As per a new report published by Fact MR, a market research and competitive intelligence provider, that the automotive HVAC market had a valuation of US$ 43.3 Billion in 2022, and it is anticipated to hit a value of US$ 68.2 Billion by 2032, registering a CAGR of 4.6% during the forecast period (2022-2032).
The automotive goods and supply chain market were severely impacted by the pandemic. Travel restrictions and lockdowns resulted in a slowdown in the demand and sales of passenger vehicles, which directly affected the HVAC market. However, after the pandemic; industry operations, and workforce for infotainment manufacturing companies have regained pace. Earlier, the use of automotive HVAC systems was considered a luxury and a special feature, and not all automobiles were fitted with HVAC. Now it is an inbuilt feature in every automobile owing to the basic automotive safety and comfort standards accepted globally.
Over the long term, a growing demand for thermal comfort and an increase in safety due to the increased adoption of HVAC systems are anticipated to boost the growth of the automotive HVAC market. Compact size and reduced weight of the system may support the growth of the market during the forecast period. The incorporation of sensors, electronics, and automated climate control features at low cost is translating into greater adoption of HVAC units in passenger vehicles. Rising vehicle electrification is likely to increase an integration of advanced comfort and safety features in vehicle.
Key Takeaways from the Market Study
- By technology, the automotive technology segment was highest revenue generator in 2022, accounting for US$ 24.6 Billion
- The APEJ market to hold more than 30% market share by the end of 2032
- Increasing population, urbanization and rise in disposable income are going to propel the sales of automotive HVAC systems.
- North America and Europe accounted for approximately 40% of global Automotive HVAC market share in 2021.
- The compressor segment accounted for the highest market share of 37.5% in 2021.
- Passenger car HVAC accounted for approximately three-quarters of the overall revenue in 2022
Competitive Landscape
Vendors and contractors in the automotive HVAC market are focusing on launching new products with advanced features to gain a competitive edge in the market, also the vendors are highly focused on strategies of mergers and collaborations.
- In 2015, Mahle Group acquired Delphi Automotive’s thermal business to expand its market penetration and product offering. Delphi Automotive was recognized as top five industry players and this acquisition has poised to give a competitive edge to Mahle Group over other competitors
- Airedale by Modine, the critical cooling specialists, has launched its Cooling System Optimizer solution – an advance controls package that delivers superior performance across entire chilled water-cooling systems in large data centers, in response to industry demand for sustainable, stable and safe cooling as facilities move towards multifaceted variable flow primary-only chilled water systems.
