According to the latest report by IMARC Group, titled "Automotive HVAC System Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global automotive HVAC system market size reached US$ 40.5 Billion in 2022. The automotive heating, ventilation, and air conditioning (HVAC) system is a crucial component of modern vehicles that provides comfort and regulates the temperature, humidity, and air quality inside the vehicle cabin. It is integrated with a heating system that is responsible for warming the air inside the vehicle cabin by utilizing the engine's coolant system to transfer heat to the HVAC system. Additionally, it comprises an air conditioning system that is accountable for cooling and dehumidifying the air inside the vehicle via using a refrigeration cycle to remove heat and moisture from the cabin air. As a result, it is gaining widespread prominence across the globe as it ensures a pleasant driving experience for occupants in various weather conditions.
Global Automotive HVAC System Market Trends:
The global market is primarily driven by the increasing vehicle production and sales. Coupled with the number of vehicles on the road is increasing, there has been a considerable rise in the demand for automotive HVAC systems, which is creating a positive market outlook. Moreover, original equipment manufacturers (OEMs) and suppliers are constantly innovating and offering advanced HVAC solutions to meet the requirements of a growing market, which, in turn, is providing an impetus to the market. Additionally, the rising consumer demand for comfortable driving experiences is impacting the overall automotive HVAC systems as they play a crucial role in providing a comfortable cabin environment by regulating temperature, humidity, and air quality. Apart from this, continual technological advancements and the emergence of dual-zone or multi-zone climate control and personalized settings are significantly supporting the market on the global level. Furthermore, various regions with extreme weather conditions, such as very hot summers or cold winters, are propelling the demand for automotive HVAC systems to maintain a comfortable cabin temperature. Other factors, including considerable improvements in the automotive sector and extensive research and development (R&D) activities conducted by key players, are also positively influencing the market. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 57.5 Billion by 2028, exhibiting a CAGR of 5.6% during 2023-2028.
- On the basis of the component, the market has been categorized into evaporator, compressor, condenser, receiver-drier, expansion valve and others.
- Based on the technology, the market has been segmented into automatic and manual.
- On the basis of the vehicle type, the market has been bifurcated into passenger car, commercial vehicle and electric vehicle.
- Region wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others) and the Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of the key players 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.
|Base Year of the Analysis
||Component, Technology, Vehicle Type, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||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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