HVAC stands for heating, ventilation, and air conditioning technology that is used to give environmental comfort not only indoor but also vehicular comfort. The process of exchange and circulation of fresh air within a space is known as ventilation. Air conditioning is a process shifting air in order to make indoor air more comfortable. The major advantage of automotive HVAC system is that it provides the high level of comfort in air condition within the vehicle. This technology also provides thermal comfort at a particular indoor air quality.
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Factors such as increasing income level and rising middle-class population are expected to boost market growth in future. Also, increasing use of commercial vehicles results in high demand for automotive HVAC technology. In addition, the automotive HVAC market is witnessing high demand owing to automatic temperature control feature. Automotive HVAC system utilizes refrigerants which reduce concerns regarding safety; this, in turn, is anticipated to increase demand in the near future. Private rental car owners who are making air conditioning as their basic requirement to enhance customer value proposition is also increasing the demand in the global market. On the other hand, use of polluting refrigerants, to some extent, in the automatic HVAC market poses challenges to the thermal system. Furthermore, implementation of geothermal pumps is also expected to boost the global market growth in future.
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On the basis of technology, the global automotive HVAC market is segmented as manual HVAC system and automatic HVAC system. Of which, automatic HVAC system is a leading segment in the market owing to increasing adoption of technology by the customers. Based on the components, the global market is segmented as receiver, compressor, expansion device, and heat exchanging equipment. Further, the global automatic HVAC market is segmented on the basis of vehicle type as the passenger vehicle and commercial vehicle. The passenger vehicle segment is influencing the market owing to its significant growth in passenger vehicle production.
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Asia Pacific is anticipated to witness the highest growth in the global automotive HVAC market. Developing countries such as India, China, and Japan are expected to witness the increase in the number of production and automobile manufacturers. In addition, growing government support to the auto industry impacts the global market in a positive way. Moreover, North America and Europe are expected to grow at the fastest pace owing to the improving macroeconomic and production capacity.
Some of the major players dominating the global automotive HVAC market are Johnson Electric, Air International Thermal Systems, Valeo SA, Visteon Corporation, Brose GmbH & Co., Keihin Corporation, and Toyota Industries Corporation. Other key players influencing the global market are Delphi Automotive LLP, Denso Corporation, Xiezhong International Holdings Limited, Sanden Corporation, Calsonic Kansei Corporation, Japan Climate Systems Corporation, and Gentherm Inc.
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Automotive HVAC Market: Regional Segment Analysis