Market Research Future (MRFR) has published on the “Global Automotive Electronics for HVAC Systems Market”.
Technological advancements and innovations are a significant contribution to the expansion of the HVAC systems industry. Automotive vehicle companies are investing in R&D to develop HVAC systems that are compact, efficient, and lightweight. Leading automotive manufacturers are focusing on providing more comfort and luxury facilities in their vehicles. OEMs are designing and implementing high-quality climate control systems to suit rising demand. Because of automotive electrification and the emergence of autonomous mobility, touchscreen HVAC control in passenger vehicles has become the second most valuable component in a vehicle HVAC system.
Market Research Future (MRFR) has published a cooked research report on the “Global Automotive Electronics for HVAC Systems market” that contains information from 2018 to 2032. The Automotive Electronics for HVAC Systems market is estimated to register a CAGR of 5.7% during the forecast period of 2023 to 2032.
MRFR recognizes the following companies as the key players in the global Automotive Electronics for HVAC Systems market - Mahle GMBH, Denso Corporation, Valeo Group, Continental AG, Sensata Technologies Management Co., Ltd., STMicroelectronics, Infineon Technologies AG, Hanon Systems, Texas Instruments Incorporated., Keihin Corporation, Sanden Holdings Corporation, Johnson Electric Holdings Limited, and Calsonic Kansei Corporation.
The global Automotive Electronics for HVAC Systems market is accounted to register a CAGR of 5.7% during the forecast period and is estimated to reach USD 58.12 billion by 2032.
In recent years, there has been a substantial rise in automotive OEM parts sales and aftermarket presence. Stringent government regulations aimed at modernizing current accessories, rising disposable income, and the developing trend of vehicle customization will likely drive the future of Asia-Pacific automotive aftermarkets. The CARS (Comprehensive Automotive Resurgence Strategy) initiative in the Philippines provides worldwide investors, including several automotive manufacturers, with the chance to build low-cost, high-quality standardized vehicle aftermarket components. The conventional TVS Group, located in India, is also creating more technology-enabled business models. Its most recent project is an "e-mall" for all automotive components, expected to be the largest platform in India. The growing popularity of digital and e-commerce platforms that sell a wide range of passenger vehicle spare parts is increasing China's automotive aftermarket share. The China car aftermarket is positioned to achieve noteworthy profits in the next years, thanks to the launch of such online platforms. In North America, the growing popularity of semi-autonomous, electric, hybrid, and autonomous vehicles is predicted to boost demand for new components, as well as their maintenance and servicing, in the coming years.
The growing demand for crossover and long-distance travel cars emphasizes the importance of a substantial aftermarket presence. With increasing customer understanding of car repair and proper vehicle maintenance for efficiency and performance, the demand for aftermarket services is growing exponentially. Consumer customization is becoming more feasible as vehicle design and production become more flexible, spurring the expansion of automotive aftermarkets. Increased component manufacture to meet the rising demand for vehicle service might be attributed to market growth. MAHLE Group, a renowned manufacturer of automotive components, reported an 18.5% increase in aftermarket sales in 2021 over the previous year. Vehicle parc in Europe is aging and expanding at a slower rate. 'Over the past 10 years, the average age of passenger vehicle fleet has risen drastically, averaging over 11 years of age,' according to a BCG analytical report of the European aftermarket issued in partnership with CLEPA (European Association of Automotive Suppliers). The aging vehicle fleet has substantially impacted the repair industry since older vehicles are more likely to require maintenance and replacement parts. As a result, demand for HVAC systems has increased dramatically, as needs for vehicle electronics for HVAC systems. As a result, of the increased demand for repairs and customizations, the global automotive electronics for HVAC system market is being pushed by a quickly developing automotive aftermarket.
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The global Automotive Electronics for HVAC Systems market has been segmented based on Component, Vehicle Type, and Sales Channel.
Based on component, the global Automotive Electronics for HVAC Systems market segmentation includes Electronic Control Unit, Sensor, and Others. HVAC sensors can be used for a number of operations in order to improve system performance. An automotive HVAC system can be found with air conditioner sensors, furnace sensors, and several temperature sensors, ultimately ensuring health and safety. The HVAC industry is advancing sensor technology in several critical areas, such as increased durability to withstand challenging HVAC environments, digital communication capabilities, the capacity to monitor multiple physical parameters with a single sensor, lower power sensors, wireless capabilities with a variety of communication protocol options, and smaller sensors to save space.
Based on Vehicle Type, the global Automotive Electronics for HVAC Systems market segmentation includes Passenger Cars, Light Commercial Vehicle, and Heavy Commercial Vehicle. Passenger cars are motor vehicles with at least four wheels, used to transport passengers, with no more than eight seats, including the driver's seat. The continuous increase in demand for passenger vehicles has led international automobile manufacturers to increase their production capacities, per the International Organization of Motor Vehicle Manufacturers (OICA)..
Based on the Sales Channel, the global Automotive Electronics for HVAC Systems market segmentation includes OEM and Aftermarket. OEMs procure and install automotive parts and components while assembling the automobile. Major automotive component manufacturers invest in R&D to offer advanced components and modules and upgrade existing technologies for the market.
The global Automotive Electronics for HVAC Systems market, based on region, has been divided into the North America, Europe, Asia-Pacific, and Rest of the World. In terms of revenue, Asia-Pacific held the largest share of 52.3% in the Automotive Electronics for HVAC Systems market in 2022 and is expected to maintain its dominance during the forecast period. The continuous demand for HVAC systems and increasing affordable vehicle production drive the automotive electronics for HVAC systems market in Asia-Pacific. Asia-Pacific is expected to witness the highest growth because the manufacturers in this region offer high-cost reductions, owing to the availability of low-cost labor and raw materials. Furthermore, the region comprises countries such as India, Japan, China, and others. India and China are the largest emerging economies accounting for a decent part of the total vehicle production globally. The presence of a large electric and smart vehicle market in China makes it a lucrative market for automotive electronics for HVAC systems. In India, the government has undertaken various initiatives to promote the adoption of electric vehicles.
The increasing adoption of Electric vehicles across Europe, along with the extreme climate conditions in this region, promotes the automotive electronics for HVAC system market. The region is expected to have significant growth in the automotive aftermarket due to the increasing aging passenger vehicles and the presence of leading manufacturers such as Mahle Group, Denso Corporation, Valeo Group, and Behr-Hella Thermocontrol GmbH. The market is expected to boom exponentially. Legislative reforms and policies to promote the adoption of electric vehicles in Europe contribute significantly to the market growth of automotive electronics for HVAC systems.
North America remains a long-term growth market for the automotive electronics for HVAC systems market, particularly in the US, due to its expected volume of automotive production, an increasingly growing market of electric vehicles, and the increasing adoption of vehicle safety and efficiency technologies.
Key Findings of the Study