Rising passenger vehicles production and increasing income level are expected to favor automotive HVAC market growth
Automotive HVAC market size is projected to reach USD 23.19 billion in the year 2023 which was USD 12.44 billion earlier in 2015 as per the recent study by Global Market Insights, Inc.Countries like China and Japan along with growing countries like India and South Korea are witnessing a steep rise and are expected to lead the path in near future. The automotive HVAC Market size is expected to rise by 8.2% CAGR till 2023.
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All these figures are pointing towards the accelerating growth of vehicles, because of rise in production of vehicles, living standards, and amount of time spend in cars.
Automotive HVAC Market share greatly relies on the vehicle sale. With an upsurge in living standard and awareness among customers on energy-efficient products, an exponential growth can be expected in this sector. However, car’s fuel economy, might act as an obstacle in coming years, but its impact is likely to reduce in long term.
Present generation vehicles are well-versed with innovative technologies which differ in performance, cost and application. All these features make travelling comfortable for users and promote them to spend a luxurious time on the road.
Players in this industry give their best for coming up with unique solutions for existing and potential customers. Design quality, price, timely delivery, customer service, product quality, innovation and overall management are some of the facets preferred by automakers in their suppliers. Suppliers with global engineering, robust technologies and strong development capabilities are quite suitable for meeting the expectations of automakers.
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Decreasing the size of vehicles is the key factor for both system and component manufacturers. Companies seek to distinguish their cars through comfort level and air quality.
Technology enhancement with an eye on indoor air quality will give a boost to automotive HVAC market price inclination.
Key insights from the Automotive HVAC Market report include:
- Demand of light commercial vehicles (LCV) is expected to rise by 7.9% from 2016 to 2023.
- Automatic systems are likely to lead in future as compared to 60% of automotive HVAC market earlier in 2015. These systems will even cross the overall average of 9.4% CAGR from 2016 to 2023.
- U.S. market share is projected to have a gain of 7.9% CAGR over the forecast period. This is done for expediting the automobile production with the penetration of premium vehicles.
- Asia Pacific market size was USD 5.3 billion in 2015 and is anticipated to take a growth of 9% from 2016 to 2023.
Author Name : Dhananjay Punekar