Automotive HVAC Market Is Expected To Reach USD 79.59 Billion By 2030


 San Francisco, 9 Oct 2024: The Report Automotive HVAC Market Size, Share & Trends Analysis Report By Technology (Automatic, Manual/Semi-automatic), By Vehicle (Passenger Cars, LCVs, HCVs), By Region, And Segment Forecasts, 2024 - 2030

The global automotive HVAC market size is estimated to reach USD 79.59 billion by 2030, according to a study by Grand View Research Inc., expanding at a CAGR of 6.7% during the forecast period. The market is driven by increasing development of innovative, fuel-efficient, and eco-friendly HVAC solutions coupled with surging global demand for passenger vehicles. Rising disposable income and growing inclination towards more luxurious and comfortable travel are anticipated to foster the growth of the automotive HVAC market.

In the current scenario, an automotive HVAC unit has become an integral part of passenger vehicles, offering comfort features that influence consumer buying behavior. Rising concerns regarding global warming are leading to an increase in temperature levels, which in turn is resulting in increased demand for enhanced interior environment and comfort. Technological innovations and substantial investments in R&D activities are leading to the innovation of fuel-efficient and eco-friendly HVAC units coupled with innovative designs to lower the weight and size of systems for better adaptability.

Spiraling demand for private vehicles owing to the flourishing car rental industry and rising average time spent on vehicles is expected to boost the growth of the market. Additionally, affordable automobile finance schemes and increasing preference to use private vehicles rather than public transport can also favor the growth of the automotive HVAC market. Asia Pacific is anticipated to dominate the global market throughout the forecast horizon owing to the presence of key automobile manufacturers coupled with a broader consumer base boosting vehicle demand. Rising concerns about the environmental effects of refrigerants and high maintenance costs can hinder the growth of the automotive HVAC market.

Access Research Report of Automotive HVAC Market @ https://www.grandviewresearch.com/industry-analysis/automotive-hvac-market

Automotive HVAC Market Report Highlights

  • Passenger car is likely to dominate the market through 2030. Increasing personnel mobility needs and growing urbanization will contribute to the growth of the segment
  • Macroeconomic conditions and regulations such as the mining ban in India may affect the demand for Heavy Commercial Vehicle (HCV). Increasing demand for LCVs, particularly in rural areas, is projected to supplement the growth of the segment
  • The burgeoning popularity of electric or hybrid vehicles can also positively influence the growth of the market. Increasing adoption of premium automobile brands in countries such as India and China are estimated to bolster the growth of the market
  • Asia Pacific automotive HVAC market registered the largest market revenue share of 49.0% in 2023. The expanding middle class in countries such as China, India, and Japan is boosting the demand for cars with modern features, including HVAC systems

Automotive HVAC Market Report Scope

Report Attribute

Details

Market size value in 2024

USD 54.01 billion

Revenue forecast in 2030

USD 79.59 billion

Growth rate

CAGR of 6.7% from 2024 to 2030

Base year for estimation

2023

Historical data

2018 - 2022

Forecast period

2024 - 2030

List of Key Players in Automotive HVAC Market

  • Denso Corporation
  • Valeo
  • MAHLE GmbH
  • Hanon Systems
  • Sanden Holdings Corporation
  • Calsonic Kansei Corporation
  • Keihin Corporation
  • Mitsubishi Heavy Industries
  • Brose Fahrzeugteile
  • Eberspächer Gruppe

Access Press Release of Automotive HVAC Market @ https://www.grandviewresearch.com/press-release/global-automotive-hvac-market

About Grand View Research

Grand View Research is an India & U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services.

For More Information: https://www.grandviewresearch.com/horizon

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