Automotive HVAC Market size was valued at USD 53.64 billion in 2023 and is expected to exceed USD 126.16 billion by 2036, registering over 6.8% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of automotive HVAC is evaluated at USD 56.56 billion. The growth of the market can be attributed to the growing demand for automobiles, along with rising need for comfortable and well-ventilated vehicles. In 2020, more than 75 million cars were produced around the world. With the expansion of area of cities, people are spending more time in their vehicles for commuting to their work place, which is also one of the major factors pushing the sales of personal vehicles. Moreover, increasing preference for personal transport, instead of, public transport, is also contributing to the rise in sales of personal vehicles worldwide. With the increasing sales of vehicles and the growing focus on passenger safety and comfort, the demand for HVAC systems in vehicles is anticipated to increase significantly, and in turn drive the market growth.
Growth Drivers
Challenges
|
Base Year |
2023 |
|
Forecast Year |
2024-2036 |
|
CAGR |
6.8% |
|
Base Year Market Size (2023) |
USD 53.64 billion |
|
Forecast Year Market Size (2036) |
USD 126.16 billion |
|
Regional Scope |
|
The market is segmented by vehicle type into passenger vehicle, commercial vehicle, and others, out of which, the passenger vehicle segment is anticipated to hold the largest share in the global automotive HVAC market over the forecast period on account of growing share of passenger vehicles in the total vehicles being manufactured. In 2020, the sales of passenger cars contributed to over 75% of the total sale of vehicles. According to the data by the International Organization of Motor Vehicle Manufacturers, around 77.97 million units of cars were sold in 2020, out of which, over 53.598 million were passenger cars.
Our in-depth analysis of the global automotive HVAC market includes the following segments
|
By Components
|
|
|
By Vehicle Type |
|
On the basis of geographical analysis, the global automotive HVAC market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Asia Pacific is poised to hold largest revenue share by 2036, on the back of increasing sale of cars, backed by the growing population in the country. According to the data by India Brand Equity Foundation (IBEF), in 2019-20, the total passenger vehicles sales in India crossed 2.8 million units. Moreover, owing to the presence of major automobile manufacturers in countries, such as, Japan, India, and others, there is an increase in the demand for HVAC systems in the region. This is estimated to boost the market growth.
Author Credits: Saima Khursheed
Copyright © 2024 Research Nester. All Rights Reserved
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?