On the basis of vehicle type, passenger cars generated higher revenue in comparison to commercial vehicles, accounting for over 67% of the market revenue in 2015. Automakers tend to provide passenger cars and commercial vehicles with faster cooling and fuel efficient HVAC systems. As per European Union regulations, all the vehicles in Europe should have HVAC systems with non-polluting refrigerants, with a GWP (global warming potential) lesser than 150, effective from January 2017.
Portland, OR -- (SBWIRE) -- 09/25/2017 -- The HVAC Market growth is driven by automatic climate control feature, increasing demand for thermal systems, rising safety concerns, and adoption of eco-friendly refrigerants. On the other hand, the use of polluting refrigerants is expected to hinder the adoption of this system. Use of environment-saving refrigerants and adoption of geothermal pumps are anticipated to foster the growth of the market.
The world automotive HVAC market is segmented on the basis of technology, vehicle type, and geography. On the basis of technology, it is categorized into manual and automatic; whereas by vehicle type, it is categorized into passenger cars, and commercial vehicles, including light commercial vehicles (LCVs) and heavy commercial vehicles (HCVs). On the basis of geography, it is segmented into North America, Europe, Asia-Pacific, and LAMEA. However, Asia-Pacific, specifically countries including China, Japan, South Korea, and India, is expected to show a significant growth during the analysis period.
Key players operating in the world automotive HVAC market are, Sensata Technologies Inc., Calsonic Kansei Corporation, Denso Corporation, Hanon Systems, Keihin Corporation, Johnson Electric Holdings Ltd, Sanden Holdings Corporation, Valeo, Japan Climate Systems Corporation and MAHLE GmbH.
Key Findings of Automotive HVAC System Market:
- Asia-Pacific is expected to be one of the fastest growing regions, in terms of revenue, growing at a CAGR of 10.2% from 2016 to 2022.
- Light commercial vehicles contributed around two-thirds of the revenue in 2015, and is anticipated to grow at a high CAGR of 8.1% during the forecast period.
- Automatic HVAC system is expected to maintain its dominance throughout the forecast period.
Leading players in the automotive HVAC system market have adopted strategies such as collaborations, product launches, and acquisitions to expand their market presence. Key players include Sensata Technologies, Inc., Calsonic Kansei Corporation, Denso Corporation Hanon Systems, Johnson Electric Holdings Ltd, Sanden Holdings Corporation, Valeo, Japan Climate Systems Corporation, Keihin Corporation and Mahle GmbH.
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