Automotive HVAC System Market is Expected to Reach $22.8 Billion by 2022
PORTLAND, Oregon, July 13, 2016 --
According to a recent report published by Allied Market Research, titled, "World Automotive HVAC System Market - Opportunities and Forecasts, 2015-2022," the world automotive HVAC system market is estimated to reach $22.8 billion, growing at a significant CAGR of 8.9% from 2016 to 2022. Asia-Pacific is expected to dominate the market throughout the analysis period, growing at the highest CAGR of 10.2% during the forecast period. Factors such as automatic climate control feature, adoption of eco-friendly refrigerant and use of geothermal heat pumps have resulted in the overall increase in demand for automotive HVAC systems. However, high maintenance cost and low fuel economy are likely to affect the market growth.
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To know more about the report, visit the website at https://www.alliedmarketresearch.com/automotive-HVAC-market
Vehicle manufacturers provide HVAC systems that allow individuals to control cabin temperatures as per their comfort. Automakers aim at adopting environment-friendly refrigerants such as R1234yf, in their HVAC systems, as an effort to provide fuel efficiency with improved performance and with mitigating hazardous risks
On the basis of vehicle type, passenger cars generated higher revenue in comparison to commercial vehicles, accounting for over 67% of the market revenue in 2015. Automakers tend to provide passenger cars and commercial vehicles with faster cooling and fuel efficient HVAC systems. As per European Union regulations, all the vehicles in Europe should have HVAC systems with non-polluting refrigerants, with a GWP (global warming potential) lesser than 150, effective from January 2017.
Automotive HVAC systems can be operated manually or automatically. Automatic HVAC system dominated the market in 2015, contributing around 59% of the total revenue. Automatic climate control system inside the vehicle cabin is to be set for once and the HVAC system adjusts the temperature automatically depending on the outside temperature of the vehicle. Such factors would drive the adoption of automatic HVAC system, particularly in passenger cars.
Based on geography, Asia-Pacific was the highest revenue-generating region, accounting for over 46% share in 2015, in terms of revenue, owing to high vehicle production in China, Japan, South Korea, and India. Asia-Pacific is estimated to dominate the market witnessing a CAGR of 10.2% during the forecast period, owing to increasing adoption of eco-friendly refrigerants and large-scale production of commercial and passenger vehicles.
Key findings:
- Asia-Pacific is expected to be one of the fastest growing regions, in terms of revenue, growing at a CAGR of 10.2% from 2016 to 2022.
- Light commercial vehicles contributed around two-thirds of the revenue in 2015, and is anticipated to grow at a high CAGR of 8.1% during the forecast period.
- Automatic HVAC system is expected to maintain its dominance throughout the forecast period.
Leading players in the automotive HVAC system market have adopted strategies such as collaborations, product launches, and acquisitions to expand their market presence. Key players include Sensata Technologies, Inc., Calsonic Kansei Corporation, Denso Corporation Hanon Systems, Johnson Electric Holdings Ltd, Sanden Holdings Corporation, Valeo, Japan Climate Systems Corporation, Keihin Corporation and Mahle GmbH.
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SOURCE Allied Market Research
