Demand of Passenger Vehicle HVAC Market Share is Growing and Will Reach USD 17,745 Million by 2026: Facts & Factors

Demand for Passenger Car HVAC Market Share Grows to Reach USD 17,745 Million by 2026: Facts and Factors

According to the Fact and Factors Market Research report, the global passenger vehicle HVAC market was approximately USD 10,045 million in 2019. The market is expected to grow at a CAGR of 9% and is expected to reach approximately USD 17,745 million by 2026.

According to the Facts and Factors Market Research report, the global Passenger car HVAC market in 2019 was about USD 10,045 million. The market is expected to grow at a CAGR of 9% and is expected to reach approximately USD 17,745 million by 2026.

HVAC stands for heating, ventilation and air conditioning. It cools, cleans, regulates heat, dehumidifies and ventilates the air entering the cabin. This all depends on electronic sensors and on operator input. Passenger vehicle HVAC systems monitor various cabin air parameters, such as temperature and humidity set by the driver or system specifications. The types of HVAC for passenger cars are manual and automatic. This HVAC is used in cars such as SUVs, sedans and many more.

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Top market players

  • Hanon Systems
  • Denso
  • Valeo
  • MAHLE Behr
  • The sand
  • Calsonic Kansei

The demand for HVAC systems is increasing as they are used to cool and heat a passenger car. In addition, these systems inspect the moisture content in the air, regulate the air temperature and eliminate excessive humidity from the circulating air. These factors have increased the growth of the target market. However, the use of HVAC systems contributes to pollution of the environment. This factor is expected to hinder the growth of the target market over the forecast period. Nevertheless, the increasing popularity of automatic HVAC systems in developed economies is expected to create lucrative growth opportunities over the forecast period.

In terms of type, the target market is categorized as manual and automatic. Of these, the automatic category is expected to be the dominant one. These HVAC systems help maintain the humidity in the car. In addition, the systems provide an individual living climate for the residents.

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As for the application, the target market is categorized as SUV, sedan and others. From these categories, the demand for sedans is growing strongly. Individuals mainly use taxis such as Uber, Lyft, Hailo and OLA services.

The report study further includes an in-depth analysis of the market shares of industry players and provides an overview of the market position of leading players in the passenger car HVAC industry. Key strategic developments in the competitive landscape of the passenger car HVAC market, such as acquisitions and mergers, inaugurations of various products and services, partnerships and joint ventures, MoU agreements, VC and financing activities, R&D activities and geographic expansion among other notable activities by key players of the passenger car HVAC market are appropriately highlighted in the report.

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Passenger car HVAC systems provide automatic climate control features that have fueled the growth of the target market. In addition, several other factors such as increasing safety concerns and increasing demand for thermal systems have fueled the growth of the target market.

In addition, the introduction of environmentally friendly refrigerants has led to the development of the target market. Nevertheless, the rapid growth of the passenger car market in emerging economies over the forecast period is expected to create lucrative growth opportunities for the target market.

Region-wise, the target market is segmented as North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. These regions are expected to dominate the target market in Asia-Pacific. India is one of the fastest growing markets for business taxi services. There is also an increase in promotional activities by taxi companies.

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This report segments the passenger car HVAC market as follows:

Global Passenger Vehicle HVAC Market: Analysis by Type

Global Automotive HVAC Market: Analysis by Application Segmentation:

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