Automotive HVAC Market Size

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.