ID: MRFR/AM/1761-HCR | 132 Pages | Published By Sejal Akre on March 2023
The Global Automotive Air Conditioning Market Size is expected to cross USD 51370.4 Million by 2030 at a CAGR of 6.14% during the forecast period.
The Automotive Air Conditioning Market Size is expected to grow at a significant CAGR of 6.14% to reach USD 51370.4 Million by the end of the forecast period 2022 - 2030. The technique of eliminating heat from the interior of a vehicle to increase occupant comfort is known as automotive air conditioning. In automobiles, air conditioning is primarily accomplished through the use of an integrated heating, ventilation, and air conditioning (HVAC) system. Most automobiles now have such air conditioning systems, which can be operated manually or automatically. The manual air conditioner has knobs and dials that allow the operator to adjust how much airflow the device produces. There are three fundamental sorts of settings: low, medium, and high. The user must first power on the machine before selecting the desired airflow and temperature. The automatic air conditioning system enables the automatic setting of the appropriate temperature. A thermostat senses and monitors the temperature, signaling the system to pump air until the target temperature is reached. The technique of eliminating heat from the interior of a vehicle to increase occupant comfort is known as automotive air conditioning. Companies are currently developing more efficient and environmentally friendly air conditioning systems as the demand for innovations to minimize carbon dioxide emissions and preserve the environment grows. When compared to a traditional air conditioning system, manufacturers have set out to lower the compressor's power usage. In automobiles, air cooling is largely accomplished by integrated Automotive Air Conditioning Market Growth, which is predicted to grow in popularity throughout the projection period.
The recent COVID-19 pandemic slowed the growth of the Automotive Air Conditioning Market, as passenger vehicle sales fell across the board. Previously, using an Automotive Air Conditioning system was considered a luxury, and not all cars were equipped with one. Due to the universal acceptance of basic automotive safety and comfort standards, it is now a required feature in every vehicle. The air conditioning industry has been severely harmed by false assertions that the coronavirus spreads through the usage of air conditioners, defaming the entire industry. Manufacturing businesses are using the internet to raise awareness about false charges, but the impact of viruses has pushed customers to believe in fake news and misinformation in these circumstances. Although production has already been halted because of the shutdown, the impact of the pandemic is predicted to wreak havoc on the market in the coming days. The worldwide demand graph has seen a significant demand reduction, and it is expected to take a long time to recover. Many developing economies are expected to undergo a period of recession, with demand for goods expected to hit new lows and expected to increase the Automotive Air Conditioning Market Size and Automotive Air Conditioning Market Share.
The spike in demand for passenger and commercial vehicles, as well as changes in consumer tastes and government attempts to create improved air conditioning systems, are driving the expansion of the Automotive Air Conditioning Market Share and Automotive Air Conditioning Market Growth. In recent years, countries such as China, India, and Japan have increased their manufacture of passenger and commercial vehicles. The availability of low-cost labor attracts many automakers to set up shop in nations like India, China, and Japan, increasing production. A surge in new car sales will fuel the industry, resulting in more air conditioning being installed in automobiles. A constant shift in consumer tastes has benefited the growth of the automotive air conditioning market. Over time, people's socioeconomic circumstances have stabilized, resulting in a gradual increase in disposable income. As consumers' disposable income improves, they will be more likely to acquire sophisticated air conditioning equipment. Consumers in the car business are increasingly focusing on additional features such as climate control systems, pedestrian recognition, and blind-spot detection, in addition to the vehicle's visual elements during the Automotive Air Conditioning Market Analysis. As a result of the improvement in technology from manual to automatic air conditioning, the market is expected to increase throughout the forecast period.
However, there is one big stumbling block to the use of the Automotive Air Conditioning Market in off-highway vehicles: the amount of space available for the system's installation. Various OEMs are working on lighter, more efficient, and smaller automobile air conditioning systems that can readily fit into off-road vehicles.
