New York, US, May 09, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Report by MRFR/Market Research Future (MRFR), “Automotive HVAC Market Information by Product Type, Operating Platforms, and Region - Forecast till 2030", By 2030, the Automotive HVAC market can rise from USD 52.10 billion in 2022 to USD 78.20 billion, recording a development rate of 7.00% between 2023 and 2030.
Automotive HVAC Market Overview
The HVAC (heating, ventilation, and air conditioning) system of a car is used to regulate the interior temperature. It consists of three subsystems, namely heating, cooling, and air conditioning, which work together to deliver filtered air to the car's interior and ensure the passengers' comfort in terms of temperature. It controls the air temperature, checks the amount of moisture in the air, and removes too much humidity from the airflow. The market for auto HVAC systems has risen as a result of rising demand for automated control features and growing public awareness of the benefits of using eco-friendly coolants in HVAC systems.
Market Competitive Landscape:
The affluent firms in the automotive HVAC industry are
- Sensata Technologies (U.S.)
- The Keihin Corporation (Japan)
- Calsonic Kansei Corporation (Japan)
- Sanen 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)
- Among others.
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COVID 19 Analysis
The COVID-19 pandemic has had a considerable effect on automotive HVAC supply chains, global trade, and industrial processes. The COVID-19 outbreak forced the manufacturers to either shut down the facilities or run them at less-than-ideal production levels, which reduced the amount of automotive HVACs produced. Manufacturing has also been held down by a scarcity of raw materials as a result of supply interruptions brought on by border and trade restrictions. However, a few significant market participants have kept running their factories. The poor end-use sector demand and the lowering cost of raw materials are further variables that have led to surplus stockpiles and decreased output.
Report Scope:
| Report Metrics | Details |
| Market Size 2030 | 2030: USD 78.20 billion |
| CAGR during 2022-2030 | 7.0% CAGR |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product Type, Operating Platforms, and Region |
| Key Market Opportunities | Due to global warming and climate change, there is an increasing need for thermal systems and autonomous climate control features in vehicles. |
| Key Market Dynamics | Increasing use of automated vehicle HVAC systems The use of environmentally friendly refrigerants and automotive coolants in HVAC systems is becoming more widely known. |
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Market USP Covered:
Market Drivers:
The HVAC markets for all automotive types have been considerably influenced by passenger car sales. In 2021, around 66.7 million automobiles were sold globally, up from 63.8 million in 2020. The global pandemic had an impact on every aspect of the economy, including vehicle sales, and strict lockdowns were put in place in several countries to restrict the virus' spread. As a result, fewer cars were sold in 2020 than in 2019—by a whopping 14.8%. However, as things have started to go back to normal, more cars are being sold globally, which will help the growth of the automotive steering sensor market in the years to come.
Modern HVAC and temperature control systems are part of the OEM's current offering as a result of these vehicle sales. The players in the Automotive HVAC market should benefit technologically from the rise in research and development in the automotive sector. These market players are applying cutting-edge Technology in automotive HVAC to develop new products that provide them a competitive edge in the industry. As a result, this element is fueling the market CAGR.
Furthermore, players' offerings and technological prowess are improved by technology advancements and ongoing expenditures in R&D projects. They are promoting the development of eco-friendly HVAC systems and energy-efficient systems, coupled with cutting-edge designs to make systems smaller and lighter for more dependable flexibility and improved vehicle performance.
Opportunities
Given the booming car production and demand in developing nations like China, India, and Japan, global businesses will discover enormous possibilities in the Asia Pacific region. Additionally, China and India's rising domestic output and population are fueling this region's market expansion. Asia Pacific's automotive sector is flourishing and is anticipated to take the lead soon. The China Association of Automobile Manufacturers estimates that in September 2018, China's automobile output grew from 1705200 units in August to 2024800 units.
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Market Restraints:
The market's expansion is hampered by factors like the high maintenance costs of the HVAC system. Additionally, the high cost of luxury automobiles and the environmental impact of the refrigerants used are other potential barriers to the expansion of the global automotive HVAC system market. However, attractive growth chances are provided by technological improvements, the use of eco-friendly refrigerants, the creation of less expensive HVAC systems, and unrealized potential in new countries.
Market Segmentation
By Technology
In terms of technology, there are two categories in the Automotive HVAC market segmentation: manual and automatic. The majority of the market growth for automotive HVAC is expected to be driven by the automated sector in the foreseeable future. The increasing demand for automatic HVAC systems in automobiles may be attributed to a variety of factors, including shifting consumer preferences and the growing appeal of luxury vehicles.
By Component
Evaporators, compressors, condensers, receivers/driers, and expansion devices are among the components that make up the Automotive HVAC market segmentation. Over the next years, the category of passenger vehicles, which presently has the largest market share, is expected to increase at the highest rate. Rising disposable income and the accessibility of various financing choices are two factors boosting demand for this category.
By Vehicle Type
Passenger Cars, LCVs, and HCV are among the vehicle types covered in the Automotive HVAC market segmentation. The compressor market, which makes up the majority of HVAC systems, accounted for a sizeable portion of the Automotive HVAC market in 2022 and is projected to expand significantly over the course of the forecast period. The compressor is a pump that is driven by a belt that is connected to the engine. The refrigerant gas in the system is compressed and transferred when its pressure and temperature are raised. It also helps to purify the air. Due to expanding global vehicle production and rising demand for HVAC systems, compressor demand is increasing.
Regional Insights
In 2022, the Asia Pacific Automotive HVAC market was valued at USD 22.30 billion, and it is anticipated to rise at a substantial CAGR throughout the research period. The Asia-Pacific region, the fastest-growing region globally, has had positive development and effects on the automotive HVAC industry. The Asia-Pacific Automotive HVAC market will increase significantly as a result of the close proximity of major manufacturers, the high volume of cars produced, and the growing demand for automobiles in the nations that produce them, such as China, South Korea, and India. To resurrect the auto sector, government actions must drive the Automotive HVAC market in the future year.
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The automotive HVAC market in North America, which has the second-largest market share as of 2022, is expected to expand fast in the years to come. The growth of the market in North America is attributed to the expansion of activities for research and development. The need for HVAC systems in the production of luxury vehicles is rising, which is fueling the expansion of the global auto HVAC system market. Additionally, the US Automotive HVAC market had the biggest market share, while the Automotive HVAC market in Canada was expanding at the quickest rate in the area.
The automotive HVAC market in Europe is anticipated to see the quickest CAGR between 2022 and 2030. This market has had great growth, and it is anticipated to do so in the future. Additionally, the German auto HVAC system market had the largest market share while the UK Automotive HVAC market expanded the fastest in Europe. Additionally, the UK auto HVAC system market had the biggest market share, while the Automotive HVAC market in Germany was expanding at the quickest rate in the area.
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