Portland, OR, Sept. 17, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global automotive HVAC system market was pegged at $43.37 billion in 2019 and is expected to hit $68.18 billion by 2027, registering a CAGR of 5.8% from 2020 to 2027. The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and changing market trends.
Increase in demand for thermal system and automatic climate control features in automobiles, rise in safety & comfort measures due to adoption of HVAC systems, and upsurge in vehicle production have driven the growth of the global automotive HVAC systems market. On the other hand, high maintenance cost impedes the growth to some extent. However, adoption of eco-friendly refrigerants and production of cheaper HVAC systems are expected to usher in multiple opportunities in the industry.
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COVID-19 Scenario of Automotive HVAC Systems Market:
• Manufacturing activities have been shut down due to lockdown imposed by governments of many countries. Moreover, there is a scarcity of raw materials as supply chain has been disrupted.
• Research and development activities have been stopped as factories have been closed down. In addition, the demand for these systems has been declined due to pause in manufacturing activities.
• As lockdown restrictions eased off, manufacturers have begun production activities with minimal workforce and taking safety measures in the factories.
• Auto expos and conferences have been either cancelled or postponed to prevent gathering of people.
Get Detailed COVID-19 Impact Analysis on the Automotive Heating, Ventilation, and Air Conditioning (HVAC) System Market Request Here!
On the basis of technology, the automatic segment contributed to more than half of the total market share in 2019, and is expected to rule the roost by the end of 2027. The same segment is also anticipated to manifest the fastest CAGR of 6.1% from 2020 to 2027. The manual segment is also discussed in the market report.
On the basis of vehicle type, the passenger car segment accounted for nearly three-fourths of the total market revenue in 2019, and is projected to retain its dominance throughout the forecast period. The electric vehicle segment, on the other hand, is predicted to portray the fastest CAGR of 11.3% till 2027. The report also analyzes the commercial vehicle segment.
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On the basis of geography, Asia-Pacific held the highest share in 2019, generating more than one-third of the global market. The same region would also portray the fastest CAGR of 6.1% during the estimated period. The other three regions assessed through the market include North America, Europe, and LAMEA.
The key market players analyzed in the global automotive HVAC system market report include Valeo services, Air International Thermal Systems, Calsonic Kansei Corporation, Hanon Systems (HVCC), Sanden Holdings Corporation, Mahle GmbH, Johnson Electric, Denso Corporation, Sensata Technologies, Inc., and Keihin Corporation. These market players have taken recourse to several strategies including partnership, expansion, collaboration, joint ventures, and others to prove their stand in the industry.
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More Reports of Automotive Industry:
India Automotive HVAC Market 2020-2026: The India automotive HVAC market size generated revenue worth $821.8 million in 2018 and is projected to reach $2,033.1 million by 2026, registering a CAGR of 11.6% during the forecast period.
Passenger Car Accessories Aftermarket 2020-2026: The passenger car accessories aftermarket was valued at $128.97 billion in 2018, and is projected to reach $248.41 billion by 2026, registering a CAGR of 8.5% from 2019 to 2026.
Automotive Microcontroller Market 2020-2026: The global automotive microcontroller market was valued at $9.06 billion in 2018, and is projected to reach $15.77 billion by 2026, registering a CAGR of 7.3% during the forecast year 2019-2026.
Vehicle Ignition Coil Market 2020-2026: The global vehicle ignition coil market was valued at $5.59 billion in 2018, and is projected to reach $7.55 billion by 2026, registering a CAGR of 3.9% from 2019 to 2026.
HVAC Insulation Market 2020-2030: The HVAC market is segmented into glass wool, stone wool, phenolic foam, elastomeric foam and others.
Automotive Repair and Service Market 2020-2030: The global Automotive Repair and Service Market is segmented based on part, service providers, vehicle type, and region.
Automotive Seat Climate Systems Market 2020-2023: Global Automotive Seat Climate Systems Market was valued at $9,207 million in 2016, and is projected to reach at $14,048 million by 2023, growing at a CAGR of 6.3% from 2017 to 2023.
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