The automotive climate control system market has expanded as
a result of rise in demand of comfort and convenience, stringent
environmental regulation, and rise in sale of electric and hybrid
vehicle.
PORTLAND, Ore., May 21, 2024 /PRNewswire/ -- Allied Market
Research published a report, titled, "Automotive
Climate Control Systems Market by Technology (Automatic
and Manual), Vehicle Type (Passenger Vehicle, Commercial Vehicle,
and Electric Vehicle), and Distribution (OEM and Aftermarket), by
Component (Control and Sensor, Compressor, Condensor, HVAC,
Evaporator, and Others): Global Opportunity Analysis and Industry
Forecast, 2023-2032". According to the report, the automotive
climate control systems market was valued at $8.4 billion in 2022 and is estimated to reach
$27.3 billion by 2032, growing at a
CAGR of 12.8% from 2023 to 2032.
Prime Determinants of Growth
Consumer preferences for comfortable driving experiences,
regardless of external weather conditions, drive the demand for
advanced climate control systems in vehicles. Increasingly
stringent regulations regarding vehicle emissions and energy
efficiency drive the adoption of climate control systems that are
more fuel-efficient and environmentally friendly. Innovations such
as dual-zone and multi-zone climate control, advanced air
filtration systems, and smart climate control interfaces enhance
the appeal and functionality of automotive climate control systems,
driving market growth. The rise of electric and hybrid vehicles
presents opportunities for innovative climate control solutions
that optimize energy usage and extend vehicle range while providing
effective heating and cooling.
Request Sample of the Report on Automotive Climate
Control Systems Market Forecast 2032
https://www.alliedmarketresearch.com/request-sample/A134914
Report Coverage & Details:
Report
Coverage
|
Details
|
Forecast
Period
|
2023–2032
|
Base Year
|
2022
|
Market Size in
2022
|
$8.4 billion
|
Market Size in
2032
|
$27.3
billion
|
CAGR
|
12.8 %
|
No. of Pages in
Report
|
485
|
Segments
covered
|
Technology, Vehicle
Type, Distribution, Component, and Region
|
Drivers
|
Rise in Demand for
Comfort and Convenience
|
Stringent Environmental
Regulations
|
Rise in Sales of
Electric and Hybrid Vehicles
|
Opportunity
|
Rapid Advancement in
Technology
|
Restraints
|
High upfront
cost
|
Complexity of
Integration
|
Procure Complete Report (485 Pages PDF with Insights, Charts,
Tables, and Figures)
https://www.alliedmarketresearch.com/checkout-final/automotive-climate-control-systems-market-A134914
Impact of Russia-Ukraine War Scenario
- Both Russia and Ukraine are significant players in the global
supply chain for automotive components, including control systems.
Any disruptions in the production and supply of components from
these countries due to the conflict can affect the availability of
parts for automotive manufacturers worldwide. This could lead to
delays in production and potential shortages, impacting the
automotive control system market.
- The conflict may lead to volatility in commodity markets,
including those for metals and minerals used in the production of
automotive control systems. Fluctuations in raw material prices can
impact the cost of manufacturing automotive components, potentially
affecting pricing strategies within the market.
The automatic segment to maintain its leadership status
throughout the forecast period
On the basis of technology, the automatic segment held the
highest market share in 2022, accounting for more than two-thirds
of the global automotive climate control system market revenue.
This is attributed to automatic climate control systems offering
unparalleled convenience and ease of use for vehicle occupants.
Instead of manually adjusting temperature settings, users can set
their desired cabin temperature, and the system automatically
maintains this temperature by adjusting fan speed, air
distribution, and heating/cooling settings as needed. This
hands-free operation enhances user experience, especially during
long drives or in changing weather conditions. However, the manual
segment is projected to manifest the fastest CAGR of 14.8% from
2023 to 2032, This is attributed to the fact that the cost of
manufacturing and installing manual climate control systems is
lower than that of automatic systems. Automakers may choose manual
controls to keep overall vehicle prices cheaper in price-sensitive
countries or vehicle categories, appealing to purchasers on a tight
budget.
The passenger vehicle segment to maintain its leadership
status throughout the forecast period.
On the basis of vehicle type, the passenger vehicle segment held
the highest market share in 2022, accounting for more than half of
the global automotive climate control system market revenue. This
was due to passenger comfort and convenience being given the most
importance in the design of passenger vehicles, which include
automobiles, SUVs, and luxury cars. With the ability to customize
comfort settings, maintain ideal cabin temperatures, and reduce
driver and passenger fatigue on lengthy trips, automotive climate
control systems are essential to improving the entire driving
experience. However, the electric vehicle segment is projected to
manifest the fastest CAGR of 13.2% from 2023 to 2032. This was
attributed to electric vehicles being inherently more
energy-efficient than traditional internal combustion engine
vehicles. This efficiency extends to climate control systems, where
electric vehicles require less energy to heat or cool the cabin as
compared to their fossil fuel counterparts. As a result, climate
control systems in EVs can operate more efficiently, contributing
to extended battery range and improved overall efficiency.
The aftermarket segment to maintain its leadership status
throughout the forecast period
On the basis of distribution, the aftermarket segment held the
highest market share in 2022, accounting for more than two-thirds
of the global automotive climate control system market revenue.
