Market review of Automotive HVAC - Forecasts to 2023

Automotive HVAC Market share greatly relies on the vehicle sale. With an upsurge in living standard and awareness among customers on energy-efficient products, an exponential growth can be expected in this sector. However, car’s fuel economy, might act as an obstacle in coming years, but its impact is likely to reduce in long term.

HVAC systems have become a standard feature across passenger cars; growing automotive industry is estimated to be a major growth driver. Increase in private vehicle demand and average time spent in cars is anticipated to boost automotive HVAC market size over the forecast period. According to the United States Department of Transportation (DoT), average daily distance traveled on urban highways in January 2015 showed a rise of 4.3% on yearly basis.

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Automotive HVAC market size is projected to reach USD 23.19 billion in the year 2023 which was USD 12.44 billion earlier in 2015 as per the recent study by Global Market Insights, Inc. Countries like China and Japan along with growing countries like India and South Korea are witnessing a steep rise and are expected to lead the path in near future. The automotive HVAC Market size is expected to rise by 8.2% CAGR till 2023.

High initial investment and presence of major players may restrict new entrants. Companies enter into long term service contracts with customers, therefore new entrants may have to face difficulties to win new contracts and partnerships. Automakers may not switch to new participants owing to quality and cost concerns.

Present generation vehicles are well-versed with innovative technologies which differ in performance, cost and application. All these features make travelling comfortable for users and promote them to spend a luxurious time on the road.

Steady consumer demand for high comfort level, increasing functionality in vehicles, as well as efforts to enable product differentiation will be responsible for Asia Pacific automotive HVAC market growth.

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Design quality, price, timely delivery, customer service, product quality, innovation and overall management are some of the facets preferred by automakers in their suppliers. Suppliers with global engineering, robust technologies and strong development capabilities are quite suitable for meeting the expectations of automakers.

Downsizing the system is an area of considerable R&D among major industry players of. Lower fuel consumption and increase level of comfort and ease of operation will drive automatic segment demand through the forecast timeframe.

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.

Denso Corporation, Mahle Group, Valeo, and Hanon Systems accounted for significant automotive HVAC market share in 2015. Players in the industry practice high degree of innovation to provide unique solutions to existing and potential customers. Automakers continuously evaluate suppliers on the basis of design capability, price, timeliness of delivery, customer service, product quality, financial viability, innovation, and overall management.

Automotive HVAC Industry Insights:

1 Industry segmentation

2 Industry size and forecast

3 Ecosystem analysis

3.1 Vendor matrix

4 Industry impact forces

4.1 Growth drivers

4.1.1 Growing automotive industry

4.1.2 Increased purchasing power

4.1.3 High penetration of HVAC systems

4.2 Industry pitfalls & challenges

4.2.1 Performance issues

5 Growth potential analysis

6 Porter’s analysis

7 Company market share analysis, 2015

8 PESTEL analysis

9 Technology & innovation trends

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I currently work as a SEO Analyst in a market consultancy firm. An automobile engineer by education, I have prior experience in automotive manufacturing firms, market research, and business development domains.