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Automotive HVAC Global Market Report 2023
Major players in the automotive hvac market are Denso Corporation, Air International Thermal Systems, Valeo, Hanon Systems, Calsonic Kansei Corporation, Johnson Electric Holdings Ltd., Sanden Holdings Corporation, Sensata Technologies Inc.
New York, March 06, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Automotive HVAC Global Market Report 2023" - https://www.reportlinker.com/p06426343/?utm_source=GNW
, Marelli Corporation, OMEGA Environmental Technologies, Delphi Automotive , Visteon Corp. , Trans/Air Manufacturing Corp., Toyota Industries Corporation, and Xiezhong International Holdings Limited.
The global automotive hvac market grew from $47.23 billion in 2022 to $51.69 billion in 2023 at a compound annual growth rate (CAGR) of 9.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The automotive hvac market is expected to grow to $72.51 billion in 2027 at a CAGR of 8.8%.
The automotive HVAC market consists of revenues earned by entities by providing automotive HVAC services such as displaying system repair and service, brake service, engine light diagnostics, cooling system service, fluid maintenance, and fluid injection services .The market value includes the value of related goods sold by the service provider or included within the service offering.
The automotive HVAC market also includes sales of automotive HVAC components such as A/C compressors, condensers, radiator fans, accumulators, blower fans, evaporators, and refrigerators.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Automotive HVAC refers to the technology for indoor and automotive ambient comfort, which is known as heating, ventilation, and air conditioning (HVAC).The three subsystems, such as heating, cooling, and air conditioning, work together to ensure that users are provided with clean air through ventilation.
It also regulates the temperature of the air, inspects the moisture content of the air, and removes excess humidity from the circulating air. It is used to regulate the temperature and climate of the vehicle.
Asia-Pacific was the largest region in the automotive HVAC market in 2022. The regions covered in the automotive HVAC market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The main components of automotive HVAC are the evaporator, compressor, condenser, receiver or drier, and expansion device.An evaporator is a device that ensures the refrigerant evaporates, thus changing its state from a liquid to a gaseous form.
The technologies include manual and automatic. The various types of vehicles include passenger cars, commercial vehicles, light commercial vehicles, and heavy commercial vehicles.
The increasing demand for luxury vehicles is expected to propel the growth of the automotive HVAC market going forward.A luxury vehicle is defined as a vehicle equipped with better performance capabilities, lavish interiors, and all the latest safety and technology features.
In high-end luxury vehicles, the automotive HVAC system is essential to deliver a thermally comfortable environment for every passenger as per their requirements.For instance, in April 2022, according to the Deccan Herald, an Indian English-language daily newspaper, Lamborghini, an Italy-based manufacturer of luxury sports cars and SUVs, saw a 142% increase in sales from the previous year.
As opposed to 26 in 2020–21, the company delivered 63 luxury and sport utility vehicles (SUVs) on Indian roads. Therefore, the increasing demand for luxury vehicles is driving the automotive HVAC market.
Product innovations are a key trend gaining popularity in the automotive HVAC market.Major market players are concentrating their efforts on creating innovative products with advanced technologies such as the introduction of automatic climate control that controls the temperature of the car; using green technologies to develop eco-friendly and energy-efficient automotive HVAC systems; and the adoption of eco-friendly refrigerants, among others.
For instance, in July 2020, Hyundai Motor Group, a South Korea-based automotive manufacturing company, introduced new air-conditioning technologies known as After-Blow, Multi-Air Mode, and Fine Dust Indicator to create a more pleasant indoor environment in vehicle cabins by improving the quality of internal air.In automobiles, After-Blow Technology is used to prevent mold growth in the air-conditioning system, which can produce an odor in warm weather and dries the condensate on the evaporator.
Whereas, in Multi-Air Mode Technology is used to produce a more comfortable indoor climate with a gentle wind with Multi-Air Mode uses numerous vents for air conditioning and heating. Moreover, the driver can better control the air quality using Fine Dust Indicator Technology, which measures the air within the car in real time and offers digitized information.
In February 2021, MAHLE Group, a Germany-based automotive parts manufacturer, acquired the air conditioning business of Keihin Corporation for an undisclosed amount.Four production sites and one development centre are integrated into the MAHLE Group, strengthening their presence in Asia and North America.
Keihin Corporation is a Japan-based manufacturer of automotive systems operating in the automotive HVAC market.
The countries covered in the automotive HVAC market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The automotive HVAC market research report is one of a series of new reports that provides automotive HVAC market statistics, including automotive HVAC industry global market size, regional shares, competitors with an automotive HVAC market share, detailed automotive HVAC market segments, market trends and opportunities, and any further data you may need to thrive in the automotive HVAC industry. This automotive HVAC market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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