23 November, The global market for automotive HVAC (Heating, Ventilating, and Air Conditioning) was estimated at USD 12 billion in 2015 and is anticipated to grow at a CAGR of over 8 % over the forecast period (from 2016 to 2024). The growing production of the passenger vehicles along with the rising income levels is projected to augment the global market growth over the next few years.
Improved lifestyles and rising customer awareness about the energy-efficient products are projected to contribute towards the Automotive HVAC Market growth. Various technological improvements and innovations for cost-effective and efficient products are also driving the demands extensively. Negative impact on the economy of automobile fuel is likely to hinder the market growth; however, the effects of this restraint are said to decrease in the long term. The global HVAC market is categorized as applications, technologies, and regions.
The application sector involves Light Commercial Vehicles (LCVs), Heavy Commercial Vehicles (HCVs), and passenger cars. The passenger cars sector dominated the market in 2015 accounting for the revenue share of over 60 %. This is mainly because of the increasing demands for passenger vehicles along with the rising sales of luxury vehicles globally. Demands in the LCV sector is anticipated to grow at a CAGR of 8 % during the estimated years.
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The technologies segment comprises automatic and manual. The automatic systems sector led the automotive HVAC market in 2015 occupying over 60 % of the overall share. It is further projected to grow at a CAGR of 10 % during the forecast period. The manual systems are a common installation in budget vehicles. The advent of multi-zone systems makes it easier for vehicle manufacturers to modify and install better comfort features in their products.
Geographically, the U. S. market for automotive HVAC is expected to grow at a CAGR of over 8 % over the estimated years. The European market is also projected to boost nature-friendly technology demands in Europe due to the favorable initiatives by the government to control the energy consumption. The APAC region is expected to grow at a CAGR of 9 % over the next eight years.
Some of the major companies operating in the automotive HVAC market are Mahle Group; Denso Corp.; Hanon Systems; and Valeo S. A.
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