Market Analysis
The automotive air conditioning market Value will grow at a healthy CAGR between 2016– 2023, reveals the latest Market Research Future report. Automotive air conditioning is a crucial part of a car. It not only maintains the air temperature of a vehicular cabin/interior by offering cool air at the time of summer but also offers a dehumidifier effect to demist frosted windows. Besides, it also filters airborne particles and pollutants to keep the air clean and keep away allergies for the passengers, thus offering them an odor-free and pleasant atmosphere at all times.
Several factors are adding to the automotive air conditioning market Value growth. Some of these factors, according to the MRFR report, include the growing automotive industry, rising disposable income, technological advances, the burgeoning demand from the automotive industry for unconventional and eco-friendly air conditioning systems, and growing customer expectations for better cooling. The additional factors adding market growth include growing demand for passenger vehicles, soaring need for more comfortable and luxurious travel options, changing environmental conditions, growing middle-class population, rising number of automotive unit sales worldwide, and increasing income levels.
On the flip side, high investment capital and high maintenance cost may impede the automotive air conditioning market Value growth over the forecast period.
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COVID-19 Analysis
The automotive industry has been highly impacted by the COVID-19 outbreak. There has been a decline in the production of cars and sales following unexceptional lock downs resulting in slowing the growth of the economy worldwide. Lockdown measures have impacted the supply chains of raw materials and components needed for the automotive air conditioning market Value. Several automakers in Japan, India, and the US, and also in Europe suspended their operational activities. The crisis has placed a lot of pressure, plus there has been growing competition among industry players worldwide. This is likely to compel industry players to go for acquisitions and strategic mergers to cope with the survival in the industry with the deteriorating market revenue and increasing pressure.
Contributors and industry players are engaged in taking various measures such as reconfiguring assembly lines, temperature screening, and regular health updates for operational safety and improving social distancing among employees. Besides, few manufacturers are taking strict measures, including voluntary blood testing to verify the exposure of the virus to reduce the impact of the pandemic. A lot of OEMs in the US will reinitiate the production, which is likely to support market growth. Post lifting of lockdowns, a few industry players along with tier 3 and tier 2 suppliers in China has begun manufacturing operations following the measures to reduce the impact of the crisis on the company premises. The growing awareness about the virus coupled with strict measures undertaken by government bodies worldwide will support the market growth substantially.
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Market Segmentation
The MRFR report highlights an inclusive segmental analysis of the global automotive air conditioning market Value based on vehicle type, component, and technology.
By technology, the global automotive air conditioning market Value is segmented into automatic and manual. Of these, the automatic segment will lead the market over the forecast period.
By component, the global automotive air conditioning market Value is segmented into condenser, receiver, evaporator, and compressor. Of these, the compressor segment will dominate the market over the forecast period.
By vehicle type, the global automotive air conditioning market Value is segmented into the commercial vehicle and passenger cars. Among these, the passenger car segment will spearhead the market over the forecast period.
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