Global automotive HVAC market size forecast to exceed USD 23 billion by 2023.

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Automotive HVAC market size forecast to exceed
USD 23 billion by 2023
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Global Market Scenario of Automotive HVAC
Industry

• 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. 
• The presence of energy-efficient solutions
  equipped with technology to maximize vehicle
  performance will assist automotive HVAC market
  growth from 2016 to 2023. 
• Incorrect adjustment of the HVAC controls results
  in decreased fuel efficiency, which may restrain
  growth. Low demand across the LCV and HCV
  segments as compared to passenger cars may limit
  industry potential.

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Continue.....

• Rising passenger vehicles production and
  increasing income level are expected to favor
  market growth over the forecast period. Demand
  for luxury and comfort in vehicles is rising
  owing to increase in the average time spent in
  cars.
•  
• Global automotive HVAC market share growth is
  highly dependent on vehicle sales. Research and
  development is expected to enhance players
  product offering and boost technological
  capability such as reduction in size and weight.
• Increasing demand for luxury in passenger cars is
  driving multi-zone HVAC system demand.
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• Enhanced standard of living and upsurge in
  consumer awareness pertaining to energy-efficient
  products are expected to contribute to growth.
  Technological advancements and innovation are
  making provisions for efficient and cost
  effective products, subsequently driving demand
  extensively. Changing consumer preference along
  with energy-efficiency quality standards may
  open avenues for incumbent players.
•  

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Japan automotive HVAC market size, by
application, 2012 - 2023
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360 Analysis
Application Analysis Automatic systems are
estimated to remain the leading technology
segment, with over 60 of the automotive HVAC
market share in 2015. They are also estimated to
grow faster than the overall average at 9.4 CAGR
from 2016 to 2023. Lower fuel consumption and
increased level of comfort and ease of operation
is expected to drive the segment over the next
few years.  Regional Analysis U.S. automotive
HVAC market share is likely to witness gains at
7.9 CAGR over the forecast period. This is
primarily credited to increase automotive
production coupled with high penetration of
premium vehicles in the region. Government
initiatives to curb energy consumption are
expected to drive eco-friendly technology demand
in Europe over the forecast period.
 Competitive Market Share 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.

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