Automotive HVAC Market Revenue Will Reach $27.5 Billion By 2024, Says Esticast Research & Consulting – The Manomet Current
According to the report “Automotive HVAC Market: By type (passenger and commercial vehicles (HCVs and LCVs), by technology (HVAC and manual HVAC), industry trends, estimate and forecast, 2016 – 2024The global automotive HVAC market was valued at $13.66 billion in 2016 and is expected to reach $27.5 billion by 2024, growing at a CAGR of 9.3% from 2017 to 2024. In 2016, the HVAC generated passenger car systems segment has the highest revenue share of $9.1 billion growing at a CAGR of 9.8% in the global automotive HVAC systems market. Among the major regions, the Asia-Pacific Automotive HVAC System Market was the highest revenue-generating market valued at $6.3 billion in 2016.
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“Countries grabbing the pace such as China, Japan, France and India are expected to see significant growth in the adoption of Automotive HVAC system technology. APAC will experience the fastest growth geographically in the overall automotive HVAC market thanks to the presence of a number of growing automotive manufacturing countries such as Japan and India.”
Some of the major market players operating in the industry include: Sensata Technologies Inc., Keihin Corporation, Calsonic Kansei Corporation, Sanden Holdings Corporation, Valeo, Denso Corporation, Hanon Systems, Johnson Electric Holdings Ltd, Japan Climate Systems Corporation and Mahle GmbH.
The passenger car segment is expected to lead the market over the forecast period
The passenger car segment was the largest application segment of the automotive HVAC system market in 2016. The development of the automotive market and the introduction of new vehicles with advanced technologies in the Asia-Pacific region is the key factor expected to drive the growth of the automotive HVAC system market. The transportation industry is one of the potential markets for HVAC systems. China is the leading auto-producing country in the world, followed by the US, Japan and Germany, driving the HVAC technology market in the respective regions.
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Automatic technology could capture more than 60% of the market by 2024
The automatic HVAC technology market is expected to lead the technology segment of the automotive HVAC systems market. The increasing demand for luxury cars with more comfort has led the manufacturers to upgrade their vehicles with an automatic HVAC system, which has caused the market to grow significantly. Automatic HVAC technologies such as automatic recirculation can reduce the fuel consumption of an HVAC system by 35% by recirculating air through the air conditioning system back into the cabin and minimizing the intake of fresh air while meeting air parameters that are set by the driver and/or system specifications. Therefore, the improved technology is expected to grow in the near future.
Light Commercial Vehicles lead the market at a CAGR of 8.3% over the forecast period
In the current scenario, commercial vehicles are also updated with the HVAC systems as per the current need or demand of the customers. Vehicles such as commercial taxis, mini trucks and mini school vans use HVAC systems to improvise their comfort level. Germany is the leading automotive manufacturer in Europe, and thus the leading market for HVAC technology, with a CAGR of 6.6% over the forecast period.
Asia-Pacific was the region with the highest revenue, with a market share of over 40% in 2016
In terms of geography, Asia-Pacific is the leading market, thanks to high car production in countries such as China, Japan, South Korea and India.
Asia Pacific is estimated to dominate the market at a CAGR of 10.5% over the forecast period, reflecting the increasing adoption of eco-friendly refrigerants and the large-scale production of commercial and passenger vehicles.
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Automotive HVAC System Market: Key insights
- The Asia-Pacific region is expected to have the fastest growth at a CAGR of 10.5% over the forecast period. The region generated revenue of $6.3 billion in 2016.
- Asia-Pacific Owns the Key Segment of the Automotive HVAC System Market
The passenger car segment is expected to see the highest growth at a CAGR of 9.8% over the forecast period (2017-2024)
- In Europe, Germany has the largest share of automotive HVAC systems.
- The light commercial vehicle segment is expected to see the highest growth at a CAGR of 8.3% over the forecast period.
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Mr Ashish Gedamkar
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