Global Automobile Air Conditioning Market - Growth, Trends, and Forecast (2018 - 2023)
With automotive air conditioning market, the competitors might be ranging from Mitsubishi, Denso, Hanon Systems, and others but the general standard of air conditioning systems in vehicles has increased to such a level that any system that is not excellent stands out and has the potential of derailing the sales of the cars. The Automobile Air Conditioning market around the world is expected to rise at CAGR of around 6% in the estimated period.
The major drivers of growth for this market are increasing vehicle production rate, dynamic changes in the climatic conditions and pollution level, and higher requirement of customers for comfort while vehicle driving. Emerging trends, which have a direct impact on the dynamics of the industry, include smaller and lightweight air conditioning system and new features in the functioning of the air conditioning systems.
The passenger car segment is expected to be the largest segment. This market is expected to show above-average growth during the forecast period due to a high production rate of the passenger car. The major growth is forecasted to be seen in the off-road vehicle's market. Commercial vehicles, like trucks and light commercial vehicles, especially in the emerging markets, are getting equipped with air conditioning systems, providing the market with incremental growth in the forecasted period. Cabin tractors, which are set to achieve very high growth rates all over the world, will propel the growth in the air conditioning market. India is one of the biggest markets in the world for off-highway vehicles, like tractors and is anticipated to see maximum levels of growth in the air conditioning space.
As per the researchers of Mordor Intelligence, automatic air conditioners are expected to rise at a higher rate than the manual air conditioners on account of increasing usage across all segments of automobiles. Even budget sedans and hatchbacks that used to strictly feature manual air conditioners in the past are coming equipped with automatic air conditioners. This trend is being seen in the higher models of the budget hatchbacks and sedans. Automatic air conditioning system segment is expected to be the largest segment due to the increasing demand for updated and high-tech comfort features in passenger cars.
There has been increasing pressure on the car manufacturers to decrease the emissions in the light of stringent norms. Even the Indian market will jump to Euro 6 level (most probably in 2020) emission levels and this is expected to put great pressure on automobile manufacturers to reduce the emissions to a significant extent.
The Asia Pacific is predicted to remain the largest market due to high growth in mid-size, luxury, and light vehicle production and variable weather conditions. The automakers in this region are concentrating on providing cost-effective product to the consumer, so the automotive air conditioner manufacturer should need to rise up to the needs of these makers. Europe and North America are expected to witness significant growth (as they remain a developed market for the automobile sector) during the forecast period because of high growth in vehicle production and sales combined with growing demand of safety and comfort features in vehicles.
Major Players: DENSO CORPORATION, HANON SYSTEMS, MITSUBISHI HEAVY INDUSTRIES, SANDEN, BOSCH amongst others.
Reasons to purchase this report
Provides latest insights into the Automobile Air Conditioning Market
Gives a detailed analysis of key competitors in the Automobile Air Conditioning Market
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
Detailed analysis on the region that is expected to witness the highest growth
Identifying the latest developments, market shares, and strategies employed by the major market players
3-month analyst support, along with the Market Estimate Sheet (in Excel)
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