According to a recent report published by Allied Market Research, titled, Automotive HVAC System Market by Technology, Vehicle Type and Component: Global Opportunity Analysis and Industry Forecast, 2020–2027." The global automotive HVAC system market was valued at $43.370 billion in 2019, and is projected to reach $68.188 billion by 2027, registering a CAGR of 5.8% from 2020 to 2027. By technology, the automatic technology segment was the highest revenue contributor in 2019, accounting for $24,623.57 million, and is estimated to reach $39,545.37 million by 2027, registering a CAGR of 6.1% during the forecast period. In 2019, Asia-Pacific was anticipated to account for major market share.
The Asia-Pacific region is dominating the market in term of revenue, followed by Europe, North America, and LAMEA. In Asia-Pacific, China dominated the automotive HVAC system market in 2019, whereas India is expected to grow at a significant rate during the forecast period.
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HVAC is the technology that is used for automotive cabin comfort for maintaining a pleasant temperature an ambient indoor condition in the vehicle. It is used to facilitate and manage the favorable and pleasant conditions inside the cabin by controlling the degree of the temperature. The basic operation of the HVAC system is convection and conduction. Heat is transferred from the region of low-temperature to the region of high-temperature in the vehicle due to pressure difference. Evaporator, condenser, compressor, and others are the major components of the HVAC system.
Consumers are increasingly spending on more comfort and luxury features in vehicles, propelling OEMs to integrate high-quality climate control systems. Manufacturers are investing in RD to offer product differentiation in their products such as compact and lightweight HVAC systems. For instance, Denso has developed a novel COA HVAC based on a new blower structure that offers a reduction in heat required by the system by 30%, reducing size and power consumption by 20%. This will enable the company to offer HVAC systems to its clients, providing both environmental performance and energy efficiency. In addition, the growing concerns in consumers regarding indoor air quality are further creating several growth prospects for the automotive HVAC system market.
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The automotive HVAC system market is driven by factors such as increase in vehicle production, rise in disposable income, and surge in sales of luxurious vehicles in developing countries. Moreover, increasing demand for thermal system and automatic climate control features in automobile is also propelling to the growth of automotive HVAC system market. However, high maintenance cost of HVAC system restrains the growth of the market. Furthermore, adoption of eco-friendly refrigerants and production of cheaper HVAC systems provides lucrative growth opportunity for the player operating in the automotive HVAC market.
Key Findings of the Study:
- In 2019, by technology, the automatic type segment generated the highest revenue.
- In 2019, by vehicle type, the electric vehicle segment was the highest revenue contributor.
- In 2019, by component, the compressor segment was the highest revenue contributor.
- In 2019, region-wise, Asia-Pacific contributed the highest revenue, followed by Europe, North America, and LAMEA.
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The key players analyzed in the report include Denso Corporation, Valeo services, Hanon Systems (HVCC), Calsonic Kansei Corporation, Sanden Holdings Corporation, Mahle GmbH, Johnson Electric, Sensata Technologies, Inc, Keihin corporation and Air International Thermal Systems.