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The global automotive HVAC system market was valued at US$ 38.1 Billion in 2021.
We expect the global automotive HVAC system market to exhibit a CAGR of 6.60% during 2022-2027.
The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations resulting in temporary closure of numerous manufacturing units for automotive HVAC systems.
The growing utilization of automotive HVAC system for regulating operations of heating, cooling, air conditioning, while ensuring proper ventilation within a vehicle, is primarily driving the global automotive HVAC system market.
Based on the component, the global automotive HVAC system market can be categorized into evaporator, compressor, condensor, receiver-drier, expansion valve, and others. Among these, compressor exhibits clear dominance in the market.
Based on the technology, the global automotive HVAC system market has been segmented into automatic and manual, where automatic technology currently holds the largest market share.
Based on the vehicle type, the global automotive HVAC system market can be bifurcated into passenger car, commercial vehicle, and electric vehicle. Currently, passenger car accounts for the majority of the total market share.
On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa, where Asia-Pacific currently dominates the global market.
Some of the major players in the global automotive HVAC system market include Denso Corporation, Hanon Systems, Highly Marelli, Japan Climate Systems Corporation, Johnson Electric Holdings Limited, Mahle GmbH, Mitsubishi Heavy Industries Ltd, Sanden Corporation, Sensata Technologies Inc, and Valeo.
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