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Overview
Automotive climate control is an increasingly vital part of automotive vehicles. The use of automotive climate control systems allows drivers to control heal and cooling in vehicles.
The growth of the automotive climate control system is connected to the growth of the automotive industry. There has been a significant increase in the demand for automotive vehicles, which in turns has impacted the automotive climate control system market positively. Consumer preferences are changing due to urbanization and changing socio-economic scenarios in emerging economies. Improving economic conditions have resulted in an increase in disposable incomes which has also led to a rise in demand for automotive vehicles. Vehicle manufacturers are also installing various features such as pedestrian detection, blind sport detection, and HVAC systems which have improved consumer demand as well. Moreover, changing climate conditions and increasing pollution has made it difficult to maintain natural ventilation in automotive vehicles, leading to a significant demand for automotive climate control systems.
The rising demand for electric vehicles is expected to be a huge opportunity for the growth of the automotive climate control system market. The ongoing development of electric & hybrid vehicles, as well as technological development, is expected to push demand in the automotive climate control market over the assessment period.
Market Research Future has determined that the global automotive climate control system market will grow at an impressive CAGR of 14.92% during the review period from 2017 to 2023. The growth of the market at this rate is expected to yield a market value of USD 24,853.4 Mn by the end of 2023.
Market Segmentation
MRFR has determined the various segments of the automotive climate control market on the basis of technology, vehicle type, and region. By technology, the global automotive climate control systems market has been segmented broadly into automatic and manual.
Vehicle types where automotive climate control systems are used include passenger vehicle, and commercial vehicle. The passenger vehicle segment accounted for the major share of the global market at 63% in 2016. Increasing disposable incomes and rising demand for passenger comfort have drastically improved the demand for automotive climate control systems. Moreover, the segment is expected to witness growth at the highest CAGR during the forecast period.
Regional Analysis
The Asia Pacific has emerged as a global leader in terms of market share as well as growth rate. The growth of this regional market has been impressive due to the improved economic conditions in the region and the presence of many emerging economies where rapid industrialization and urbanization has led to increased disposable incomes. The region is also a key manufacturing hub for automobiles due to the comparatively low operational costs, the presence of cheap labor and the presence of a huge consumer population. The APAC region also has rising population levels, and several countries have a naturally hot climate which has increased the demand for automotive climate control systems.
Other regions included in the analysis of key geographies include Europe North America, and the Rest of the World. North America is a significant region in the global market, primarily due to the high number of private vehicles present in countries like the U.S where it is considered a necessity to have an automotive vehicle. Moreover, the region has a number of leading manufacturers and is at the forefront of innovation in the global automotive climate control systems market.
Key Players
Market Research Future’s study of the competition in the global automotive climate control systems market includes various prominent market players. Market leading players included are Air International Thermal System, Sanden Corporation, Valeo S.A., Keihin Corporation, Calsonic Kansei Corporation, Eberspächer Group, Hanon System, Denso Corporation, Mahle GmbH, and Bergstrom Inc.
Read More :
http://www.tmcnet.com/usubmit/2020/01/17/9083192.htm
https://telegra.ph/Automotive-Stamped-Component-Market-Analysis-01-17
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