Automotive HVAC Market Share

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 industry is predicted to account for largest revenue share by 2037, 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.