The global market
for automotive HVAC (Heating, Ventilating, and Air Conditioning) was
estimated at USD 12 billion in 2015 and is anticipated to grow at a CAGR of
over 8 % over the forecast period (from 2016 to 2024). The growing production
of the passenger vehicles along with the rising income levels is projected to
augment the global market growth over the next few years.
Improved lifestyles and rising customer awareness about the
energy-efficient products are projected to contribute towards
the automotive HVAC market growth. Various technological improvements
and innovations for cost-effective and efficient products are also driving the
demands extensively. Negative impact on the economy of automobile fuel is
likely to hinder the market growth; however, the effects of this restraint are
said to decrease in the long term. The global HVAC market is categorized as
applications, technologies, and regions.
The application sector involves Light Commercial Vehicles (LCVs), Heavy
Commercial Vehicles (HCVs), and passenger cars. The passenger cars sector
dominated the market in 2015 accounting for the revenue share of over 60 %.
This is mainly because of the increasing demands for passenger vehicles along
with the rising sales of luxury vehicles globally. Demands in the LCV sector is
anticipated to grow at a CAGR of 8 % during the estimated years.
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The technologies segment comprises automatic and manual. The automatic
systems sector led the automotive HVAC market in 2015 occupying over 60 % of
the overall share. It is further projected to grow at a CAGR of 10 % during the
forecast period. The manual systems are a common installation in budget
vehicles. The advent of multi-zone systems makes it easier for vehicle
manufacturers to modify and install better comfort features in their products.
Geographically, the U. S. market for automotive HVAC is expected to grow
at a CAGR of over 8 % over the estimated years. The European market is also
projected to boost nature-friendly technology demands in Europe due to the
favorable initiatives by the government to control the energy consumption. The
APAC region is expected to grow at a CAGR of 9 % over the next eight years.
Some of the major companies operating in the automotive HVAC market are
Mahle Group; Denso Corp.; Hanon Systems; and Valeo S. A.
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