LONDON--(BUSINESS WIRE)--The global automotive heating, ventilation, and air conditioning (HVAC) compressor market is projected to reach 85.05 million units by 2021, at a CAGR of nearly 5% 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 HVAC compressor market for 2017-2021. Based on application, the market is divided into passenger cars, light commercial vehicles (LCVs), and medium and heavy commercial vehicles (M&HCVs) segments.
|Passenger cars dominate the automotive HVAC compressor market, having occupied over 91% of the overall shares in 2016. The segment is expected to continue its dominance over the market, driven by the swift rise in adoption of passenger cars in APAC. Since HVAC systems are installed as a standard fitment even in low segment passenger cars, there is a huge demand for HVAC compressors.|
Technavio’s research study segments the global automotive HVAC compressor market into the following regions:
Automotive HVAC compressor market in APAC
“APAC is the largest and fastest growing segment of the HVAC compressor market, with a majority of the revenue coming in from China and India,” says Praveen Kumar, a lead analyst at Technavio for automotive components research.
A number of factors such as a rise in disposable income, the launch of new car models, and the status symbol associated with cars are responsible for the market dominance of APAC. The implementation of stringent laws regarding emissions and tax incentives upon the adoption of green vehicles are other factors that will impact the market growth.
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Automotive HVAC compressor market in the Americas
The automotive HVAC compressors market in the Americas is projected to reach 26.06 million units by 2021. Multiple factors such as the low-interest on vehicle loans, easy credit availability, low unemployment rate, increase in the leasing of vehicles, and fall in fuel prices are some of the factors boosting the automotive market, and thereby the automotive HVAC compressor market in the Americas. Also, a rising trend of auto manufacturers pushing their sales to car rental firms to maintain the sales momentum in the region is a key market driver.
Automotive HVAC compressor market in Europe
“The European automotive market is mainly centered around a few key European countries such as Germany, the UK, France, Italy, and Spain. Luxury cars are the major revenue generators in the region,” says Praveen.
Britain’s exit from the European Union and Volkswagen's diesel scandal have had significant repercussions in the market, which has been balanced by the introduction of passenger cars equipped with gasoline direct injection. The moderately growing adoption of LCVs and M&HCVs are also expected to boost the market growth significantly.
The top vendors in the global automotive HVAC compressor market highlighted in the report are:
- Johnson Electric
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