New York, US, Sept. 12, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Report by MRFR/Market Research Future (MRFR), “Automotive Electronics for HVAC Systems Market Research Report Information by Sales Channel, Vehicle Type, Component, and Region - Forecast Till 2032”, the Automotive Electronics for HVAC Systems market is predicted to expand substantially during the evaluation era from 2022 to 2032 at a sizable CAGR of closely 5.7%. The study documents suggest projections related to the global market's mounting revenue data, which will likely attain a market of USD 58.12 Billion by the end of 2032. As per the reports, the market was priced at almost USD 33.52 Billion in 2022.
Automotive Electronics for HVAC Systems Market Scope:
The Automotive Electronics for HVAC Systems market has recently advanced. The main feature causing a rise in market performance is the increased aftermarket and OEM demand across the continents.
Competitive Analysis
The list of the top leaders across the global Market for Automotive Electronics for HVAC Systems includes players such as:
- Mahle GMBH
- Infineon Technologies AG
- Denso Corporation
- Hanon Systems
- Valeo Group
- Texas Instruments Incorporated
- Continental AG
- Keihin Corporation
- Sensata Technologies Management Co., Ltd.
- Sanden Holdings Corporation
- STMicroelectronics
- Johnson Electric Holdings Limited
- Calsonic Kansei Corporation
- Among others.
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Automotive Electronics for HVAC Systems Market USP Covered
Market Drivers
The Automotive Electronics for HVAC Systems market has recently advanced. The main feature causing a rise in market performance is the increased aftermarket and OEM demand across the continents. Furthermore, the technological advancement in climate control modules within the global automotive industry is also believed to be one of the vital parameters enhancing the development of the global market. Moreover, the rising research & development abilities among key players in the market are also projected to positively impact the global market's development over the coming years.
Automotive Electronics for HVAC Systems Market Restraints
On the contrary, various aspects may harm expanding the global market for Automotive Electronics for HVAC Systems. One of the main restraints in advancing the market's growth is the elevated prices allied with raw materials.
Report Scope:
| Report Metrics | Details |
| Market Size 2032 | 2032: USD 58.12 Billion |
| CAGR during 2023-2032 | 5.7% CAGR |
| Base Year | 2021 |
| Forecast | 2023-2032 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Component, Vehicle Type, Sales Channel, and Region |
| Key Market Opportunities | Promising growth potential of 'electric powered’ and smart vehicles industry Technological innovation and R&D by key market players |
| Key Market Dynamics | Flourishing demand for luxury and comfort features in the automotive industry Availability of affordable HVAC systems and increased travel safety Growing global prevalence of automotive aftermarket |
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COVID-19 Impact
The COVID-19 pandemic has massively impacted the majority of industry sectors all around the world. The global health hazard has not only impacted public health but also caused a severe disruption in industrial operations of almost all kinds. The global market for Automotive Electronics for HVAC Systems is no different than others. The restriction on manufacturing facilities from various end-use sectors has caused a major fall in revenue figures for the global market. On the contrary, with the market operations getting back on track, the market is anticipated to grow substantially over the review era.
Segment Analysis
Among all the components, the sensor segment ensured the leading position across the global market for automotive electronics for HVAC systems in 2022, with the largest contribution of around 52.5%. HVAC sensors can be used for various operations to improve system performance. An automotive HVAC system can be found with air conditioner sensors, several temperature sensors, and furnace sensors, eventually guaranteeing health and safety.
Among all the vehicle types, the Passenger Cars segment ensured the leading position across the global market for automotive electronics for HVAC systems in 2022 with the largest contribution of around 69.0%. Passenger cars are motor vehicles with at least four wheels, utilized to move passengers, with no more than eight seats, including the driver's seat. The constant growth in demand for passenger vehicles has caused international automobile manufacturers to boost their production capacities, per the International Organization of Motor Vehicle Manufacturers (OICA).
Among all the sales channels, the OEM segment ensured the leading position across the global market for automotive electronics for HVAC systems in 2022, with the largest contribution of around 77.4%.
Regional Analysis
The study offers market data by region for North America, Asia-Pacific, Europe, and the Rest of the World.
The study documents by MRFR entail that The Asia-Pacific region ensured the prime position across the Automotive Electronics for HVAC Systems market in 2022, with a maximum share of about 52.3%. The area is recognized for dynamic development contributors such as China, India, and Indonesia. The primary aspect boosting the development of the regional Automotive Electronics for HVAC Systems market is the increasing affordable vehicle production and continuous demand for HVAC systems. Furthermore, factors such as raw materials, availability of low-cost labor, and high-cost reductions are also likely to positively impact the development of the regional market over the review era.
The European Region is estimated to hold the second position across the Automotive Electronics for HVAC Systems market over the assessment era. The area is recognized for dynamic development contributors such as Germany, France, and the U.K. The primary aspect boosting the development of regional Automotive Electronics for the HVAC Systems market is the increasing adoption of Electric vehicles coupled with the extreme climate conditions in this region. Furthermore, the increasing aging passenger vehicles and the presence of leading manufacturers such as Behr-Hella Thermocontrol GmbH, Valeo Group, Denso Corporation, and Mahle Group are also likely to have a positive impact on the development of the regional market over the review timeframe.
The North American Region will grow at the maximum CAGR across the Automotive Electronics for HVAC Systems market from 2023 to 2032. The area is recognized for dynamic development contributors such as Mexico, Canada, and the U.S. The primary aspects boosting the development of regional Automotive Electronics for the HVAC Systems market are the increasing adoption of vehicle safety & efficiency technologies, an increasingly growing market of electric vehicles, and the expected volume of automotive production.
The Automotive Electronics for HVAC Systems market for the Middle East, Africa, and South American regions is likely to grow substantially over the coming years, given aspects such as the increasing adoption of thermal & climate control features, highly extreme climatic conditions, changing lifestyle in the Middle East and increased disposable income.
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