Market Dynamics
An automotive climate control system, as going by the trend, can gain impressive growth in the foreseeable future. The global automotive climate control market is expecting healthy CAGR of 14.92% during the forecast period, reveals Market Research Future (MRFR) in an elaborate study. The market also displays the ability to attain a valuation of USD 24,853.4 million in the same period.
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Key Players
The well-known players in global automotive climate control system market are listed as Mahle GmbH (Germany), Sanden Corporation (Japan), Hanon system (South Korea), Valeo S.A. (France), and Eberspächer Group (Germany). Denso Corporation (Japan), Calsonic Kansei Corporation (Japan), Keihin Corporation (Japan), Bergstrom Inc. (U.S.), and Air International Thermal system (Australia) and to name a few.
Market Scope & Trends
The automotive climate control system is widely known, providing a comfortable seating environment inside vehicles. The boost in the use of air condition in automotive has pushed the demand for climate control systems market largely. These systems are integrated with the heating, ventilation, and air conditioning system in the vehicles. Currently, almost every vehicle is equipped with such these systems by manually or automatically.
The expansion of the automotive climate control system market is reliant on the development of the automobile industry, globally. Consequently, the increase or decrease in the demand of the automobiles has a direct impact on the market. The entire four-wheeler productions across the globe have risen significantly, which results in the mount in the acceptance for climate control systems for automobiles. Among other benefits, technological developments and rapid rise in the disposable income of the consumers has also influenced the market to expand constructively.
At the same time, the consumers are also changing towards embracing the additional features such as pedestrian detection climate control, and blind sport detection along with the aesthetic features of the vehicle. Furthermore, the rush in demand for electric vehicles is highly anticipated to fuel the demand for the automotive climate control systems during the forecast period. On the other hand, the development of advanced electronic and hybrid vehicles is also likely to provide growth prospects over the forecast period.
Market Segmentation
The world of global automotive climate control system market has been segmented by the elements of technology and vehicle type.
In terms of vehicle type, the market share was occupied 63% of the global market in 2016. Thus, with a rise in income levels, the passenger vehicle segment witnessed substantial growth in production and sales and resulted in high developments in the market. The intensifying need for passenger comfort, changing preferences and lifestyle, and rapid urbanization are vital factors to the market growth of passenger vehicles and is anticipated to observe the highest CAGR, during the assessment period.
In terms of technology: Automatic and manual are the segments.
Regional Framework
The world automotive climate control systems market has also studied among the key regions of Europe, North America, Asia Pacific and Rest of World.
Among these, the Asia Pacific region is likely to lead the global automotive climate control system since 2016. The augmentation of the market in this region can be attributed to the factors such as the mount in the adoption of passenger cars, which in turn, leads to the rise in acceptance of climate control systems in the passenger cars. The intensifying inclination for looks and advanced features over mileage is also anticipated to contribute along with a rise in demand for systems.
North America and Eastern Europe are another well-known markets exhibiting strong growth in terms of demand for automotive climate control. The countries such as the U.S, Germany, China, Japan and India have significant market shares. On the other side, the Middle East, Latin America and Africa are likely to have decent dividends and are anticipated to expand with a significant rate of growth over the forecast period.
reduce maintenance costs faced by the automotive industry.
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