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The global Automotive Heating, Ventilation, and Air Conditioning (HVAC) Market is flourishing, according to Market Research Future (MRFR), and is anticipated to grow rapidly throughout the review period, registering a sizeable market valuation and a modest 7% CAGR over the projection period.
Drivers and Restraints
The growth of the global Automotive Heating, Ventilation, and Air Conditioning (HVAC) Market is accountable for by several factors. In automobiles there is primarily a growing demand for thermal systems and automatic climate control features. In addition, in the urban sector, people drive long distances in their personal vehicles, and hence the need for HVAC is greater. Moreover, global temperatures are rising due to global warming and climate change, which leads to increased demand for ambient temperatures inside the automobile. However, knowledge of the use of environmentally friendly refrigerants and automotive coolants in the HVAC system results in the need for sophisticated and technologically developed HVAC systems thus increasing their sales.
In the Covid-19 period, the automotive sector experienced a severe decline in vehicle production and sales due to unusual lockdown that slowed the growth of the economy around the globe. The shutdown steps further affected the supply chains for the Automotive Heating, Ventilation, and Air Conditioning (HVAC) industry of the components and raw materials needed. The Automotive Heating, Ventilation, and Air Conditioning (HVAC) sector has been significantly affected by a significant slowdown in trade between countries along with temporary closure of manufacturing facilities due to the growing pandemic situation.
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Competitive Scenario
- Sensata Technologies (U.S.)
- The Keihin Corporation (Japan)
- Calsonic Kansei Corporation (Japan)
- Sanden Corporation (Japan)
- Valeo (France)
- Denso Corporation (Japan)
- Hanon Systems (South Korea)
- MAHLE GmbH (Germany)
- Johnson Electric Holdings Limited (Hong Kong)
- Japan Climate Systems Corporation (Japan)
Industry players and contributors are committed to taking several operational safety measures which include regular health updates, temperature screening, and re configuring assembly lines to improve employee social distance. In addition, few manufacturers are also taking strict steps including voluntary blood testing to verify exposure to the virus to reduce the pandemic effects. The increasing awareness of the Covid-19 and the stringent measures taken by government agencies around the globe will substantially support the growth of the Automotive Heating, Ventilation, and Air Conditioning (HVAC) product. The increasing impact of COVID-19 has placed immense pressure coupled with increased competition among industry players around the globe. This will further compel industry players to engage in strategic mergers and acquisitions to cope with the increasing pressure and deteriorating market revenue in the industry with survival.
Segmental Analysis
Automotive Heating, Ventilation, and Air Conditioning (HVAC) Technology Outlook
- Manual
- Automatic
Automotive Heating, Ventilation, and Air Conditioning (HVAC) Component Outlook
- Evaporator
- Compressor
- Condenser
- Receiver/Drier
Automotive Heating, Ventilation, and Air Conditioning (HVAC) Vehicle Type Outlook
- Passenger Car
- LCV
- HCV
Regional Landscape
The geographic overview of the global market has been directed in four major regions, comprising Europe, North America, the Asia Pacific, and the rest of the world (Latin America, the Middle East and Africa). The Asia Pacific market is poised to duel this market 's growth. India and China are expected to have stable, rising economies that will drive the region's automotive industry. Japan is driving automotive innovation into the Asia Pacific market.
Significant automobile sales are expected in this region due to the large population, increasing demand for passenger vehicles, rising middle-class per capital income and higher living standards. In addition to considerable humidity, the temperature is relatively high over this area, which requires the installation of HVAC systems for a pleasurable driving experience. The European region has quite a growing demand for the HVAC systems due to extreme low-temperature conditions continuing almost through the year.
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