Companies are increasingly creating more efficient and environmentally friendly air conditioning systems in response to the growing demand for technology that minimizes carbon dioxide emissions and preserves the environment with the presence of various Automotive Air Conditioning Market Key Players. In comparison to current air conditioning systems, the new air conditioning systems would lower compressor power usage by 25%, resulting in fuel savings. Players' products and technological capabilities will be enhanced by technology advancements and significant investments in R&D projects. Furthermore, the adoption of environmentally friendly refrigerants and the development of less expensive Automotive Air Conditioning systems create profitable growth prospects for the Automotive Air Conditioning market's participants. Automotive Air Conditioning Market systems are an essential component of passenger vehicles and a significant comfort factor that influences customer purchasing decisions. We may now employ a fully automatic air conditioning system at a lower cost thanks to technological advancements. Almost all vehicles made nowadays are fitted with an air conditioning system. As a result, automakers are competing fiercely to provide improved comfort. The OEMs are under more pressure than ever to offer technologically superior automobile air conditioning systems as a result of this competition.
The Automotive Air Conditioning Market is further bifurcated into various segments depending on various factors to help the market grow as per the predicted CAGR growth by the end of the Automotive Air Conditioning Market Forecast period. The market has been segmented based on the following:
Based on the technology, the market is segmented as follows:
Based on the component, the market is segmented as follows:
Based on the vehicle type, the market is segmented as follows:
Based on the region, the market is segmented as follows:
Due to rising population, quick industrialization, and aggressive manufacturing sector expansion, the Asia Pacific region is likely to dominate the market throughout the projection period. Automobile manufacturers are shifting toward technology-driven components that require less effort on the part of the consumer to operate. Increased adoption of automatic air conditioning in automobiles will result from the growth of technology-driven vehicles. The market's future growth will be fueled by higher adoption. During the projection period, North America is expected to be the second-largest market to expand.
The Automotive Air Conditioning Market is highly concentrated, with the top global manufacturers controlling the majority of the market share. Some of the characteristics defining the market's competitive landscape include mergers and acquisitions, partnerships with regional Automotive Air Conditioning Market makers, and development and maintenance tie-ups with vehicle manufacturers. The major Automotive Air Conditioning Market Key Players are as follows:
Swegon, a UK-based HVAC firm, has acquired Waterloo Air Products, a specialist in air terminals. The agreement will expand the company's air terminal capabilities and expertise in the custom-building sector.
Gardner Denver finalized its merger with Ingersoll Rand's Industrial sector, allowing it to considerably dominate the market for mission-critical flow control and industrial technology by building a broader product range.
This report provides an analytical depiction of the global automotive air conditioning market, as well as current trends and future projections, to identify potential investment opportunities. The research includes a complete analysis of the global automotive air conditioning market share, as well as information on key drivers, restraints, and opportunities. To highlight the global automotive air conditioning industry growth scenario, the existing market is quantitatively examined. The analysis depicts the market's potency of buyers and providers. The research includes a detailed examination of competitive intensity and how the competition will evolve over the next few years.
|Market Size||USD 51370.4 Million|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Technology, By Component, By Application, By Vehicle type|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Denso Corporation (Japan), Hanon Systems (South Korea), Mitsubishi Heavy Industries Ltd.(Japan), and MAHLE GmbH (Germany). Valeo SA (France), Keihin Corporation(Japan), Calsonic Kansei Corporation (Japan), Samvardhana Motherson Group (India), Subros Limited (India), and SMAC Auto Air (New Zealand)|
|Key Market Opportunities||Develop advanced air conditioning systems|
|Key Market Drivers||Automatic air conditioning|
The automotive air conditioning market is anticipated to mark 6.14% CAGR by 2030.
Denso Corporation (Japan), Hanon Systems (South Korea), Mitsubishi Heavy Industries Ltd.(Japan) are the key players investing in the market share.
The factors that are liable for automotive air conditioning market's growth are surge in demand for passenger and commercial vehicles, various consumer preferences, and government initiatives to develop advanced air conditioning systems.
The technology, component, and vehicle type are the segments involved in the market’s study.
Asia Pacific region is going lead the market in the present time.