According to the Facts and Factors Market Research report, the global Passenger Vehicle HVAC market in 2019 was approximately USD 10,045 Million. The market is expected to grow at a CAGR of 9% and is anticipated to reach around USD 17,745 Million by 2026.
HVAC stands for heating ventilation and air conditioning. It cools, cleans, regulates heat, dehumidifies, and ventilates the air entering the cabin. All this depends on electronic sensors as well as on the inputs of the operator. Passenger Vehicle HVAC systems monitor several cabin air parameters such as temperature and humidity set by driver or system specifications. The types of passenger vehicle HVAC are manual and automatic. This HVAC is used in cars such as SUVs, sedans, and many more.
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Top Market Players
- Hanon Systems
- MAHLE Behr
- Calsonic Kansei
The demand for HVAC systems is increasing as they are used to provide cooling and heating services to a passenger vehicle. In addition, these systems inspect the moisture content in the air, control the air temperature, as well as eliminate excessive humidity from the circulating air. These factors have augmented the target market growth. However, the utilization of HVAC systems contributes to polluting the environment. This factor is anticipated to hamper the target market growth over the forecast period. Nevertheless, increasing popularity for automatic HVAC systems in developed economies is anticipated to create lucrative growth opportunities over the forecast period.
In terms of type, the target market is categorized as manual and automatic. Among these, the automatic category is anticipated to be the dominating one. These HVAC systems help to maintain the humidity temperature in the car. In addition, the systems deliver an individual feel-good climate for the occupiers.
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In terms of application, the target market is categorized as SUV, sedan, and others. Among these categories, the demand for sedans is growing vigorously. Individuals are majorly using cabs such as Uber, Lyft, Hailo, OLA services.
The report study further includes an in-depth analysis of industry players’ market shares and provides an overview of leading players’ market position in the Passenger Vehicle HVAC sector. Key strategic developments in the Passenger Vehicle HVAC market competitive landscape such as acquisitions & mergers, inaugurations of different products and services, partnerships & joint ventures, MoU agreements, VC & funding activities, R&D activities, and geographic expansion among other noteworthy activities by key players of the Passenger Vehicle HVAC market are appropriately highlighted in the report.
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Passenger vehicle HVAC systems provide automatic climate control features that have propelled the target market growth. In addition, several other factors such as rising safety concerns as well as increasing demand for thermal systems have boosted the target market growth.
Moreover, the adoption of eco-friendly refrigerants has led to the development of the target market. Nevertheless, the rapid growth of the passenger vehicle market in emerging economies is anticipated to create lucrative growth opportunities for the target market over the forecast period.
In terms of region, the target market is segmented as North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Among these regions, Asia Pacific is expected to dominate the target market. India is one of the fastest-growing markets for taxi/cab business services. In addition, there is a rise in promotional activities conducted by taxi operators.
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This report segments the Passenger Vehicle HVAC Market as follows:
Global Passenger Vehicle HVAC Market: By Type Segmentation Analysis
Global Passenger Vehicle HVAC Market: By Application Segmentation Analysis
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