A report by Esticast Research & Consulting has stated that the Automotive Heating Ventilation and Air Conditioning (HVAC) market revenue will reach $27.5 billion by 2024 from $13.66 billion in 2016, growing at a CAGR of 9.3% from 2017 to 2024.
In 2016, Passenger Car HVAC system segment generated the highest revenue share of $ 9.1 billion growing at a CAGR of 9.8% in the global automotive HVAC system market. Among major regions, Asia Pacific Automotive HVAC system market was the highest revenue generating market valued at $6.3 billion in 2016.
“Countries such as China, Japan, France, and India are expected to experience significant growth in the application of Automotive HVAC System technology. Asia-Pacific region will experience the fastest growth geographically in the overall automotive HVAC market owing to the presence of some growing automotive manufacturing countries such as Japan and India,” the report ‘Automotive HVAC Market by Type, by Technology, Industry trends, Estimation & Forecast, 2016 – 2024’ said.
The passenger car segment was the largest application segment of the automotive HVAC system market in 2016. Development of automobile market and the introduction of new vehicles with advanced technologies in the Asia-Pacific region is the key factor anticipated to drive the growth of the automotive HVAC system market. China is the leading car manufacturing country in the world followed by the US, Japan, and Germany hence pushing the HVAC technology market in the respective regions.
Key players in the industry are Sensata Technologies, Keihin Corporation, Calsonic Kansei Corporation, Sanden Holdings Corporation, Valeo, Denso Corporation, Hanon Systems, Johnson Electric Holdings Ltd, Japan Climate Systems Corporation and Mahle GmbH.