AutomotiveHVAC Market Overview:
In its recently publishedresearch study, Market Research Future (MRFR) asserts that the global automotive HVAC market growth is booming and expected to expand exponentially over thereview period, recording a significant market valuation and a modest 9% CAGRover the forecast period.
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Driversand Restraints
The growth of the globalautomotive HVAC market is accountable for by several factors. In automobilesthere is primarily a growing demand for thermal systems and automatic climatecontrol features. In addition, in the urban sector, people drive long distancesin their personal vehicles, and hence the need for HVAC is greater. Morevoer,global temperatures are rising due to global warming and climate change, whichleads to increased demand for ambient temperatures inside the automobile.However, knowledge of the use of environmentally friendly refrigerants andautomotive coolants in the HVAC system results in the need for sophisticatedand technologically developed HVAC systems thus increasing their sales. In theCovid-19 period, the automotive sector experienced a severe decline in vehicleproduction and sales due to unusual lockdowns that slowed the growth of theeconomy around the globe. The shutdown steps further affected the supply chainsfor the automotive HVAC industry of the components and raw materials needed.The automotive HVAC sector has been significantly affected by a significantslowdown in trade between countries along with temporary closure ofmanufacturing facilities due to the growing pandemic situation. Industryplayers and contributors are committed to taking several operational safetymeasures which include regular health updates, temperature screening, andreconfiguring assembly lines to improve employee social distance. In addition,few manufacturers are also taking strict steps including voluntary bloodtesting to verify exposure to the virus to reduce the pandemic effects. Theincreasing awareness of the Covid-19 and the stringent measures taken bygovernment agencies around the globe will substantially support the growth ofthe automotive HVAC product. The increasing impact of COVID-19 has placedimmense pressure coupled with increased competition among industry playersaround the globe. This will further compel industry players to engage instrategic mergers and acquisitions to cope with the increasing pressure anddeteriorating market revenue in the industry with survival.
SegmentalAnalysis
On the basis of technology, themarket is divided into manual and automatic.
Amid the component segment, theHVAC system is made up of components such as the Evaporator, Receiver/Drier,Condenser, Compressor, and the Expansion Device.
RegionalLandscape
The geographic overview of the globalautomotiveHVAC market trend has been directed in four major regions, comprisingEurope, North America, the Asia Pacific, and the rest of the world (LatinAmerica, the Middle East and Africa). The Asia Pacific market is poised to duelthis market 's growth. India and China are expected to have stable, risingeconomies that will drive the region's automotive industry. Japan is drivingautomotive innovation into the Asia Pacific market. Significant automobilesales are expected in this region due to the large population, increasingdemand for passenger vehicles, rising middle-class per capita income and higherliving standards. In addition to considerable humidity, the temperature isrelatively high over this area, which requires the installation of HVAC systemsfor a pleasurable driving experience. The European region has quite a growingdemand for the HVAC systems due to extreme low-temperature conditionscontinuing almost through the year.
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CompetitiveScenario
The major market playersoperating in the global market as identified by MRFR are The Keihin Corporation(Japan), Sensata Technologies (U.S.), Johnson Electric Holdings Limited (HongKong), Calsonic Kansei Corporation (Japan), Valeo (France), and DensoCorporation (Japan). Hanon Systems (South Korea), MAHLE GmbH (Germany), SandenCorporation (Japan), and Japan Climate Systems Corporation (Japan), are amongthe other players fueling the growth in this market.
AboutMarket Research Future:
Market Research Future (MRFR)is a global market research firm that takes great pleasure in its services,providing a detailed and reliable study of diverse industries and consumersworldwide. MRFR's methodology integrates proprietary information with differentdata sources to provide the client with a comprehensive understanding of thecurrent key trends, upcoming events, and the steps to be taken based on thoseaspects.
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