In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.
Request InsightsPurchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively. Request Insights
IN THE NEWS· September, 2019: Calsonic Kansei Corporation, the manufacturer of compressor merged with Magneti Marelli to form ‘Marelli’ Brand.
The global automotive HVAC market is estimated to grow at CAGR of ~6% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the growing demand for automobiles, along with rising need for comfortable and well-ventilated vehicles. In 2020, more than 75 million cars were produced around the world. With the expansion of area of cities, people are spending more time in their vehicles for commuting to their work place, which is also one of the major factors pushing the sales of personal vehicles. Moreover, increasing preference for personal transport, instead of, public transport, is also contributing to the rise in sales of personal vehicles worldwide. With the increasing sales of vehicles and the growing focus on passenger safety and comfort, the demand for HVAC systems in vehicles is anticipated to increase significantly, and in turn drive the market growth.
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The market is segmented by vehicle type into passenger vehicle, commercial vehicle, and others, out of which, the passenger vehicle segment is anticipated to hold the largest share in the global automotive HVAC market over the forecast period on account of growing share of passenger vehicles in the total vehicles being manufactured. In 2020, the sales of passenger cars contributed to over 75% of the total sale of vehicles. According to the data by the International Organization of Motor Vehicle Manufacturers, around 77.97 million units of cars were sold in 2020, out of which, over 53.598 million were passenger cars. CLICK TO DOWNLOAD SAMPLE REPORT
On the basis of geographical analysis, the global automotive HVAC market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the back of increasing sale of cars, backed by the growing population in the country. According to the data by India Brand Equity Foundation (IBEF), in 2019-20, the total passenger vehicles sales in India crossed 2.8 million units. Moreover, owing to the presence of major automobile manufacturers in countries, such as, Japan, India, and others, there is an increase in the demand for HVAC systems in the region. This is estimated to boost the market growth.
The global automotive HVAC market is further classified on the basis of region as follows:
Our in-depth analysis of the global automotive HVAC market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Growing demand for comfort as a priority in vehicles is estimated to boost the market growth.
The market is anticipated to attain a CAGR of ~6% over the forecast period, i.e., 2022 – 2030.
Growing adoption of public transport are estimated to hamper the market growth.
The market in the Asia Pacific region is estimated to provide significant growth opportunities to the market owing to the presence of various automotive manufacturers in the region.
The major players in the market are Marelli Holdings Co., Ltd., BorgWarner Inc., Halla Climate Control Corp., MAHLE Behr GmbH & Co. KG, Robert Bosch GmbH, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by components, vehicle type, and by region.
The passenger vehicle segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities owing to the large number of passenger cars being manufactured globally.
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