Meticulous Research®, a leading provider of global market insights, has published its latest research report, “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.” This detailed report projects that the global automotive HVAC market will reach $86.1 billion by 2031, growing at a compound annual growth rate (CAGR) of 5.4% from 2024 to 2031.
The market’s expansion is driven by several factors, including increasing demand for advanced vehicle climate control systems, a rising focus on thermal efficiency, and the shift towards environmentally friendly refrigerants. Despite these positive growth drivers, challenges like the rising cost of HVAC components remain a concern for market players. However, new opportunities are emerging with the increasing adoption of automatic climate control systems, which are designed to optimize energy consumption and provide enhanced comfort. One of the key trends in the market is the growing integration of automated HVAC systems into vehicles, particularly electric vehicles (EVs).
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The global automotive HVAC market is segmented based on offering, operation mode, application, end user, and geography. By offering, the market is divided into hardware and services. The hardware segment, which includes critical components such as compressors, condensers, evaporators, and thermostats, is expected to dominate the market in 2024, accounting for over 83% of the total share. The demand for hardware is driven by the crucial role HVAC systems play in regulating in-vehicle temperature and ensuring comfort, regardless of external weather conditions. The growing use of HVAC systems to improve air quality and visibility by clearing misted or fogged windows also contributes to this segment’s growth.
The operation mode segment of the automotive HVAC market is categorized into manual and automatic systems. In 2024, the manual HVAC systems segment is expected to lead the market with a 54% share. Manual systems remain popular due to their straightforward design and lower manufacturing costs. They provide users with direct control over temperature settings, fan speed, and airflow direction, making them a cost-effective solution. However, the automatic HVAC systems segment is expected to grow at the fastest rate during the forecast period, driven by advancements in sensor technologies that allow for more efficient temperature control. Automatic systems are designed to adjust cabin conditions based on real-time data such as external temperature, sunlight, and humidity, making them more energy-efficient and user-friendly.
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By application, the market is split into internal combustion engine (ICE) vehicles and electric vehicles (EVs). In 2024, the ICE vehicles segment is expected to hold the largest share of the market at 62%. This dominance is attributed to the widespread use of HVAC systems in passenger and commercial vehicles powered by internal combustion engines. These systems are essential for maintaining optimal engine temperatures and improving safety by ensuring clear visibility. However, the electric vehicles segment is projected to experience the highest growth rate, driven by the increasing demand for HVAC systems that can efficiently heat or cool the cabin while the vehicle is charging. The integration of HVAC systems in EVs with other vehicle systems, such as navigation and energy management, is also a key factor boosting this segment’s growth.
In terms of end users, the market is divided into original equipment manufacturers (OEMs) and the aftermarket. The OEM segment is expected to dominate the market in 2024, with a share of over 66%. OEMs rely heavily on HVAC systems to differentiate their vehicles by offering advanced climate control features that enhance the overall driving experience. HVAC systems have become a critical component in vehicle design, as they allow manufacturers to offer a premium, comfortable environment for drivers and passengers. Moreover, OEMs benefit from partnerships with HVAC component suppliers, ensuring a steady supply of reliable systems that meet strict quality and performance standards.
Geographically, the global automotive HVAC market is divided into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, Asia-Pacific is expected to lead the market with a share of over 49%. The region’s dominant position can be attributed to the increasing demand for energy-efficient HVAC systems and the rapid adoption of electric vehicles in countries such as China, Japan, and India. In addition, technological advancements in the region, such as the development of intelligent HVAC systems with enhanced thermal management capabilities, are expected to fuel market growth. Asia-Pacific is also expected to register the highest CAGR during the forecast period, driven by strong economic growth and rising automotive production in the region.
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.).
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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?
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