The automotive HVAC market earned around USD 11.7 billion in 2014. Growing incomes & middle class populace are estimated to propel the market in the forecast period (2015 to 2022). Some personal car rental companies include Ola, Uber, Sidecar, and Lyft. They resort to air conditioning to fulfil basic needs.
Research & developments will improve system offerings. Running these systems demands huge power, negatively impacting fuel economy. Decreasing system weights & sizes should further the market in the coming seven years. Regulatory proposals for reduction in global warming can introduce green technology & energy effective solutions.
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Fiscal policies and higher disposable earnings may also drive the market. The automotive HVAC market is fragmented on the basis of technologies, vehicles, and geographies. With regards to technologies, manual systems can shrink in size due to their complications & low efficacies. This segment captured more than 35% shares in 2014. Automatic systems are the major technology and may lead the market during 2015 to 2022.
The segment held about 58% shares in 2014. It can grow at around 8.6% CAGR in the forecast period. On account of vehicles, the market is divided into passenger cars and LCVs. Passenger cars held more than 60% of the market in 2014. They will expand significantly in the seven years ahead. LCVs are predicted to rise at about 7.7% CAGR in the near future owing to rural requirements and improved fiscal schemes.
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In terms of geographies, the Asian Pacific automotive HVAC market should experience expansion. This would be credited to escalating vehicle manufacturers and demand for automobiles in China & India. The region occupied around 41% of the global sales in 2014. Its populace and production also propel Asia Pacific.
North America is likely to grow on account of their automobile manufactures and better macro-finance. It could expand at about 7.6% CAGR during 2015 to 2022. Growing disposable earnings in the United States will raise regional revenues. Major participants associated with the worldwide automotive HVAC market encompass Hanon Systems, Calsonic Kansei, Air International Thermal Systems, Denso Corporation, and Valeo Group. Some of these believe in acquisitions and product expansions to gain shares.
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