This was due to vehicles' age and their original climate control
systems may become less efficient or malfunction, leading to a need
for replacement. The aftermarket segment benefits from this demand
for replacement parts as vehicle owners seek to restore or upgrade
their climate control systems to maintain comfort and
functionality. However, the OEM segment is projected to manifest
the fastest CAGR of 17.3% from 2023 to 2032. This is attributed to
OEMs integrating climate control systems directly into new vehicles
during the manufacturing process. As the automotive industry
experiences growth in new vehicle sales, the OEM segment naturally
benefits from the inclusion of climate control systems in these
vehicles. This direct integration ensures that OEMs capture a
significant portion of the market share for climate control
systems.
The compressor segment to maintain its leadership status
throughout the forecast period
On the basis of component, the compressor segment held the
highest market share in 2022, accounting for more than one-fifth of
the global automotive climate control system market revenue and is
estimated to maintain its leadership status throughout the forecast
period. This was due to the compressor being a critical component
of automotive air conditioning systems, responsible for compressing
and circulating refrigerant throughout the system. It plays a
central role in cooling the air inside the vehicle cabin during hot
weather, making it an indispensable part of climate control
systems. However, the condenser segment is projected to manifest
the fastest CAGR of 16.3% from 2023 to 2032. This is attributed to
condensers playing a crucial role in the refrigeration cycle of
automotive air conditioning systems. They are responsible for
cooling and condensing the high-pressure, high-temperature
refrigerant vapor into a liquid state, which is then circulated
back to the evaporator to absorb heat from the vehicle cabin. This
essential functionality ensures that condensers are integral
components of all automotive air conditioning systems.
North America to maintain
its dominance by 2032
On the basis of region, North
America held the highest market share in terms of revenue in
2022, accounting for more than one-third of the global automotive
climate control system market revenue. This is attributed to the
automotive manufacturing industry in North America being strong, with top
automakers creating a wide variety of cars with cutting-edge
temperature control systems. The widespread adoption and
integration of temperature control systems across vehicle models is
facilitated by the presence of significant automotive OEMs
(Original Equipment Manufacturers) and component suppliers.
However, Asia-Pacific is expected
to witness the fastest CAGR of 15.9% from 2023 to 2032. This growth
is attributed to China,
Japan, India, and South
Korea being among the largest automobile markets in the
world, and all located in the Asia-Pacific region. The demand for advanced
temperature control systems in passenger cars, commercial vehicles,
and electric vehicles (EVs) has increased due to the automotive
industries' explosive rise in these nations.
To Talk With Our Industry Expert
@ https://www.alliedmarketresearch.com/connect-to-analyst/A134914
Leading Market Players: -
- DENSO CORPORATION
- Hanon Systems
- Hitachi Astemo Indiana, Inc.
- Johnson Electric Holdings Limited
- MAHLE GmbH
- Marelli Corporation
- Mitsubishi Heavy Industries, Ltd.
- OMEGA Environmental Technologies
- Sanden Corporation
- Sensata Technologies, Inc.
The report provides a detailed analysis of these key players in
the global automotive climate control system market. These players
have adopted different strategies such as expansion and product
launch to increase their market share and maintain dominant shares
in different regions. The report is valuable in highlighting
business performance, operating segments, product portfolio, and
strategic moves of market players to showcase the competitive
scenario.
Browse More Trending Reports
India Satellite Market Size, Share, Competitive Landscape
and Trend Analysis Report by Function, by Orbit Type, by
Application, by End Use : Opportunity Analysis and Industry
Forecast, 2022-2032
Military Drones Market Size, Share, Competitive Landscape
and Trend Analysis Report by Type, by Range, by Technology, by
Application : Global Opportunity Analysis and Industry Forecast,
2021-2031
Satellite-Based Earth Observation Market Size, Share,
Competitive Landscape and Trend Analysis Report by Product Type, by
Satellite Orbit, by End-use : Global Opportunity Analysis and
Industry Forecast, 2021-2031
Small Caliber Ammunition Market Size, Share, Competitive
Landscape and Trend Analysis Report by Size, by Applications, by
Casing Type : Global Opportunity Analysis and Industry Forecast,
2021-2031
About Us
Allied Market Research (AMR) is a full-service market research
and business-consulting wing of Allied Analytics LLP based in
Portland, Oregon. Allied Market
Research provides global enterprises as well as medium and small
businesses with unmatched quality of "Market Research Reports" and
"Business Intelligence Solutions." AMR has a targeted view to
provide business insights and consulting to assist its clients to
make strategic business decisions and achieve sustainable growth in
their respective market domain.
We are in professional corporate relations with various
companies and this helps us in digging out market data that helps
us generate accurate research data tables and confirms utmost
accuracy in our market forecasting. Allied Market Research CEO
Pawan Kumar is instrumental in
inspiring and encouraging everyone associated with the company to
maintain high quality of data and help clients in every way
possible to achieve success. Each and every data presented in the
reports published by us is extracted through primary interviews
with top officials from leading companies of domain concerned. Our
secondary data procurement methodology includes deep online and
offline research and discussion with knowledgeable professionals
and analysts in the industry.
Contact:
David
Correa
1209 Orange Street,
Corporation Trust Center,
Wilmington, New Castle,
Delaware 19801 USA.
USA/Canada (Toll Free):
+1-800-792-5285
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1-800-792-5285
help@alliedmarketresearch.com
Web: www.alliedmarketresearch.com
AMR Resource Center:
https://www.alliedmarketresearch.com/resource-center
Logo:
https://mma.prnewswire.com/media/636519/Allied_Market_Research_Logo.jpg
View original
content:https://www.prnewswire.co.uk/news-releases/automotive-climate-control-systems-market-to-reach-27-3-billion-globally-by-2032-at-12-8-cagr-allied-market-research-302151012.html