As per the report “Automotive HVAC Market By Type (Passenger Cars and Commercial Vehicles (HCVs and LCVs), By Technology (HVAC and Manual HVAC), Industry trends, Estimation & Forecast, 2016 - 2024”, the global automotive HVAC market was valued at $13.66 billion in 2016, and is projected to reach $27.5 billion by 2024, growing at a CAGR of 9.3% from 2017 to 2024. In 2016, Passenger Car HVAC system segment generated the highest revenue share of $ 9.1 billion growing at a CAGR of 9.8% in the global automotive HVAC system market. Among major regions, Asia Pacific Automotive HVAC system market was the highest revenue generating market valued at $6.3 billion in 2016.
“Pace grabbing countries, such as China, Japan, France, and India, are expected to experience significant growth in the application of Automotive HVAC System technology. APAC will experience the fastest growth geographically in the overall automotive HVAC market owing to the presence of some growing automotive manufacturing countries such as Japan and India.”
Passenger car segment is projected to lead the market throughout the forecast period
The passenger car segment was the largest application segment of the automotive HVAC system market in 2016. Development of automobile market and the introduction of new vehicles with advanced technologies in the Asia-Pacific region is the key factor anticipated to drive the growth of the automotive HVAC system market. The transportation industry is one of the potential markets for HVAC system. China is the leading car manufacturing country in the world followed by U.S., Japan, and Germany, hence pushing the HVAC technology market in the respective regions.
Automatic technology would capture more than 60% of the market by 2024
The automatic HVAC technology market is projected to lead the technology type segment of the automotive HVAC system market. Increasing demand for luxury cars with more comfort has led the manufacturers to enhance their vehicles with automatic HVAC system and hence adding up a steep growth to the market. Automatic HVAC technologies such as automatic recirculation can reduce the fuel consumption of an HVAC system by 35% by, recirculating the air through the air conditioning unit back into the cabin and limit the fresh air inlet to the minimum, while fulfilling the air parameters set by the driver and/or the system’s specifications. Hence, the upgraded technology is estimated to grow in the near future.
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