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The Automotive HVAC market has been segmented by Technology Type (Manual/Semi-Automatic and Automatic), Vehicle Type (Passenger Vehicles and Commercial Vehicles), and Geography.
Fastest Growing Market:
Greater Than 5.5 %
The automotive HVAC market is expected to register a CAGR of over 5.5%, during the forecast period, 2020 - 2025.
Some of the major factors driving the growth of the market are higher adoption rate of automatic climate control feature, increase in the demand for thermal systems, and usage of more eco-friendly refrigerants are driving the market’s growth.
Asia-Pacific region dominated the automotive HVAC market, followed by North America and Europe, and is expected to witness fast growth rate during the forecast period.
The future of HVAC is expected to witness significant developments, which include electronics and compressor designs. DuPont has developed a new technology in HVAC, which helps in eliminating the temperature-related problems in vehicles. The concern over refrigerant leakage into the atmosphere, which causes hazardous environmental effects, has laid roots for innovations to counter leakages.
The automotive HVAC market is mainly dominated by established players. Some of the major companies operating in the automotive HVAC market are Delphi Automotive, Denso Corporation, Mitsubishi, and Hanon Systems
The automotive HVAC market has been segmented by technology type, vehicle type, and geography.
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China has the largest share for passenger cars, followed by the United States, Japan, Germany, South Korea, and India. Improving road infrastructure and rising disposable income of the middle-class group are driving the passenger car market in the developing countries. Competitive pricing of vehicles by auto manufacturers also has created a huge demand for passenger cars in developing countries.
This spike in the automotive industry resulted in growing automobile production and the subsequent demand for features such as the air-conditioner, automatic climate control, dual-zone temperature control, etc. Also, the industry is witnessing a consumer preference toward SUVs and MPVs, which generally have an extra AC setup or vents for the convenience of rear passengers. As a whole, the progressing automotive industry is acting as a major driver for the automotive HVAC industry.
In 2018, total vehicle production has dropped by 1.1% to 95.63 million units as compared to the previous year. Passenger car sales have decreased by 3.25% to 70.57 million units and commercial vehicle sales have increased by 5.9% to 20.63 million as compared to the previous year. The governments across the globe are taking initiatives to boost the passenger car sales by revising the tax rates, managing the inventory, etc. which will further contribute toward the growth of HVAC market over the forecast period.
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Owing to a huge growth in population, as well as economic development in countries, like China, India, Japan, and ASEAN countries, etc., the automotive industry in Asia-Pacific is projected to record growth at a faster pace.
According to a recent study by the International Energy Agency (IEA), passenger car ownership in India is expected to grow by 775%, from 2016 to 2040. The Indian government aims to make automobile manufacturing the main driver of ‘Make in India’ initiative, as it expects the passenger vehicles market to triple to 9.4 million units by 2026, as highlighted in the Auto Mission Plan (AMP) 2016-2026. Thus, the growing demand for cars, as well as a conducive environment for the automobile industry is expected to boost the ancillary industries, which include HVAC systems.
Also, owing to the increasing luxury car market share, foreign luxury carmakers, such as Volkswagen, Volvo, and Audi are planning to step up new investments in different countries of the Asia-Pacific region, thereby driving the advanced HVAC systems, which are required for high-end cars. A surge in the demand is expected for refrigerated vans, as cold supply chain management is also expected to witness a boost in demand.
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The automotive HVAC market is a consolidated market. The top global players account for most of the market share. The major companies in the air-conditioning market include MAHLE GmbH, DENSO Corporation, Mitsubishi Heavy Industries Ltd, and Hanon Systems. Mergers and acquisitions, partnership with regional HVAC equipment manufacturers, as well as establishing and ensuring tie-ups with car manufacturers are some of the dynamics shaping the competitive landscape of this market.
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Technology Type
5.2 Vehicle Type
5.2.1 Passenger Vehicles
5.2.2 Commercial Vehicles
5.3.1 North America
22.214.171.124 United States
126.96.36.199 Rest of North America
188.8.131.52 United Kingdom
184.108.40.206 Rest of Europe
220.127.116.11 Rest of Asia-Pacific
5.3.4 South America
18.104.22.168 Rest of South America
5.3.5 Middle-East and Africa
22.214.171.124 United Arab Emirates
126.96.36.199 South Africa
188.8.131.52 Saudi Arabia
184.108.40.206 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles
6.2.1 DENSO Corporation
6.2.2 Delphi Automotive PLC
6.2.3 MAHLE GmbH
6.2.4 Valeo SA
6.2.5 Hanon Systems
6.2.6 Mitsubishi Heavy Industries Ltd
6.2.7 Calsonic Kansei Corporation (Marelli Corporation)
6.2.8 Sanden Holdings Corp
6.2.9 Keihin Corporation
6.2.10 Trans/Air Manufacturing Corp
7. MARKET OPPORTUNITIES AND FUTURE TRENDS