LONDON--(BUSINESS WIRE)--The global automotive heating, ventilation, and air conditioning (HVAC) compressor market is expected to post a CAGR of over 7% during the period 2019-2023, according to the latest market research report by Technavio.
The adoption of automotive HVAC systems is driving the demand for automotive HVAC compressors from vehicle manufacturers. The adoption of light-duty trucks and medium and heavy-duty trucks is consistently growing in various countries. Therefore, the global automotive HVAC compressor market will witness growth, with the increase in adoption of HVAC systems in commercial vehicles, especially trucks. Also, truck manufacturers are installing HVAC systems in truck cabins at a low additional cost, which is likely to boost adoption further. Moreover, regulatory pressures to enhance driver comfort is also expected to increase the adoption of HVAC systems in trucks. All these factors are expected to drive the growth of the global automotive HVAC compressor market during the forecast period.
As per Technavio, the emergence of eco-friendly automotive HVAC systems will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global automotive heating, ventilation, and air conditioning (HVAC) compressor market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Automotive Heating, Ventilation, and Air Conditioning (HVAC) Compressor Market: Emergence of Eco-Friendly Automotive HVAC Systems
Innovations in the field of automotive HVAC systems are focused on improving fuel efficiency by slight design changes or by lightweighting. TATA Motors and MAHLE worked together to develop an innovative and eco-friendly automated HVAC system. The automotive HVAC system called secondary loop mobile air conditioning (SL-MAC) system contains a coolant that can store energy. This energy storage is made possible by making design changes in the HVAC compressor. This HVAC compressor engages when the vehicle is decelerating or moving downhill and disengages when the vehicle is accelerating or moving uphill, thus, maximizing energy efficiency. Also, to have better storage capacity and reduced emission of greenhouse gases, a refrigerant hydrofluorocarbon (HFC)-152a is used. Hence, the adoption of this system across regions will lead to a significant reduction in greenhouse gas emissions in the long term, thereby driving the overall growth of the global market.
“Apart from the emergence of eco-friendly automotive HVAC systems, the growing development of HVAC compressors with gas injection and the increasing popularity of low noise HVAC compressors are some other major factors that will boost market growth during the forecast period,” says a senior analyst at Technavio.
Global Automotive Heating, Ventilation, and Air Conditioning (HVAC) Compressor Market: Segmentation Analysis
This market research report segments the global automotive heating, ventilation, and air conditioning (HVAC) compressor market by application (passenger cars, light commercial vehicles, medium and heavy commercial vehicles) and geographical regions (APAC, Europe, North America, South America, and MEA).
The APAC region led the market in 2018, followed by Europe, North America, South America, and MEA, respectively. However, during the forecast period, the North American region is expected to register the highest incremental growth due to the strong demand for and high production of automobiles in the region.
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