HomePress-release

Redding, California - June 12, 2024

Automotive HVAC Market to be Worth $86.1 Billion by 2031

Automotive HVAC Market by Offering (Hardware, Services), Operation Mode (Manual HVAC, Automatic HVAC), Application (ICE Vehicles, EV Vehicles), End User (OEM, Aftermarket), and Geography—Global Forecast to 2031

Meticulous Research^®—a leading global market research company, published a research report titled, ‘Automotive HVAC Market by Offering (Hardware, Services), Operation Mode (Manual HVAC, Automatic HVAC), Application (ICE Vehicles, EV Vehicles), End User (OEM, Aftermarket), and Geography - Global Forecast to 2031.

According to this latest publication from Meticulous Research^®, the global automotive HVAC market is projected to reach $86.1 billion by 2031 , at a CAGR of 5.4% from 2024–2031.The growth of the automotive HVAC market is driven by the increasing demand for thermal systems features and the growing demand for environmentally friendly refrigerants and automotive coolants. However, the Increasing prices of HVAC system components restrain the growth of this market. Furthermore, the increasing demand for automatic climate control features is expected to generate growth opportunities for the players operating in this market. However, the high maintenance cost is a major challenge impacting market growth. Additionally, the increasing use of automated HVAC systems is the latest trend in the market.

The global automotive HVAC market is segmented by offering (hardware [compressors, condensers, receiver dryers, expansion valves, evaporators, blowers, thermostats, actuators, and other hardware] and services [support & maintenance services and installation services]), operation mode (manual HVAC system and automatic HVAC system), application (ICE vehicles [passenger vehicles and commercial vehicles] and electric vehicle [passenger vehicles and commercial vehicles]), end user (original equipment manufacturers and aftermarket), and geography. The study also evaluates industry competitors and analyses the market at the country and regional levels.

Based on offering, the global automotive HVAC market is segmented into hardware and services. In 2024, the hardware segment is expected to account for the larger share of above 83.0% of the global automotive HVAC market. The segment's large market share is attributed to the adoption of HVAC systems for a comfortable environment inside the vehicle regardless of the external weather conditions. The HVAC systems help to clear fogged or misted windows, enhancing visibility and ensuring safer driving conditions. The increasing adoption of HVAC systems to optimize airflow distribution to minimize energy consumption.

Also, this segment is expected to register the highest CAGR during the forecast period.

Based on operation mode, the global automotive HVAC market is segmented into manual HVAC systems and automatic HVAC systems. In 2024, the manual HVAC system segment is expected to account for the larger share of above 54.0% of the global automotive HVAC market. The segment's large market share is attributed to the increasing use of manual HVAC systems due to their simple design and operation; manual HVAC systems are typically less expensive to manufacture and install compared to automatic systems. The manual HVAC systems provide drivers and passengers with direct control over temperature settings, fan speed, and airflow direction.

However, the automatic HVAC system segment is expected to register the highest CAGR during the forecast period. The growth of this segment is attributed to the automatic HVAC systems utilizing sensors to monitor external and internal conditions such as ambient temperature, humidity, and sunlight intensity. The automatic HVAC systems offer various energy-saving features, such as variable-speed fans and intelligent airflow management, and the automatic HVAC systems are integrated with other vehicle systems, such as GPS, engine management, and occupancy sensors.

Based on application, the global automotive HVAC market is segmented into ICE vehicles and electric vehicles. In 2024, the ICE vehicles segment is expected to account for the larger share of above 62.0% of the global automotive HVAC market. The segment's large market share is attributed to the increasing use of HVAC systems in ICE Vehicles for efficient heat exchange that helps regulate engine temperature and prevent overheating. The HVAC systems help to clear fogged or misted windows, mirrors, and windshield wipers that enhance visibility and ensure safer driving conditions. Moreover, the increasing demand for thermal systems features boosts the segment’s market growth.

However, the electric vehicle segment is expected to register the highest CAGR during the forecast period. The growth of this segment is attributed to the increasing adoption of HVAC systems in Ev’s that allow drivers to heat or cool the cabin while the vehicle is still plugged in and charging. The HVAC systems in EVs comply with regulations related to cabin air quality and emissions, and the HVAC systems in EVs integrate with vehicle navigation systems to adjust settings based on route and weather conditions.

