Automotive A/C Parts Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2025
Albany, NY -- (SBWIRE) -- 04/10/2018 -- The rise in vehicle production and need of consumer comfort supported the growth of automotive air-conditioning market. The advancement of technology in the A/C parts surge the demand for automatic air conditioning among the vehicles. The air condition system of any vehicle becomes an integral part which sometimes influences the consumer's purchasing behavior.
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Automotive aftermarket industry and subsequently automotive a/c parts market is totally dependent on the changes in primary automotive industry. The growth drivers and trends in automotive industry will affect automotive a/c parts market. Low interest rates and low fuel prices is expect to surge growth of automotive industry and subsequently automotive a/c parts industry. Globally the average age of vehicles is increasing as consumers continue to use old or second hand vehicles. Rising average age of vehicles is expected to increase the demand for automotive a/c parts. Rising demand for automotive aftermarket parts in emerging economies such as China, India among others is expected to increase demand for automotive a/c parts market.
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Rising demand of fuel efficient vehicles by consumers require aged or second hand vehicles be fitted with advanced a/c parts which is anticipated to increase demand for automotive a/c parts. The major restrain faced by automotive a/c parts industry is increasingly strict government regulations due to environmental concerns which is expected to negatively affect automotive a/c parts market. There is opportunity for growth of automotive a/c parts market in North Africa through rising investment in automotive sector. Renault and PSA Group is expected to set up manufacturing plants in Morocco to increase automotive spare parts production in the region.
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The market when segmented by technology are manual/ semi-automatic a/c, automatic a/c and others. By components the market is segmented into compressor, evaporator, drier/ receiver, condenser and others. By type the market is segmented into OEM A/C parts and Aftermarket A/c parts. By vehicle type the market is segmented into passenger vehicles, light commercial vehicles (LCV), heavy commercial vehicles (HCV) and others. Aftermarket A/C parts market is larger than OEM A/C parts market.