New York, April 9, 2020 (GLOBE NEWSWIRE) – Reportlinker.com announces the publication of the report “Automotive HVAC Market – Growth, Trends, and Forecast (2020 – 2025)” – https://www.reportlinker.com/ p05881435 /? utm_source = GNW
The Asia-Pacific region has dominated the automotive HVAC market, followed by North America and Europe, and is expected to experience rapid growth over the forecast period.
The future of HVAC is expected to experience significant developments, which include designs for electronics and compressors. DuPont has developed new HVAC technology that helps eliminate temperature-related problems in vehicles. The concern over leaks of refrigerant into the atmosphere, which has dangerous environmental effects, has laid the groundwork for innovations to combat leaks.
The automotive HVAC market is mainly dominated by established players. Delphi Automotive, Denso Corporation, Mitsubishi and Hanon Systems are among the leading companies operating in the automotive HVAC market.
Key market trends
Growing use of environmentally friendly refrigerants
Growing concerns about global warming have slightly affected the automotive HVAC market. As a result, many countries around the world have started to take steps to reduce their carbon footprints.
According to the directives imposed by the European Union in 2013, refrigerants for vehicles with a global warming potential greater than 150 in new passenger and commercial vehicles are prohibited from January 1, 2017. Therefore, European car manufacturers were legally required to use an eco-responsible refrigerant in HVAC systems installed in cars.
Not only Europe, but also countries like Japan, China and India have supply agreements with manufacturers of green refrigerants. Nations, such as South Korea and Turkey, could witness a rapid increase in the use of environmentally friendly refrigerants, due to their inclination towards average EU fuel economy standards.
Improved road infrastructure and increased disposable income of the middle class are stimulating the automotive market in some developing countries.
Governments around the world are taking initiatives to boost passenger car sales by revising tax rates, managing inventory, etc., which will further contribute to the growth of the HVAC market over the forecast period. .
Strong growth expected in the Asia-Pacific region
Due to huge population growth, as well as economic development in countries like China, India, Japan and ASEAN countries, etc., the auto industry in Asia Pacific is expected to grow faster.
According to a recent study by the International Energy Agency (IEA), the ownership of passenger cars in India is expected to increase by 775% from 2016 to 2040. The Indian government aims to make automobile construction the main driver of the economy. ‘Make in India’ initiative, as it predicts that the passenger car market will triple to reach 9.4 million units by 2026, as outlined in the 2016-2026 Automobile Mission Plan (AMP). Thus, the growing demand for cars, as well as an environment conducive to the automotive industry, should stimulate the auxiliary industries, which include HVAC systems.
In addition, due to the increasing market share of luxury cars, foreign luxury car manufacturers, such as Volkswagen, Volvo and Audi, plan to intensify their investments in different countries in the Asia-Pacific region, thus driving the advanced HVAC systems, which are necessary for high-end cars. An increase in demand is expected for refrigerated vans, as the management of the cold supply chain should also witness an increase in demand.
The automotive HVAC market is a consolidated market. The main global players represent the major part of the market share. The main companies in the air conditioning market are MAHLE GmbH, DENSO Corporation, Mitsubishi Heavy Industries Ltd and Hanon Systems. Mergers and acquisitions, partnering with regional HVAC equipment manufacturers, as well as establishing and ensuring relationships with car manufacturers are among the dynamics that shape the competitive landscape of this market.
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Read the full report: https://www.reportlinker.com/p05881435/?utm_source=GNW
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