Based on end user, the global automotive HVAC market is segmented into original equipment manufacturers and aftermarket. In 2024, the original equipment manufacturers segment is expected to account for a larger share of above 66.0% of the global automotive HVAC market. The segment's large market share is attributed to the HVAC systems that allow OEMs to differentiate their vehicles in the market by offering advanced climate control features. The adoption of reliable and effective HVAC systems reflects positively on the OEM's brand reputation, and the OEMs optimize supply chain management by partnering with reputable HVAC component suppliers.

Also, this segment is expected to register the highest CAGR during the forecast period.

Based on geography, the global automotive HVAC market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, Asia-Pacific is expected to account for the largest share of above 49.0% of the global automotive HVAC market. Asia-Pacific’s significant market share can be attributed to the increasing demand for energy-efficient HVAC systems across several automotive manufacturers and the growing technological advancements such as enhanced thermal management systems and integration with intelligent controls. The increasing sale of electric vehicles in countries like China, Japan, and India; the growing demand for environmentally friendly refrigerants and automotive coolants.

Also, this market is expected to register the highest CAGR of above 6.5% during the forecast period.

Key Players

The key players operating in the automotive HVAC market are Johnson Electric Group (Hong Kong), MAHLE GmbH (A Subsidiary of Mahle Stiftung GmbH) (Germany), Sensata Technologies, Inc. (U.S.), DENSO Corporation (Japan), Hanon Systems (South Korea), Valeo Service SAS (France), Air International Thermal Systems, Inc. (U.S.), Sanden Corporation (Japan), Brose Fahrzeugteile SE & Co. KG (Germany), Keihin North America, Inc. (U.S.), Mitsubishi Heavy Industries, Ltd. (Japan), OMEGA Environmental Technologies (U.S.), Kongsberg Automotive ASA (Norway), and Gentherm Inc. (U.S.).

Download Sample Report Here @ https://www.meticulousresearch.com/download-sample-report/cp_id=5913

Key Questions Answered in the Report:

Which are the high-growth market segments in terms of offering, operation mode, application, and end user?
What is the historical market size for the global automotive HVAC market?
What are the market forecasts and estimates for 2024–2031?
What are the major drivers, restraints, opportunities, challenges, and trends in the global automotive HVAC market?
Who are the major players in the global automotive HVAC market, and what are their market shares?
What is the competitive landscape like?
What are the recent developments in the global automotive HVAC market?
What are the different strategies adopted by major market players?
What are the trends and high-growth countries?
Who are the local emerging players in the global automotive HVAC market, and how do they compete with other players?

Contact Us:
Meticulous Research®
Email- sales@meticulousresearch.com
Contact Sales- +1-646-781-8004
Connect with us on LinkedIn- https://www.linkedin.com/company/meticulous-research

3D Printing

5G Technology

Advanced Chemical & Materials

Agrochemicals

Algae Products

Alternative Proteins

Animal Health

Artificial Intelligence

Automotive Technologies

Big Data Analytics

Climate Technologies

Edible Insects

Electric Vehicle

Food & Agriculture Technologies

Hydrogen Technologies

Internet Of Things

In Vitro Diagnostics

Laboratory Instrumentation

Language Learning Technologies

Medical Technologies

Next Generation Technologies

Processing & Packaging Technologies

Robotics & Automation

Smart Technologies

Water & Wastewater Technologies

Miscellaneous / Others

Redding, California - June 12, 2024

Automotive HVAC Market to be Worth $86.1 Billion by 2031

Automotive HVAC Market by Offering (Hardware, Services), Operation Mode (Manual HVAC, Automatic HVAC), Application (ICE Vehicles, EV Vehicles), End User (OEM, Aftermarket), and Geography—Global Forecast to 2031

Recommended Readings

Advanced Chemical &
Materials

Food & Agriculture
Technologies

Next Generation
Technologies

Processing & Packaging
Technologies

Water & Wastewater
Technologies