Climate Control System for Commercial Vehicle Market is estimated to register a robust CAGR of 9.04% during the forecast period 2019 to 2023. Global Climate Control System for Commercial Vehicle Market Information Report by Component (Compressor, Condenser, Others), Vehicle Type (Truck, Bus, Ambulance, Others), Application, E-Commercial Vehicle Type, Sales Channel, Region – Forecast To 2023
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Top Companies Analyzed in Report are:
Valeo S.A, Sanden Holdings Corporation, Hanon Systems, Denso Corporation, Eberspächer, Bergstrom Inc., Webasto, Red Dot Corporation, Mahle GmbH, Calsonic Kansei Corporation Mobile Climate Control, and Wabco.
The automotive sector is highly competitive, therefore, keeping at par with other market contenders is extremely important for survival. There has been a constant focus on improving the occupant experience, prompting carmakers to go an extra mile in the process. Integration of climate control system in commercial vehicle is yet another instance of how the automotive industry is evolving its products using new-age technologies. Global market for climate control system for commercial vehicle was valued at more than USD 11,000 Mn in 2017 and is expected to expand at an impressive growth rate during the forecast period (2018-2023).
Addition of the technology allows optimization of in-car climate irrespective of the external condition. The feature is finding popularity as comfort continues to be the top-priority for car owners. Demand for climate control system for commercial vehicle is expected to witness a considerable upsurge in the forthcoming years. The market is estimated to register a robust CAGR of 9.04% during the forecast period 2018 to 2023.
Market Research Analysis:
A steep rise in the demand for electric cars has been projected which is anticipated to have a positive impact on the proliferation of the climate control system for commercial vehicle market over the next couple of years. China is making headway in the electric cars industry and has been recorded to have sold 507,000 electric vehicles and plug-in hybrid electric vehicles in 2016, which is around 53% higher than that in 2015. The U.S. and European nations are likely to follow the trend. The exponential demand for electric vehicles is expected to complement the market for automotive climate control systems directly.
The key players strive to gain competitiveness over competitors in the market which has fuelled research & development activities and investments in innovations. The market being a capital intensive one necessitates the smooth influx of investments for adoption of latest technologies, which is one of the key opportunities projected to drive the expansion of the market. However, high capital requirements act as an impediment to the entry of the new players. Additionally, automotive climate control systems require high maintenance and frequent equipment upgrades for performance upliftment. It is likely to hold market proliferation during the assessment period.
The global climate control system for commercial vehicle market has been segmented based on component type, commercial vehicle type, electric commercial vehicle type, truck type application, and sales channel.
By component type, the market has been segmented into compressor, condenser, receiver-drier, evaporator, control valves, actuators, thermostat, coils, relays, sensors, and others.
By commercial vehicle type, the market has been segmented into truck, bus, ambulance, minivan, cargo van, trailer, and others. The truck segment has been further segmented into light duty, medium duty, and heavy duty.
By truck type application, the market has been segmented into long haul, regional, and specialty.
By electric commercial vehicle type, the market has been segmented into hybrid and full electric vehicle.
By sales channel, the market has been segmented into OEMs and aftermarket. The OEM segment accounted for the largest share of 68.5% share in 2017 while the aftermarket segment held 31.5% share in the same year.
Asia Pacific is a lucrative market for climate control systems for commercial vehicles. The development of market in Asia Pacific is primarily driven by the growing automobile manufacturing industry, especially in the economies such as China, India, and Korea.
Europe is expected to emerge as an essential revenue pocket for the climate control systems for commercial vehicles market and is expected to grow at a CAGR of 8.86% over the forecast period. Regulatory standards by UN Economic Commission for Europe (ECE) and the European Union (EU) banning the use of R134a refrigerants in new vehicles has paved the way for advances in the automotive climate control systems.
Currently, the Americas hold the lion’s share of the market. The Americas experience high demand for commercial vehicles due to high levels of trade of goods in the region. Additionally, the trend of converting cars into mobile homes in the US requires the adoption of climate control system for vehicles which is a crucial driver of the market.
Increased spending on research and development to promote the vehicle advanced technologies and the increased presence of major manufacturers will increase the revenue for the automotive climate control system over the forecast period.
Table of Contents:
2.2 Scope Of The Study
2.3 List Of Assumptions
2.4 Market Structure
3.1 Research Process
3.2 Primary Research
3.3 Secondary Research
3.4 Market Size Estimation
3.5 Forecast Model
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