Market Size of Europe Off-Highway Vehicle HVAC Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 657.78 Million |
| Market Size (2029) | USD 803.75 Million |
| CAGR (2024 - 2029) | 4.09 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Europe Off-Highway Vehicle HVAC Market Analysis
The Europe Off-Highway Vehicle HVAC Market size is estimated at USD 657.78 million in 2024, and is expected to reach USD 803.75 million by 2029, growing at a CAGR of 4.09% during the forecast period (2024-2029).
The COVID-19 pandemic had a deleterious effect on the HVAC market directly in the short term, due to halted production and declined sales in 2020. The COVID-19 pandemic has also greatly affected the construction sector in the region, thereby impacting the revenues of the European off-highway vehicles market and the European off-highway vehicles HVAC market.
The growth of the market is dependent on the growth rate of the agricultural and construction machinery industries. The rising agriculture mechanization trend in developing countries and a spike in residential and commercial construction projects, globally, are driving the construction and agricultural machinery markets. This growth is creating a parallel demand for the integration of HVAC systems in vehicles to ensure the well-being of the operator and other cabin occupants.
The construction segment is anticipated to be one of the most profitable sectors over the next decade. The demand for construction machinery has increased in Europe. The recovery of the European construction industry improved business in the mining and quarrying sectors, and a favorable economic environment with low-interest rates further stimulated investments.
