Growth Drivers
Challenges
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. The market in Asia Pacific region is estimated to witness noteworthy growth over the forecast period 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.
The global automotive HVAC market is further classified on the basis of region as follows:
Base Year |
2024 |
Forecast Year |
2025-2037 |
CAGR |
6.8% |
Base Year Market Size (2024) |
USD 57.29 billion |
Forecast Year Market Size (2037) |
USD 134.74 billion |
Regional Scope |
|
Author Credits: Saima Khursheed
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