LONDON--(BUSINESS WIRE)--The global automotive parking heater market is projected to grow to 25.06 million units by 2021, at a CAGR of nearly 4% over the forecast period, according to Technavio’s latest report.
In this report, Technavio covers the market outlook and growth prospects of the global automotive parking heater market for 2017-2021. Based on the end-users, the market is divided into original equipment manufacturers (OEMs) and aftermarket segments.
|Parking heaters are devices that preheat automotive interiors and make driving comfortable for the driver and the passengers. The increase in demand for luxury cars with advanced safety and comfort features as standard offerings is resulting in the increased adoption of automotive parking heaters.|
Technavio’s research study segments the global automotive parking heater market into the following regions:
Automotive parking heater market in the Americas
“The Americas occupied a majority 55% of the automotive parking heater market in 2016. The extreme climatic conditions and anti-idling laws followed in the region are responsible for the wide adoption of these auxiliary car heaters,” says Siddharth Jaiswal, a lead analyst at Technavio for automotive electronics research.
The growth in the aftermarket offerings, especially in the US and Canada, account for the majority of the revenue generation in this region. The aftermarket players mainly offer accessories, retrofits, original equipment replacements and repairs.
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Automotive parking heater market in EMEA
The automotive parking heater in EMEA is expected to reach 9.52 million units by 2021, driven by extreme weather conditions and a high frequency of snowstorms and hailstorms in Russia and parts of Western Europe, such as Finland. The aftermarket offerings constitute a major part of the market, due to the mature nature of the market segment.
Eastern Europe and Russia possess high potential for growth due to the relatively unpenetrated nature of these countries with few players. The emerging players in the market are focused on building their competitive strategies and capabilities to gain market competence.
Automotive parking heater market in APAC
“APAC will the fastest-growing segment of the market, projected to showcase a CAGR of nearly 14% through the forecast period. The growth is primarily driven by the growing automotive and automotive aftermarket in the region,” says Siddharth.
The increase in the demand for automotive safety, security, and comfort features, such as parking heaters, drive the aftermarket in APAC. Currently, China has the highest growth in the automotive aftermarket, with several local and multinational players sourcing their automotive parts from the country.
The top vendors in the global automotive parking heater market highlighted in the report are:
- Pro-West Refrigeration
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