San Francisco, Nov 19 According to a report
published by Grand View Research, Inc.; the automotive
HVAC market is expected to reach a valuation of around USD 22.12 billion
by 2022. Growing middle-class population along with rising demand for passenger
cars and increased disposable income is anticipated to augment the market
growth over the forecast period (from 2015 to 2022). In addition, technological
advancements drive the market further. Moreover, the availability of finance
schemes can have a positive impact on the market development further. Increasing
environmental concerns and growing efforts to reduce the carbon footprints have
led to the development of energy-efficient and eco-friendly solutions. This is
expected to support the market growth in the coming years.
Additionally,
extensive R&D by prominent companies to reduce the size and weight of automotive
HVAC systems is expected to drive the market. The global automotive HVAC market
can be segmented on the basis of technology, vehicle type, and region. Based on
technology, the market can be classified into manual and automatic. The manual segment
accounted for over 35 % of the total revenue share in 2014. However, these
systems may lose their market share in the years to come due to their complexity
and low efficiency. The automatic segment is likely to be the dominant
technology over the forecast period. This segment accounted for around 58 %
of the overall market share in 2014 and is anticipated to expand at a CAGR of
over 8.5% from 2015 to 2022.
Browse full research report on Automotive HVAC Market:
www.grandviewresearch.com/industry-analysis/automotive-hvac-market
As
per type, the market can be categorized into passenger cars, Light Commercial Vehicles
(LCVs), and Heavy Commercial Vehicles (HCVs). In 2014, the passenger car segment
held over 60 % of the total revenue and is expected to show steady growth
over the forecast period. The segment is anticipated to expand at a CAGR of around
8 % during the forecast period due to rapid infrastructural developments across
the world. Additionally, rise in personnel mobility requirements and rapid
urbanization is anticipated to boost the demand for passenger automotive HVAC in
the years to come. Increasing adoption of electric or hybrid vehicles is also anticipated
to support the market revenue growth.
The
LCV segment is estimated to register a CAGR of over 7.5 % from 2015 to
2022. Additionally, high demand for LCVs in rural areas is expected to contribute
toward the growth of this segment. Geographically, the market can be divided
into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa.
Asia Pacific is projected to witness rapid development due to growing middle
class population along with increased disposable income and the presence of major
automobile manufacturers in this region. Moreover, growing vehicle demand in emerging
economies including China and India. In 2014, the region acquired over 40 %
of the total revenue share. Government efforts toward the development of the
automobile industry in the region can also contribute toward its expansion over
the forecast period.
Browse more reports of this category
by Grand View Research: www.grandviewresearch.com/industry/automotive-and-transportation
For
instance, the Indian government has permitted 100 % Foreign Direct Investment
(FDI) through automatic route in the automobile sector. As per the U.S.
Department of Transportation, in 2014, automotive production in China and India
was 23.7 million and 3.9 million, respectively. The North America region is
likely to grow on account of rising vehicle production and refining
macroeconomic condition. This region is expected to witness a CAGR of over 7.5 %
from 2015 to 2022. Growing disposable income in countries, such as U.S., is also
likely to spur the regional growth. Key companies operating in the automotive
HVAC market include Brose Fahrzeugteile GmbH & Co. KG; Engineered Plastic
Components, Inc.; Denso Corporation; Sanden Holdings Corporation; and Valeo
Group. Most of these market participants are focusing on R&D activities to introduce
advanced products by developing technologically advanced energy-efficient and
performance-enhancing systems.
Browse press release of this report
by Grand View Research: www.grandviewresearch.com/press-release/global-automotive-hvac-market
About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco.
The company provides syndicated research reports, customized research
reports, and consulting services. To help clients make informed business
decisions, we offer market intelligence studies ensuring relevant and
fact-based research across a range of industries, from technology to chemicals,
materials and healthcare.
For more information:
www.grandviewresearch.com
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