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(I-AutoNewsWire.com, October 12, 2017 ) According to Publisher, the Global Automotive HVAC Market accounted for $14.0 billion in 2016 and is expected to reach $26.3 billion by 2023 growing at a CAGR of 9.4% from 2016 to 2023. Increased efficiency of HVAC systems with pressure transducer technology is considered to be one of the primary growth factors for Automotive HVAC market. Moreover, increasing demand for thermal systems, changing consumers' demand due to several advancements, rising income levels and increasing middle-class population, making travelling easier for elderly people and adoption of eco-friendly refrigerants are the factors driving the Automotive HVAC market. However, high maintenance costs, environmental concerns and fuel economy are some of the factors hindering the market.
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In 2016, Automatic HVAC Systems segment accounted for the largest share of the Automotive HVAC market due to complexity and low efficiency of manual systems. Passenger cars segment among vehicle type is rising at the extreme rate and is likely to remain the leading segment throughout the forecast period owing to its fuel efficient and faster cooling HVAC systems.
Asia Pacific is expected to grasp major revenue shares in Automotive HVAC market and is expected to grow with a high CAGR during the forecast period. This growth is attributed to rising vehicle demand in emerging countries such as India and China, presence of the major automobile manufacturers in China and Japan, rising Foreign Direct Investments (FDI) in India. North America and Europe regions are two significant markets for automotive HVAC.
Some of the key players identified in the global market include Air International Thermal Systems, Behr Gmbh. & Co. Kg., Brose Fahrzeugteile Gmbh & Co. Kg, Calsonic Kansei Corporation, Delphi Automotive Plc, Denso Corporation, Eberspacher Climate Control Systems Gmbh & Co. Kg, Gentherm Inc., Inalfa Roof Systems Group B.V., Japan Climate Systems Corporation, Johnson Electric Holdings Ltd., Keihin Corporation, Kongsberg Automotive Holding Asa, Toyota Industries Corporation and Valeo Group.
System Types Covered:
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-Automatic HVAC Systems
-Manual Hvac Systems
-Heat Exchanging Equipment
Vehicle Types Covered:
-Light commercial vehicle (LCV)
-Heavy commercial vehicle (HCV)
- Rest of Europe
- New Zealand
- Rest of Asia Pacific
- Rest of the World
- Middle East
- South Africa
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