HVAC Relay Market Share

APAC Market Statistics

The Asia Pacific HVAC relay market, amongst the market in all the other regions, is projected to hold the largest market share of about 40% by the end of 2037. The growth of the market can be attributed majorly to the radically expanding automobile industry in the region, coupled with the surging production of vehicles, and increasing urbanization in the nations such as Japan, India, and so on. For instance, the Indian automobile industry manufactured around 25,930,380 vehicles between April 2021 and March 2022, including passenger vehicles, and commercial vehicles. Moreover, the rapid surge in industrialization is also a significant factor that is projected to boost the growth of the HVAC relay market in the APAC region during the projected time frame. In addition to this, the rising economy, and dynamic growth in the construction sector are also anticipated to boost the market growth further during the forecast period.

North American Market Forecast

The North American HVAC relay market, amongst the market in all the other regions, is projected to hold the second largest market share of about 23% during the forecast period. The growth of the market can be attributed majorly to the surging demand for energy-efficient green buildings, and the high usage of personal vehicles by people in the region. For instance, the number of green buildings in the United States expanded by around 128,215 by 2021. Moreover, increasing demand for energy efficiency in residential buildings and commercial buildings is also anticipated to drive market growth further throughout the forecast period in the region. In addition, the presence of extreme weather conditions and lack of conventional heating methods are also predicted to boost the market growth in the future.

Europe Market Forecast

Further, the market in the European region, amongst the market in all the other regions, is projected to hold a majority of the share of about 19% by the end of 2037. The growth of the market can be attributed majorly to the rapid surge in urbanization, followed by the radical expansion in commercial vehicles is estimated to spur market growth in the region throughout the forecast period. In addition to this, recent expansion in business aircraft manufacturing is another significant factor anticipated to skyrocket the growth of the HVAC relay market in the European region during the forecast period.