According to a new market report published by Credence Research Inc., “Automotive HVAC (By Type (Automatic HVAC Systems and Manual HVAC Systems) By Application (Passenger Cars, Light Commercial Vehicles (LCV), and Heavy Commercial Vehicles (HCV)) Market – Growth, Share, Opportunities, Competitive Analysis, and Forecast 2016 – 2022”, the global automotive HVAC (Heating, Ventilating, and Air Conditioning) market is expected to expand at a CAGR of 7.9% from 2016 to 2022, exceeding US$ 21.0 Bn by 2022.
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Product and Market Insights:
HVAC (Heating, Ventilation, and Air Conditioning) systems are used in automotives to control and maintain humidity, air temperature, fresh air intake, and quality of the air around. The future of automotive HVAC system looks prospective with the perpetually growing automobile production and innovations in compressor designs. These innovations have helped address the concerns regarding environmental effects of refrigerant leakage. Thus, today’s automotive HVAC systems are cost-effective as well as energy efficient. The advanced automatic HVAC systems allow individual adjustments, even for those sitting on the backseat. These systems thereby help in ensuring optimum temperature right through the vehicle.
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Some of the leading players identified in the global automotive HVAC market include Air International Thermal Systems (AITS), Delphi Automotive Plc, Denso Corporation, Brose Fahrzeugteile GmbH & Co. KG, DelStar Technologies Inc., Mahle Behr GmbH, Johnson Electric Holdings Ltd., Calsonic Kansei Corporation, Japan Climate Systems Corporation, Sanden Holdings Corporation, and Valeo SA among others. These players are focusing on developing cost-effective and energy efficient HVAC systems that complying with the enacted green energy regulations. Expanding business through strategic partnerships and acquisition is one of the major strategies adopted by the manufacturers. In addition, offering high quality post sales service is requisite to ensure success in the automotive HVAC market since customers ideally opt for the repair service than new installations.
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- Revival of the automotive industry post economic recession
- Growing desire for comfort and luxury in automotives
- Technological advancements making way for efficient and cost effective HVAC systems
- Availability of private financing for vehicle ownership
- Introduction of energy efficient HVAC systems
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