Automotive HVAC Market By Application (Heavy Commercial Vehicles (HCVs), Light Commercial Vehicles (LCVs), Passenger Cars), By Technology (Manual, Automatic)

Sellbyville, DE -- (SBWire) -- 01/19/2019 --Automotive HVAC market will witness 8% CAGR to surpass USD 23 billion by 2023. Passenger cars application segment, contributing about 60% of the market share, is predicted to witness a noticeable growth in the next few years due to the rise in passenger vehicles demand, luxury automobiles business expansion, and good road infrastructure. Furthermore, growing electric vehicles trend is also expected to propel the application segment growth. Light commercial vehicles application segment is predicted to grow at a CAGR of 7.9% over the period of 2016-2023 owing to growing customer trend for these vehicles.

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U.S. market share is projected to have a gain of 7.9% CAGR over the forecast period. This is done for expediting the automobile production with the penetration of premium vehicles.

Europe automotive HVAC market share is estimated to account for over 20% of the global revenue through the forecast period, spurred by vehicle production. Favorable regulatory scenario to limit energy consumption is a key regional trend.

Asia Pacific market size was USD 5.3 billion in 2015 and is anticipated to take a growth of 9% from 2016 to 2023.

Automatic systems, contributing about 60% of the market share in 2015, is predicted to dominate the technology segment by growing at a rapid rate of 9.4% over the period of 2016-2023. Low fuel consumption coupled with a rise in comfort level of passengers are few of the factors projected to promote the segment growth over the coming few years.

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Manually adjusted systems are expected to lose share to the automatic car HVAC market segment. The industry has witnessed a shift towards these systems, and product development includes fully automatic dual zone solutions for front and rear passengers as well.

HVAC systems have become a global standard for the passenger vehicles. Increase in vehicle production owing to rising consumer income as well as growing vehicles demand is anticipated to contribute towards the demand for automotive HVAC systems in next few years. Furthermore, growing requirement for luxury and comfort in the passenger vehicles due to large amount of time spent in the vehicles is predicted to promote the industry growth trends. Technological innovations aimed at producing effective and affordable products are predicted to drive the demand for HVAC systems in automotive over the coming years.

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Key market players include Denso Corporation, Hanon Sytems, Valeo, and Mahle Group. These players will try to attract the customers and increase their market share through product & technological innovation.

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