The process of removing heat from inside a car to increase occupant comfort is known as automotive air conditioning. As a consequence of the growing demand for technologies that reduce carbon dioxide emissions and protect the environment, manufacturers are now developing air conditioning systems that are more efficient and eco-friendly. In addition, rising government initiatives to develop advanced air conditioning systems and rising consumer demand for better driving comfort are anticipated to be major growth factors for enhancing market growth.
According to Data Bridge Market Research, the Automotive Air Conditioning Market is expected to reach USD 35,265.23 million by 2030, which is USD 21,631.19 million in 2022, at a CAGR of 6.30% during the forecast period
"Increasing vehicle production surge market demand"
The growth of the automotive industry drives an increase in vehicle production, resulting in a higher demand for automotive air conditioning systems. As more vehicles are manufactured and sold globally, the need for comfortable cabin environments becomes essential. Automotive air conditioning systems play a crucial role in providing a pleasant driving experience, leading to a parallel rise in demand for these systems to be installed in new vehicles.
What restraints the growth of the automotive air conditioning market?
"Slow adoption in emerging markets can impede the market growth”
In emerging markets, the slow adoption of advanced automotive air conditioning systems can be attributed to several factors. Limited awareness about the benefits of advanced systems, lower purchasing power among consumers, and a preference for cost-effective solutions contribute to the slower uptake. In these regions, affordability and basic functionality often take priority over advanced features which impedes the market growth.
Segmentation: Global Automotive Air Conditioning Market
The automotive air conditioning market is segmented on the basis of technology, vehicle type, component and distribution channel.
- On the basis of technology, the automotive air conditioning market is segmented into manual, automatic.
- On the basis of vehicle type, the automotive air conditioning market is segmented into passenger vehicle, and commercial vehicle.
- On the basis of component, the automotive air conditioning market is segmented into compressor, evaporator, receiver, and condenser.
- On the basis of distribution channel, the automotive air conditioning market is segmented into original equipment manufacturer (oems), and aftermarket.
Regional Insights: Asia Pacific dominates the Global Automotive Air Conditioning Market
The dominance of Asia-Pacific in the automotive air conditioning market in terms of revenue can be attributed to several factors. The region's rising population creates a significant demand for vehicles and their associated components. Rapid industrialization and the robust growth of the manufacturing sector further fuel the demand for automotive air conditioning systems. These factors collectively contribute to the strong market position of Asia-Pacific in the industry.
Europe is projected to be the fastest-developing region in the automotive air conditioning market during the forecast period of 2023-2030. This growth can be attributed to the increasing demand for cars in the region. Additionally, there is a rising need for proficient and compact heating solutions in European countries, especially in colder climates. These factors are expected to drive the demand for advanced automotive air conditioning systems in Europe, leading to the region's rapid development in the market.
To know more about the study, visit, https://www.databridgemarketresearch.com/reports/global-automotive-air-conditioning-market
The Prominent Key Players Operating in the Global Automotive Air Conditioning Market Include:
- Air International Thermal Systems (U.S.)
- Axetris AG (Switzerland)
- CabinAir (Sweden)
- Continental AG (Germany)
- DENSO CORPORATION (Japan)
- Freudenberg (Germany)
- Hanon Systems (South Korea)
- Magneti Marelli S.p.A. (Italy)
- MAHLE GmbH (Germany)
- MANN+HUMMEL (Germany)
- Mitsubishi Electric Corporation (Japan)
- PURAFIL, Inc. (U.S.)
- Renesas Electronics Corporation (Japan)
- Robert Bosch GmbH (Germany)
- Eberspacher (Germany)
- Valeo (France)
Above are the key players covered in the report, to know about more and exhaustive list of automotive air conditioning market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Automotive Air Conditioning Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by dbmr research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include vendor positioning grid, market time line analysis, market overview and guide, company positioning grid, company market share analysis, standards of measurement, global vs regional and vendor share analysis. Please request analyst call in case of further inquiry.
