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Market Synopsis:The global automotive climate control system market, as per the report published by Market Research Future (MRFR), is expected to strike a CAGR of 14.92% over the evaluation period. The report further assesses that the market is likely to value at over USD 24,000 Mn by 2023. It facilitates comfortable seating inside a vehicle. Increasing demand for vehicles is likely to reflect on the expansion of the market over the next couple years.
Advancements being introduced in HVAC systems is expected to drive the growth of the automotive climate control system market in the years to come. In addition, rising investments in offering highly comfortable passenger experience are anticipated to encourage the growth trajectory of the automotive climate control system market in the forthcoming years.
Increasing demand for high-end cars is a driving factor for the global market. The trend is poised to continue in the upcoming years. Technological advancements are prognosticated to focus on increasing user-friendliness. This, in turn, is expected to unleash growth opportunities for the market participants in the years to come. The growing popularity of electric and hybrid cars is anticipated to boost the growth pattern of the automotive climate control system market in the foreseeable future.
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Market Segmentation:
On the basis of technology, the key segments of the global automotive climate control system market are automatic and manual. Among these, the automatic segment is likely to gain traction of the market in the nearby future owing to rising demand for high-end automobiles. The global economic development is poised to support the growth of the segment over the next couple of years.
Based on vehicle type, the segments of automotive climate control system market are passenger vehicle and commercial vehicle. Among these, the passenger vehicle segment accounted for 63% share of the market in 2016. Increasing per capita income and rising middle-income population have led to an exponential rise in demand for passenger cars. This, in turn, is expected to boost the growth rate of the segment in the years to come. It is also prognosticated to register a relatively higher CAGR across the assessment period.
Regional Analysis:
The regional assessment of the global automotive climate control system market is covered in this MRFR report on regional and country-level basis. The regional segments identified in the analysis are - North America, Europe, Asia Pacific (APAC), and the Rest of World (RoW). Asia Pacific held the largest share of the market in 2016. It is estimated to account for a significant market share over the next couple of years. Increasing demand for passenger cars supported by rising income levels is anticipated to drive the growth pace of the automotive climate control system market in the region in the years to come. The automotive industry in the region has been observing rising demand for advanced features. This, in turn, is prognosticated to lead the expansion of the regional market over the next few years.
Competitive Dashboard:
Valeo S.A. (France), Hanon system (South Korea), Sanden Corporation (Japan), Denso Corporation (Japan), and Eberspächer Group (Germany) are some of the major participants of the global automotive climate control system market expected to play crucial roles in the share analysis. Some other players anticipated to contribute a considerable amount of revenue to the market are Bergstrom Inc. (U.S.), Keihin Corporation (Japan), Calsonic Kansei Corporation (Japan), Mahle GmbH (Germany), and Air International Thermal system (Australia). Technological innovations are poised to attract investments by key participants for staying ahead of the curve. In addition, growth trajectories such as mergers & acquisitions, collaborations, partnerships, agreements, etc. are anticipated to be leveraged for gaining edge over other competitors.
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Release ID: 88919127
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