Thermal Systems,|
|17.5.||Johnson Electric Holdings Limited.,|
|17.9.||Sensata Technologies, Inc.|
Research Methodology for the Automotive HVAC Market Analysis (2022-2028)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global automotive HVAC market were the three major steps undertaken to create and analyze the adoption of automotive HVAC in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global automotive HVAC market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the automotive HVAC market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the automotive HVAC market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as technology type, vehicle type, and component type. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the automotive HVAC market. Further, we conducted factor analysis using dependent and independent variables such as various technology type, vehicle type, and component type of automotive HVACs. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the automotive HVAC market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global automotive HVAC market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the automotive HVAC market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global automotive HVAC market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global automotive HVAC market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of technology type, vehicle type, and component type in the global automotive HVAC market.
The main objective of the Global Automotive HVAC Market Study
The current & future market trends of the global automotive HVAC market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the automotive HVAC market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of technology type, vehicle type, and component type.
- Define and analysis of the regulatory framework for the automotive HVAC
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the automotive HVAC market for the major region.
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
- Company profiles of the automotive HVAC market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry