Market Snapshot
2018 - 2026
2020
Asia Pacific
Asia Pacific
6.36 %
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Market Overview
The Automotive HVAC market was valued at USD 50,56 billion in 2020 and is expected to reach a value of USD 73.25 billion by 2026 registering a CAGR of 6.36% during the forecast period (2021 - 2026).
Recent COVID-19 pandemic has hindered the growth of Automotive HVAC market as sales of passenger vehicles reduced across various regions. Earlier, the use of automotive HVAC systems was considered a luxury, and not all automobiles were fitted with HVAC. However, it is now a prerequisite feature in every automobile due to the basic automotive safety and comfort standards, which are accepted globally.
Rise in demand for thermal comfort and increase in safety due to adoption of HVAC systems are expected to boost the growth of the India automotive HVAC market. Reduction in system size and weight of the system to support the growth of the market over the coming years. The integration of electronics, sensors, and automated climate control features at a lesser cost is translating into greater adoption of HVAC units in passenger vehicles. For instance,
- Private car rental players such as Uber, Ola, Lyft, and Sidecar have made air conditioning as their basic requirement to enhance customer value proposition, which is also anticipated to drive the global market.
Technological innovations and substantial investments in R&D initiatives are poised to enhance the offering and technological capabilities of players. Furthermore, adoption of eco-friendly refrigerants and production of cheaper HVAC systems provides lucrative growth opportunities for the players operating in the automotive HVAC market.
The Asia-Pacific region is expected to be the largest segment in automotive HVAC market owing to the large vehicle production levels in countries such China, India, and Japan. North America is forecasted to create new growth prospects for the manufacturers in the coming years. The European market is showing a slow but steady growth and is expected to reach pre-meltdown levels over the period of next five years.
Scope of the Report
Heating Ventilation and Air Conditioning (HVAC) is the technology that is used to sustain the internal climate of a vehicle. It helps in maintaining temperature (hot/cold) for the interior atmosphere of a vehicle and thus helps to provide comfort for on-board passengers. The Automotive HVAC market report covers the latest trends, covid-19 impact followed by technological developments in the market. The scope of the report covers segmentation based on Technology type, Vehicle type, and Geography.
By technology type the market is segmented into Manual/Semi-Automatic and Automatic.By Vehicle type the market is segmented into Passenger cars and Commercial Vehicles.By Geography type the market is segmented into North America, Europe, Asia- Pacific, South America and Middle east&Africa.For each segment, the market sizing and forecast have been done on basis of value (USD billion).
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| Manual / Semi-automatic HVAC | |
| Automatic HVAC |
| By Vehicle Type | |
| Passenger Cars | |
| Commercial Vehicles |
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Key Market Trends
Innovations to Provide New Opportunities
Growing concerns about global warming have slightly impacted the automotive HVAC market. Consequently, many nations worldwide, have started taking measures to reduce their carbon footprints.
The augmenting research and developments in the automotive sector across the globe are set to enhance the technological capabilities of the market players. These market players are introducing advanced technologies in the automotive HVAC to develop new products that impart them a competitive edge in the market. The competitors in the market are developing eco-friendly products to fall in line with the stringent government regulations regarding emissions. Energy-efficacy is the other parameter driving growth in HVAC systems. The manufacturers are increasingly using green technologies to develop eco-friendly and energy-efficient automotive HVAC systems.
Market players are involved in mergers & acquisitions to expand their market presence. For instance, Denso collaborated with Toyota to develop Prius, a hybrid technology promoting safety, fuel efficiency, and green technology in vehicles.
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High Growth Anticipated In The Asia-Pacific Region
The Asia Pacific market is probably going to observe huge development attributable to nearness of key automotive makers, vast scale generation of vehicles, and spiralling vehicle request in creating country, for example, India, South Korea, and China. Government activities to restore the automotive business are required to drive the market during the forthcoming year. For example, the Government of India is encouraging foreign Investments through programmed course in the automotive area to bring new innovations to market.
China is one of the largest markets and contributes significantly to the demand for these automotive HVAC systems.The increasing demand for passenger vehicles from India,china and their other counterparts in Asia- pacific region is a result of growing preferences of people to comfort and safety. These factors expected to contribute towards market growth in the region. Consumers are aligning toward high specification vehicles that offer par comfort features. In addition, there is an upsurge in vehicle production by foreign companies in countries including Thailand and Malaysia.
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Competitive Landscape
The automotive HVAC market is consolidated, with the top global players accounting 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, partnerships 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 the market studied. For instance,
- In March 2020, Swegon, a UK-based HVAC manufacturer, acquired air terminal specialist Waterloo Air Products. The acquisition deal will give the company air terminal range and expertise in the custom-building segment.
- In March 2020, Gardner Denver has completed the merger with Ingersoll Rand’s Industrial segment to have a significant dominance in the mission-critical flow control and industrial technologies market by developing an extended product portfolio.
Recent Developments
- In July 2020, DENSO Corporation announces that it has resolved to merge its wholly owned subsidiary DENSO IT Solutions Inc. through an absorption-type merger to promote the company-wide digitalization strategy and facilitate utilization and application of data.
- In October 2020, MAHLE signed a purchase agreement with Keihin Corporation to strengthen its global footprint in air conditioning technology. This agreement focus is mainly to improve its market access, particularly in Japan and Southeast Asia.
Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Driver
4.2 Market Restraint
4.3 Industry Attractiveness-Porter's Five Force Analysis
4.3.1 Bargaining power of suppliers
4.3.2 Bargaining Power of Consumers
4.3.3 Threat of New Entrants
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Technology Type
5.1.1 Manual / Semi-automatic HVAC
5.1.2 Automatic HVAC
5.2 By Vehicle Type
5.2.1 Passenger Cars
5.2.2 Commercial Vehicles
5.3 By Geography
5.3.1 North America
5.3.1.1 United states
5.3.1.2 Canada
5.3.1.3 Rest of North america
5.3.2 Europe
5.3.2.1 Germany
5.3.2.2 United Kingdom
5.3.2.3 France
5.3.2.4 Rest of Europe
5.3.3 Asia Pacific
5.3.3.1 China
5.3.3.2 India
5.3.3.3 Japan
5.3.3.4 South Korea
5.3.3.5 Rest of Asia Pacific
5.3.4 South America
5.3.4.1 Brazil
5.3.4.2 Argentina
5.3.4.3 Rest of South America
5.3.5 Middle East& Africa
5.3.5.1 United Arab Emirates
5.3.5.2 South Africa
5.3.5.3 Saudi Arabia
5.3.5.4 Rest of Middle East& Africa
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles
6.2.1 Valeo Group
6.2.2 Denso Corporation
6.2.3 Mahle GmbH
6.2.4 Marelli Corporation
6.2.5 Sanden Corporation
6.2.6 Keihin Corporation
6.2.7 Japan Climate Systems Corporation
6.2.8 Mitsubishi Heavy Industries Ltd
6.2.9 Hanon Systems Corp.
6.2.10 Samvardhana Motherson Group
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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Frequently Asked Questions
What is the study period of this market?
The Automotive HVAC Market market is studied from 2018 - 2026.
What is the growth rate of Automotive HVAC Market?
The Automotive HVAC Market is growing at a CAGR of 6.36% over the next 5 years.
What is Automotive HVAC Market size in 2018?
The Automotive HVAC Market is valued at 49 Billion USD in 2018.
What is Automotive HVAC Market size in 2026?
The Automotive HVAC Market is valued at 73 Billion USD in 2026.
Which region has highest growth rate in Automotive HVAC Market?
Asia Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Automotive HVAC Market?
Asia Pacific holds highest share in 2020.
Who are the key players in Automotive HVAC Market?
- DENSO Corporation
- MAHLE GmbH
- Valeo Group
- Hanon Systems Corp.
- Marelli Corporation
Are the major companies operating in Automotive HVAC Market.
